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People over 60-years-old, who joined the newly-created KiwiSaver scheme five years ago, will soon be eligible to draw from their nest eggs.
The KiwiSaver scheme is celebrating its fifth birthday today, having acquired close to two million members since it launched.
Revenue minister Peter Dunne said adopters of the scheme, who joined in their 60s and have now been in KiwiSaver for five years, will be eligible to withdraw their funds from this month.
It is estimated around 75,000 people will meet the withdrawal criteria over the next 12 months.
Standard withdrawal criteria states if you joined KiwiSaver between the age of 60 and 65 you can withdraw your savings after being a member for five years.
Dunne said people wanting to withdraw their funds must contact their scheme providers for the correct information about their individual circumstances.
More than 1,950,00 Kiwis have joined the retirement savings scheme since it began in 2007.
In the past five years $11.8 billion in individual and employer contributions have gone into the funds, not counting voluntary contributions, according to Dunne.
"New Zealanders have embraced KiwiSaver in numbers and with an enthusiasm far beyond all initial expectations," he said.
"The number of members continues to rise, which shows that New Zealanders really see KiwiSaver's value and how it can play a key part in their future financial security."
Members are advised to contact their scheme provider regarding their eligibility to withdraw their funds, and information is also available on the KiwiSaver website.