Kiwis reaching 65 may not get enough support over what to do with their KiwiSaver money, the Financial Markets Authority says.

Head of financial advice Romil Ghelani said it had conducted a review of access to advice this year and one of the most common "advice gaps" was a need for help, as people started to draw down their savings to live on.

"That's one of the hardest financial transitions that someone can make in their life."

He said, while there were products to help, they were not as common as in other countries.

Do I have to buy that extended warranty?

Ghelani said the whole KiwiSaver system could do more to assist those people.

"You've got the KiwiSaver providers, the banks who are fund managers and then you have financial advisers as well," he said. "There's a whole system of information and advice, but financial advice takes it one step further.

"Professional financial advice is that value-add and, to be fair, these services do exist, but they're commonly catered towards those higher-net-worth clients, who can afford personalised service from the wealth management firms."

He said everyone else relied on a system of information and guidance, "less so professional advice".

"More New Zealanders are going to reach retirement with meaningful savings to manage. That's a good thing, but it also means there's complex decisions that people will have to face and that's an opportunity for advisors to fill that gap."

What are managers doing?

Some of the biggest KiwiSaver providers said they were taking steps to help people who were nearing the age at which they could tap into their KiwiSaver accounts.

ANZ Investments fund management products general manager Sian August said ANZ would contact KiwiSaver members one year before they could access their funds, encouraging them to start thinking about what they would like to do.

"This includes reminding them they can access free financial advice through our ANZ Investment advisers to help them understand their choices and to develop an investment strategy that suits their individual circumstances.

"We contact them again six weeks before their savings become available to remind them about their options, including that they can access free advice, tailored to their individual situation. This advice is available both before and after their funds become accessible.

"People retire at different ages and life stages, so there isn't a blanket rule for how someone should manage their money or what fund they should be in once they turn 65. It's important for people to understand their own appetite for risk and what their goals are for their life after 65."

She said some had a misconception they had to withdraw their money when they were 65, when it could be left there until the time was right.

"They can also set up a regular withdrawal to give them a regular income stream. Some members aged 65 and older keep contributing, either through their salary or wages - if they're still working - or by making lump-sum contributions.

"This can be a good option, if a member doesn't need their money right away."

At ASB, wealth general manager Emma-Jayne Liddy said it recognised KiwiSaver members' needs would change as they moved towards retirement.

She said ASB would also contact people before they turned 65 to let them know about the options available.

"We also offer access to free advice sessions for those turning 65, as well as guidance and tools that help customers understand how different retirement decisions, such as taking a lump sum or keeping funds invested, could affect their long-term financial position.

"Our goal is to help all of our customers make informed decisions about their retirement savings. We are continuing to see more of our members stay invested in KiwiSaver after age 65, so their savings keep working for them, which is great."

Murray Harris, head of KiwiSaver at Milford Asset Management, said it offered free access to financial advisers, as well as digital tools to help people consider what different withdrawal options and scenarios might look like.

"For clients who meet the threshold, additional support is available through our wealth management team."