Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
Whakatane, like the rest of New Zealand, follows the country's comprehensive framework for retirement legislation. This framework includes, but is not limited to, New Zealand Superannuation (NZ Super), a taxable pension for people aged 65 and over, and the government's KiwiSaver scheme which is a voluntary, work-based savings initiative designed to help New Zealanders save for retirement. Being aware of the laws protecting and directing these aspects can play a key role in retirement planning and benefit application.
Legal assistance may be necessary to navigate the complex retirement laws. It can be helpful in understanding specific regulations surrounding the KiwiSaver scheme, such as contribution rates, employer obligations and withdrawals. If disputes arise with your retirement fund provider or employer about contributions or payments, a lawyer can mediate. Older adults may also need legal help to ensure their rights are upheld, like proper elder care, asset protection, and estate planning.
The main local laws around retirement in Whakatane are no different from those followed across New Zealand. Some key local laws include the New Zealand Superannuation and Retirement Income Act 2001,which oversees superannuation, and the KiwiSaver Act 2006, governing the KiwiSaver scheme. There are also regulations that control the age of retirement, taxation rules, access to KiwiSaver funds, annuities, and insurance schemes. Understanding these laws can help optimize retirement plans.
The retirement age in Whakatane, and the rest of New Zealand, is 65 years old.
You can apply for NZ Super online, by calling the Ministry of Social Development, or by visiting one of their service centres.
You can only access your funds early if you are facing significant financial hardship, serious illness or buying your first home.
NZ Super is regarded as income; therefore, it is taxable. KiwiSaver withdrawals are tax-free. However, contributions that have been made to your KiwiSaver are subject to tax deductions.
While not necessary, hiring a lawyer can be beneficial to fully understand the implications of different retirement options, resolve disputes related to retirement benefits, and navigate the complex laws around aged care.
Valuable resources include government departments such as Work and Income and the Inland Revenue Department, which provide extensive information on retirement plans and tax obligations. In addition, Enliven Positive Ageing Services and Age Concern New Zealand offer support for older adults in various areas including legal assistance.
If you need legal assistance in retirement, consider reaching out to a lawyer specialising in retirement or elder law. Prepare a list of your concerns or questions in advance. With sound legal advice, you can ensure a secure, comfortable and law-abiding retirement in Whakatane.
