Wondering if your KiwiSaver is on track? Comparing your balance to the average for your age group gives a useful — if imperfect — benchmark. Here’s what the data shows, why most people fall behind, and what you can do about it.
Average KiwiSaver Balance by Age (2026)
The Financial Markets Authority (FMA) publishes annual KiwiSaver data. The most recent figures (based on FMA annual reports and provider data) show approximate average balances across age groups:
| Age group | Average balance (approx.) |
|---|---|
| Under 18 | $2,000–$4,000 |
| 18–24 | $5,000–$9,000 |
| 25–34 | $18,000–$28,000 |
| 35–44 | $40,000–$58,000 |
| 45–54 | $65,000–$90,000 |
| 55–64 | $90,000–$130,000 |
| 65+ | $130,000–$175,000 |
Figures are approximate averages based on published FMA data; medians will be lower. Individual balances vary widely based on contribution history, time of enrolment, fund type, and provider performance.
Important caveat: Averages are skewed upward by high earners with large balances. The median — the midpoint where half have more and half have less — is typically 30–50% lower than the average. If your balance is below the average for your age, you may still be ahead of more than half of NZ KiwiSaver members.
What Should Your Balance Be?
A more useful benchmark than the average is what you need to retire comfortably. Massey University’s Retirement Expenditure Guidelines suggest a couple in a major NZ city needs approximately:
- No Frills: ~$48,000/year (mostly covered by NZ Super)
- Choices: ~$65,000–$80,000/year (requires supplementary savings)
For a single person:
- No Frills: ~$31,000/year (approximately met by NZ Super)
- Choices: ~$50,000–$60,000/year (gap of ~$20,000–$30,000/year above NZ Super)
Back-of-envelope target:
To fund a $23,000 annual gap (couple scenario) for 25 years in retirement, with a 5% annual return on drawdown, you need approximately $330,000 at age 65.
| Age | Target KiwiSaver balance to reach $330K by 65 |
|---|---|
| 25 | ~$40,000 |
| 35 | ~$90,000 |
| 45 | ~$165,000 |
| 55 | ~$250,000 |
Assumes 6% p.a. real return (growth fund, after fees and tax). Individual results vary.
Why Most People Fall Behind
1. Late enrolment
KiwiSaver launched in 2007. Anyone who didn’t join until their 30s or 40s missed years of compounding. Even a 5-year delay early in a career can mean tens of thousands of dollars less at retirement.
2. Wrong fund type
Members in conservative or cash funds over a 30+ year horizon significantly underperform those in growth funds. A person who stays in a conservative fund their entire working life may accumulate 40–60% less than a comparable growth fund investor.
See how to choose the right KiwiSaver fund type and when to change fund type.
3. Minimum contribution rate
Members contributing at 3% (the minimum) accumulate significantly less than those contributing at 4%, 6%, 8%, or 10%. The difference compounds dramatically over a 30–40 year career.
4. Savings suspensions
Every contribution holiday pauses employer contributions and reduces MTC eligibility. Extended suspensions — particularly in your 20s and 30s — have an outsized impact due to lost compounding.
5. High fees
Members with high-fee providers (1%+ management fees) lose a meaningful portion of returns annually. Over 30 years, the difference between a 0.3% fee and a 1.0% fee fund with identical returns can be $50,000+ on a $200,000 balance.
How to Catch Up
Increase your contribution rate
The most powerful lever. Every percentage point increase in your contribution rate directly increases your balance at retirement. Even moving from 3% to 4% adds meaningful compounding over time.
See KiwiSaver contribution rates explained.
Make lump sum contributions
Bonus, tax refund, inheritance — any windfall is an opportunity to top up. See KiwiSaver lump sum contributions guide.
Maximise the Member Tax Credit
Ensure you contribute at least $1,042.86 per KiwiSaver year (by 30 June) to receive the full $521.43 MTC. This is an immediate, risk-free 50% return on those dollars.
Switch to a growth fund (if appropriate)
If you’re under 55 and in a conservative fund, switching to a balanced or growth fund is likely the highest-impact change you can make. See conservative vs balanced vs growth by age.
Switch to a lower-fee provider
Compare management fees across providers. Moving from a 1.0% fee provider to a 0.3% provider saves 0.7% per year. On a $150,000 balance, that’s $1,050 per year — compounding for 15+ years.
See the best KiwiSaver providers comparison.
Don’t take savings suspensions unless necessary
Every year you suspend contributions, you forgo employer contributions and MTC. Unless you genuinely can’t afford contributions, stay enrolled.
Case Study — Getting Back on Track at 45
James is 45 with a KiwiSaver balance of $55,000. He’s been contributing at 3% and is in a conservative fund. He wants to retire at 65.
Status quo: Contributions at 3%, conservative fund (~4% return), 20 years to retirement → projected balance: ~$165,000
After adjustments:
- Switches to growth fund (estimated ~7% return)
- Increases to 6% contribution rate
- Makes $1,042.86 voluntary top-up each year to max MTC
- Switches to lower-fee provider (0.35% vs 0.80%)
Projected balance: ~$290,000 — an improvement of ~$125,000 from making these changes at 45.
Projections are illustrative and assume consistent returns. Markets are variable.
The Most Important Insight
The average KiwiSaver balance for each age group is well below what’s needed for a comfortable retirement without NZ Super. Most New Zealanders will need to supplement NZ Super with KiwiSaver — but most are on track to accumulate far less than they need.
The earlier you address the gap, the less dramatic the adjustments required. The levers (contribution rate, fund type, fees, MTC) are all within your control.