Are you ready to start your retirement planning? A Transition to Retirement strategy gives you options. You can boost your super before you retire, or maintain your income while winding back on work.
Boost your super while you're still working
Reduce the hours you work and supplement your take-home pay
What are the benefits?
You could boost your super balance while you continue to work.
It could reduce your current and future tax bill. Investment earnings are taxed at 15% compared to your marginal tax rate.
It could pay you up to 10% of your super balance in a year.
If you choose to take your super as a TTR Income Stream, you can't withdraw it as a lump-sum payment until you meet the following conditions of a Retirement Income Stream:
If you or your partner currently receive any entitlements (or expect to in the future), it is important to contact the Financial Information Service at Centrelink on 13 23 00 to understand your options.
What happens when you retire permanently?
Once you retire completely, or you meet one of the other conditions of release listed above, your TTR Income Stream converts to a Retirement Income Stream.
It allows you to: