Are you ready to start your retirement planning? A Transition to Retirement strategy gives you options. You can boost your savings before you retire, or maintain your income while winding back on work.
While you’re still in the workforce, you can start to take advantage of a Transition to Retirement (TTR) strategy through HESTA Income Stream to help you prepare for retirement.
You have two options:
1. Boost your super while you’re still working and enjoy tax advantages.
2. Reduce the hours you work and supplement your take-home pay.
Some of the benefits of TTR are:
Before you apply for a TTR Income Stream read about the changes effective from 1 July this 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:
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.
The Retirement Income Stream gives you access to more of your super, under more flexible lump-sum payment rules.
If you like, you can combine any extra funds you saved in your super account together with your TTR account to set up another your retirement income stream account.