Many New Zealanders nearing retirement have low KiwiSaver balances

New data from the Retirement Commission reveals that many New Zealanders nearing retirement have low KiwiSaver balances. As of December 2024, 35,572 people aged 61 to 65 had less than $10,000 saved. The average KiwiSaver balance increased to $37,079, with men averaging $42,664 and women $34,185. The gender gap remains at about 25 percent, despite improvements in the gender pay gap. Average balances vary by age, with those aged 86 and over having the highest average at $174,842. The data highlights the importance of NZ Super for those approaching retirement, as many rely solely on it for income.