Too many Kiwis blowing KiwiSaver payouts

It is not that she wants you to stop having fun, but Ms Maxwell says as the amount saved in KiwiSaver gets bigger, it will be more and more important people do some planning."It's probably the biggest sum of money they've ever had available to them across a lifetime."

"We would strongly say take that moment to take a breather, get some very good advice."

Ms Maxwell says most people will live longer than they expect, so that is another reason to think about what you will do with your retirement savings.

NZIG is developing retirement income products that replace the old style annuity products were investors lost control of their capital, experienced high fees and often received low returns. The new products, originally developed in the US more than 20 years ago, allow investors aged 65 or older to remain in KiwiSaver style funds, have access to their capital at all times and receive a minimum annual income of 5% after tax for life.