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flag New Zealand's KiwiSaver hits $123B, sees increased savings despite rising withdrawals by seniors.

flag New Zealand's KiwiSaver retirement savings scheme reached NZ$123 billion this year, marking an 8.8% increase in contributions. flag Despite more people being eligible, withdrawals by those over 65 dropped by 1.3% to NZ$2.992 billion. flag The Financial Markets Authority (FMA) noted a rise in non-contributors and hardship withdrawals. flag The government plans to gradually raise default contribution rates to 4% by 2028, aiming to counter rising social costs due to an ageing population.

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