We're healthier, happier, and we're living longer. You don't have to wait until retirement to start enjoying the best years of your life.
Boost your savings and pay less tax as you ease into retirements.
If you want to reduce your work hours, a transition to retirement (TTR) pension may be of benefit to top up lost income.
If you're over 55 and your superannuation and goals are advantaged, a TTR strategy may be of benefit to you.
What is 'Transition to Retirement'
Transition to Retirement pensions allow you to supplement your income by drawing regular payments from your Superannuation fund, once you reach the required age.
A Better Lifestyle on the Same Income
You've worked hard to get this close to retirement. Now might be a great time to start scaling back at work and enjoying a bit more "you" time. Imagine only working two or three days a week, but still taking home the same money. Sounds good right?
If you've reached your Preservation Age and you are still working, a TTR strategy will allow you to draw a portion of your Superannuation account balance. This means that:
You could continue to work full-time, but reduce your tax by taking a pre-retirement pension and salary sacrificing more of your income into super.
You could scale back and move from full-time to part-time work, and replace your lost salary with a pre-retirement pension.
If you are a business owner, you could even use a pre-retirement pension to supplement your income needs during quiet periods.
Disclaimer: No part of this document is to be construed as a solicitation to buy or sell any financial product/s and recipients should not rely upon the contents of this document but should make their own assessment and evaluation, undertake investigation and enquire and seek appropriate advice to enable them to make any decision concerning their own interests.