Kiwisaver is a vital part of many New Zealanders’ retirement planning, but did you know it can also be accessed in times of financial hardship? If you’re facing severe financial stress, such as the loss of income or significant unexpected costs, a hardship withdrawal may be an option.
To qualify for a Kiwisaver hardship withdrawal, you must meet certain criteria, such as being in severe financial difficulty and being unable to pay for essential living costs. This can include situations like overdue rent, mortgage payments, medical expenses, or funeral costs. To apply, you’ll need to provide documentation proving your financial hardship, such as a letter from your employer or a bank statement showing your expenses.
It’s important to note that withdrawing from your Kiwisaver should only be done after considering all other options, as it may impact your long-term retirement savings. If you are unsure, talk to a Financial Mentor at Weave Hawke’s Bay, who can guide you through the process and ensure you’re making the best decision for your future.
What you need to know
- Eligibility criteria: You must demonstrate that you are experiencing financial hardship due to factors like medical expenses or loss of income.
- Learn about the application process: Find out how to submit your application and what supporting documents you’ll need.
- Required documentation: Be prepared to provide proof of income and any bills related to your hardship.
If you’re facing financial hardship, let us help you navigate the Kiwisaver withdrawal process. Get in touch now or call 0508 678 910 to make an appointment with one of our Financial Mentors.
