Use your Kiwisaver savings first older Kiwis…

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Older workers could be forced to raid their KiwiSaver accounts if they either lose their jobs or are forced out by  ill health when the new pension age kicks in.

Cabinet documents released on Friday reveal those workers may not be eligible for other social security benefits like the job seeker or disability allowance once they turn 65, even though they won’t qualify for superannuation till are 67.

That’s because the age at which savers will be able to access their Kiwisaver entitlements will remain at 65, rather than rise to match the age of eligibility for superannuation, which will be pushed out to 67 in 2040 under Government proposals.

Those savings will count toward their income and assets, so will affect their access to other benefits.

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