AMP KiwiSaver Scheme

Retirement Calculator Assumptions

Important Information

This calculator is intended as a guide only and does not constitute investment advice. While care has been taken to ensure the information supplied is accurate no person accepts any liability for any loss or damage arising out of the use of this calculator. Results do not reflect actual returns and are not predictions of future returns (which are subject to investment and other risks, including loss of income and principal invested). Returns are not guaranteed by any person and fees are subject to change.

Investing in the AMP KiwiSaver Scheme is subject to risk, which includes the potential for you to lose income and any amounts invested. When using this calculator, you should have regard to your particular objectives, needs and financial situation. This calculator and the results it produces is intended to be of a general nature only and is not intended to be personalised advice. If necessary, we recommend that you seek appropriate professional or financial advice before acting on any of the results provided by this calculator. A disclosure statement is available from your adviser, on request and free of charge.

How the Calculator works

The AMP KiwiSaver Scheme Retirement calculator can show you :

  • Your estimated savings (after fees and taxes) you may have in your KiwiSaver account at your selected retirement age using your inputs and the ‘Assumptions’ listed below,
  • An estimate of your annual income (after fees and taxes), your estimated savings and NZ Super may provide you in retirement. NZ Super is by default included in your annual projected income and you can remove NZ Super under ‘Other savings/assets’ in advanced options.
  • A forecast of a deposit that you may be able to save in KiwiSaver for your first home.

It has been designed for New Zealand conditions only.


The AMP KiwiSaver Scheme calculator can give you an idea of what your KiwiSaver balance could look like at retirement, and how much that amount equates to as an annual income from age 65 through to age 90. It can also give you an estimate as to whether you will have a sufficient balance in your KiwiSaver account to make your desired first home withdrawal. Your projection is an estimate only, and incorporates the salary you enter, the level of contributions you enter, how old you are, what type of fund you select, and an assumed rate of investment returns.

The core assumptions used to calculate your retirement projections are set by the Government. These include assumed rates of investment returns, salary and wage inflation and purchasing power inflation. The calculator allows you to try different scenarios that are not included in your KiwiSaver Annual Statement projection (such as changing your retirement age, taking a career break or adding other savings or larger contributions). This means that the projections calculated on this website will be different to your KiwiSaver Annual Statement projection, which uses information relating to the most recent KiwiSaver year to 31 March.

It’s important to know these figures are an estimate only and aren’t guaranteed by us or the Government. They are information only and do not constitute financial advice.

In order to calculate your estimated projected amount of KiwiSaver savings at retirement and your yearly income from retirement until age 90 we have utilised a number of assumptions which are set out below. In estimating whether you will have a sufficient balance in your KiwiSaver account to make your desired first home withdrawal we have used these assumptions to the extent relevant.

Projected results

The projected balance has been adjusted for future price inflation, so it is based on the purchasing power of today. Income from NZ Super is included in the projected annual income unless you have chosen to exclude this.

The calculator projects income on an annual basis and so will look different to the weekly income projected in your KiwiSaver Annual Statement.

Current Age

Your current age is rounded to the nearest whole number, so if you are currently 39½, your age in the calculation will be rounded to 40.

Retirement Age

The projection assumes that your retirement age, and the age that you begin to withdraw your balance, is age 65.

You can change the retirement age in the Explore your options section.  Changing the retirement age assumes that you will continue earning and contributing until the retirement age selected, and you only start to draw down from your account after you have retired. Unless you have chosen to exclude NZ Super, the yearly income shown will be how much you can draw down after you have retired, plus NZ Super.

If you don’t select a different retirement age, it defaults to age 65.

Retirement savings run-out age

The calculator assumes you leave your money invested, and will make regular withdrawals until age 90 (i.e. for 25 years from age 65) until your balance reaches zero.

You can set your own desired run-out age to see if your projected retirement savings (and NZ Super, unless de-selected) will be on track to provide your desired retirement income.

NZ Super

NZ Super is included by default in your annual projected income. This is another reason why the projected income calculated on this website will look different to your KiwiSaver Annual Statement projection. You can remove NZ Super in the ‘Explore your options’ section.

