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KiwiSaver Returns Calculator: Project Your Retirement Balance

Use our KiwiSaver Calculator below to project your balance at age 65 based on your salary, contribution rate, fund choice, and current balance. The calculator uses the Financial Markets Authority's official projection assumptions, so the numbers will closely match what your provider shows on your annual statement.
Updated 14 June 2026​
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​Assumptions:
  • Our calculator reflects KiwiSaver settings effective from 1 April 2026
  • The default contribution rate is now 3.5% (up from 3% before April 2026), with options of 4%, 6%, 8% and 10%.
  • Employer contributes 3.5% of gross salary, subject to Employer Superannuation Contribution Tax (ESCT). ESCT is a tax deducted from your employer's KiwiSaver contribution before it reaches your account. The rate depends on your annual salary plus employer contribution combined. For example, if you're earning $70,000, ESCT is taxed at 30%, which means a 3.5% gross employer contribution becomes about 2.45% net to your KiwiSaver balance.
  • The government contribution of 25c per $1 is paid if you contribute, up to a maximum of $260.72 per year. To receive the full amount, you must contribute at least $1,042.86 per year. The government contribution is unavailable on annual income over $180,000 and stops at age 65
  • Fund return rates are aligned with the Financial Markets Authority's projection assumptions used on annual KiwiSaver statements - Conservative 2.5%, Balanced 3.5%, Growth 4.5%, Aggressive 5.5%, all net of fees and 28% PIR. These are the same assumptions every KiwiSaver provider must use on your annual statement, set by Government and reviewed periodically. Actual returns will vary year to year, and a low-fee fund will outperform these averages while a high-fee fund will underperform
  • Salary growth assumed at 3.5% per year, also per FMA's projection standards
  • Results are shown in future dollars, not adjusted for inflation. The buying power of the final balance will be lower than the dollar figure suggests
  • First home withdrawals, savings suspensions, and provider transfers are not modelled
  • Learn more with our favourite KiwiSaver funds guide and how to choose a KiwiSaver fund.

Your KiwiSaver details

Your contribution rate
Fund type
Assumed return: 3.5% p.a. after fees and tax (FMA assumption)

Calculator reflects KiwiSaver rules from 1 April 2026. Fund return rates use the Financial Markets Authority (FMA) assumptions used on your annual KiwiSaver statement, which are net of fees and tax (28% PIR). Employer contributes 3.5% of gross salary subject to ESCT (a tax of 10.5% to 39% on employer KiwiSaver contributions, deducted before the money reaches your account). Government contribution of up to $260.72 per year (25c per $1 you contribute) where eligible. Salary growth assumed at 3.5% per year per FMA's projection standards.

Balance at retirement $0
Money in (you, employer, government, opening balance) Investment returns
Opening balance $0
Your contributions $0
Employer contributions after ESCT $0
Government contributions $0
Investment returns FMA-assumed rate $0
Total at retirement $0
View year-by-year projection
Age Your contributions Employer + government Investment returns Balance

Compare How KiwiSaver Funds Have Actually Performed

Once you've used the calculator to see what your balance could be, the next step is checking how your fund (and the alternatives) have actually performed. A popular source for this is Morningstar's KiwiSaver Survey.

Morningstar is trusted for KiwiSaver fund comparison in New Zealand because:
  1. It's independent: Morningstar isn't owned by, or affiliated with, any KiwiSaver provider, so there's no conflict of interest in how funds are ranked.
  2. It's comprehensive: Almost every KiwiSaver fund is included, not just the largest providers, so smaller and lower-fee options aren't hidden. Please note that some KiwiSaver Schemes do not send data to Morningstar.
  3. It shows after-fees-and-tax returns: This is the only number that matters because it reflects what actually lands in your account.
  4. It covers 3-month, 1-year, 3-year, 5-year, and 10-year periods, so you can see both recent performance and long-term consistency.
  5. It's updated every three months and free to access.

More details: Morningstar's KiwiSaver Survey.

How to navigate the Morningstar report
In the video below, MoneyHub Founder Christopher Walsh walks through Morningstar's KiwiSaver report and explains what to look for so you can make informed decisions about your fund choice:

KiwiSaver Returns - Frequently Asked Questions

My fund shows 'below average' returns using the calculator above - should I switch my KiwiSaver?

KiwiSaver is a long-term investment; no fund choice decision should ever be rushed. Additionally, everyone's KiwiSaver situation is unique. Generally, New Zealanders have stayed in long-term underperforming funds out of apathy, unawareness or unwillingness to move. 

We don't provide any form of financial advice. Our view is simple - like any financial decision, if you feel you can get a better return somewhere else, do the research and make an informed decision. Many market-leading and historically high-performing funds are available - this list of our favourite KiwiSaver funds can be a good starting point.

When comparing KiwiSaver funds, what should I consider beyond returns?

Investing in KiwiSaver is a long-term commitment - selecting the right fund can make a significant difference by the time you retire. To compare the options comprehensively, consider:
  1. Whether the fund is actively managed or follows an index - our index fund guide explains more about the difference.
  2. Three of five years of returns (if available) - our how to choose a KiwiSaver fund goes into further detail.
  3. Understand the fees - you'll pay anywhere from between 0.15% and 2.00%+ per year, as well as a membership fee for some schemes, so you need to understand the ongoing costs upfront and be comfortable with them.

How much do I need to contribute to KiwiSaver?

We take the view that the majority of New Zealanders are not saving enough for their retirement. From 1 April 2026, the default total contribution is 7% of salary (3.5% from you and 3.5% from your employer), rising to 8% in April 2028. By comparison, Australia's compulsory Super Guarantee is 11.5% from the employer alone (rising to 12% from 1 July 2025), and Australians can't access their super for a first home, which forces it to compound for the long term. New Zealanders can withdraw KiwiSaver to buy a first home, which helps with home ownership but reduces the balance available at retirement.

Once you retire, it's near-impossible to accumulate more savings without a large investment balance. For this reason, it's a good idea to consider contributing above the minimum to KiwiSaver for long-term benefits.
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