If NZ Super is included, the retirement income will include the annual amount after tax, at ‘M’ tax code, as outlined below. The calculator assumes you have no taxable income other than NZ Super. You can add other savings or assets in ‘Advanced options’.

The NZ Super amount shown for a single person is currently $496.37 per week (assume single and living alone, after tax).

Member and employer contributions

Member and employer contributions are based upon the annual income you enter into the calculator and the KiwiSaver contribution rates selected by you in the calculator.

All contributions, member and employer, voluntary and one-off are projected forward into the future with an assumed level of wage/salary growth of 3.5%per year, with contributions increasing in line with pay.

Member contribution rate

If you're employed, you can choose contribution rates from 0%, 3%, 4%, 6%,8% or 10% of your salary or wages (before tax). If you are unsure how much you contribute then select 3% (this is the default rate which an employer will use for your member contribution rate if you don’t make a selection). Your employer will be able to confirm the percentage you contribute.

If you are self-employed, not working or not contributing, you can choose 0% and then enter a ‘one-off contribution’ or a ‘regular top-up’ under the Contribution tab in advanced options.

If you don’t select a member contribution rate, the default value we have used is 3%.

It is assumed you take no savings suspensions – where you stop contributions for a period of time. You can change to part-time work or take a career break in ‘Advanced options.’ The retirement calculator assumes that you do not make early withdrawals. You can see the impact of a withdrawal by adding one in ‘Advanced options.’

Employer contribution rate

If you are a KiwiSaver member making contributions from your pay, your employer is required to contribute at least 3% of your salary or wages (before tax).

If you are unsure how much your employer contributes, then select 3%.

If you are self-employed or unemployed, you can choose ‘Other’ and enter ‘0%’.

If you don’t select an employer contribution rate, the default rate used is 3%.

Employer’s superannuation contribution tax (ESCT)

If you have selected that you receive 'employer contributions', the calculator will apply employer's superannuation contribution tax (ESCT) on employer contributions until you're 65 (employer contributions will stop when you’re 65). ESCT is calculated using the following table:

Annual salary + gross employer contributions

ESCT rate

$0 – $16,800


$16,801 - $57,600


$57,601 - $84,000


$84,001 - $216,000


$216,000 +39%

It is assumed that no amounts are withdrawn for first home purchase or financial hardship, or (for estimating the yearly income) as a lump sum after you reach age 65.

For the yearly income in retirement it is assumed you will make regular withdrawals until age 90 (e.g. for 25 years from age 65) until your balance reaches zero.

You can see the impact of a withdrawal in the ‘Advanced options’ section.

Government contribution

It is assumed you receive Government contributions of 50c for each dollar you contribute per year, up to a maximum of $521.43.

The calculation assumes you are eligible for the Government contribution between the ages of 18 and 65.

The calculator assumes that Government contributions remain unchanged and continue until you reach retirement age (currently 65), unless you increase your contributions, change your salary, switch to part time working or take a career break.

The Government contribution amount is not adjusted for inflation.

Current KiwiSaver balance

You provide your current KiwiSaver balance.

Rates of return

The rate of return is based on your fund type, as shown in the table below (Table 1). The rates of return are:

• After tax of 28%. This is the highest and most common tax rate for KiwiSaver members across all KiwiSaver providers. Your tax rate may be different.
• After fees. The fees used are an industry-average for your investment option and do not reflect the actual fees you pay.

It is assumed that you stay in the same fund or fund mix until you reach age 65 or your chosen retirement age. If you are in a Lifesteps fund type, it is assumed that you will stay in Lifesteps, and therefore change from the more aggressive to more conservative fund types as you get older.

These rates of return are based on those provided by the Government and we have indicated how they apply to all the investment options in the AMP KiwiSaver Scheme.  Find out more on the Financial Markets Authority website at  

After age 65, the assumed rate of return is 2.5% after fees and tax, regardless of fund selection.

The Default investment option is a “Balanced” fund, but you can change this in the calculator.

The rate of return for your chosen investment option is also applied to “Other Savings/assets” included under the ‘Explore your options’ section.

Table 1 (Rates of Return)

Government Fund Type

 AMP Investment Option

Government Assumed Rate of Return to age 65 (after fees and tax)


AMP Cash Fund

AMP NZ Fixed Interest Fund

AMP Global Fixed Interest Fund



AMP Defensive Conservative Fund

AMP Conservative Fund#

ANZ Conservative Fund

AMP Conservative Fund No. 2

Milford Conservative Fund



AMP Balanced Fund#

AMP Balanced Fund No. 2

AMP Moderate Balanced Fund#

AMP Moderate Fund#

SuperLife Balanced Fund

SuperLife Moderate Fund

Mercer Balanced Fund

AMP Balanced Fund No. 4

Milford Balanced Fund



AMP Aggressive Fund#

AMP Growth Fund#

ANZ Growth Fund

SuperLife Growth Fund

AMP Growth Fund No. 2

ANZ Balanced Growth Fund

Milford Active Growth Fund



ANZ Property Fund

AMP Australasian Shares Fund

AMP International Shares Fund

AMP International Shares Fund No. 2

Milford Aggressive Fund


Lifecycle Investment Option Under 50Lifesteps*3.5%
Lifecycle Option 50 and overLifesteps*2.5%

*The AMP Lifesteps Investment option (Lifesteps) automatically reduces expected investment risk as you get older. Lifesteps works by investing your savings in one of the six funds (marked #), depending on your age. For projections purposes if you are in Lifesteps the rate of return is set according to whether you are under or over 50.

Desired retirement target income (How luxurious will my retirement adventure be?)
  • 'The basics' and 'Some luxuries' retirement lifestyles are based on information available in the New Zealand Retirement Expenditure Guidelines (2019). Where available we have used 'metro' (urban area) figures and either 'single' if the calculation is for you only or 'couple' if a partner has been added. For 'The basics' we took the 'No Frills' figures and for 'Some luxuries' we took the 'Choices' figures in the New Zealand Retirement Expenditure Guidelines. These guidelines do not represent recommended levels of expenditure.
  • If you don’t choose your desired retirement target income, the default value is set to 'Some luxuries'. You can set you own target income through the 'Choose your own' option.


Single, expenditure per week

Couple, expenditure per week


The basics
(No Frills)

Some luxuries

The basics
(No Frills)

Some luxuries

Food and beverages





Clothing and footwear





Housing cost and household utilities





Household contents and services





Health cost










Communication (telecommunication)





Recreation and culture





Miscellaneous goods & services (e.g. Personal care, insurances, etc)





Other expenditure (e.g. Interest payments, contributions to savings)
















  • '*' Indicates that too few households reported spending in that category to permit reliable estimation
  • The calculations assume an average of 52.18 weeks per year, which is based on the following: 
    - In a non-leap year of 365 days there are 52.14 weeks (365 / 7) and in a leap year of 366 days there are 52.29 weeks (366 / 7).
    - The assumed average of 52.18 weeks per year is over the regular four year cycle. Over this period there are on average 365.25 days per year.
  • The New Zealand Retirement Expenditure Guidelines omit housing costs, i.e. costs associated with a mortgage, maintaining your own home, paying a rent or living in a retirement home, as they are influenced by a person's choice of housing and dependence on a person's individual circumstances.


The assumed rate of general inflation used is 2% per year (the long term expected rate of inflation) to show the ‘real buying power’ of your savings in the future.

Salary Inflation

The assumed rate of wage and salary inflation used is 3.5% i.e. how much your wages are assumed to increase each year.

First home withdrawal

The calculator (Saving for first home function) assumes, based on your inputs, that your KiwiSaver savings are built up with contributions from you, your employer, the Government and investment earnings during the saving period that you selected.

The calculator assumes you are eligible for a first home withdrawal.

Members are only eligible to make a first home withdrawal after they have been a KiwiSaver member for three years.

For more information on first home withdrawal, please check


The projected balance at retirement is rounded to the nearest $1,000.

The yearly income is  not rounded

If an amount is required to be rounded, an amount at the midpoint is rounded up.