Over 56 and Still Working?

Want more out of life? You could boost your super or reduce your work hours without affecting your take home pay.

Planning to retire?

Need to know your options?

If you’ve reached the age of 56 and you’re still working, you may want to take advantage of a Transition to Retirement (TTR) income stream, which essentailly allows you to ease into retirement.

Receiving a TTR income stream allows you to cut down on your working hours and supplement your income with your super. This means even though you’re working less, your take-home pay remains similar.

Other Benefits:

  • Increase your retirement savings via a salary sacrifice arrangement while supplementing your reduced income with pension payments
  • Reduce the amount of tax you pay, as there is no tax payable on any investment earnings or income received if you are over age 60.*

Contact Advice

Over 56 and still working? You could boost your super or reduce your work hours without affecting your take home pay.


Online Advice 

Super and Retirement Calculator

See how a Transition to Retirement strategy can help you make the most of your super in the lead up to retirement.

Who does this suit?

A Transition to Retirement pension is suitable if you:

  • Have reached your preservation age; and
  • Are still in the workforce; or
  • Have existing super benefits; or
  • Want to boost your super; or
  • Are transitioning to retirement.

Your preservation age is the age in which you may access your super. This is dependent on the year you were born.

Date of birth Preservation age
Before 1 July 1960 55
1 July 1960 - 30 June 1961 56
1 July 1961 - 30 June 1962 57
1 July 1962 - 30 June 1963 58
1 July 1963 - 30 June 1964 59
From 1 July 1964 60

What are the key things to know?

Taking out super
 

You can only withdraw your super as pension payments in a TTR.

Payment Limits
 

You can receive between a minimum of 4% and a maximum of 10% pa of your TTR account balance.

Keep your account open
 

Still working and want to remain insured? Keep your super account open so you maintain your insurance cover.

Contribution Caps
 

If you decide to combine your TTR pension with salary sacrifice contributions to your super account, be mindful of contribution caps.

* Current as at July 2016

This website is provided by Retail Employees Superannuation Pty Limited ABN 39 001 987 739, AFSL 24 0003, trustee of Retail Employees Superannuation Trust ABN 62 653 671 394, of which REST Super, REST Corporate, REST Select, REST Pension and Acumen are part. It contains general advice that has been prepared without taking account of your objectives, financial situation or needs. Before acting on the information or deciding whether to acquire or hold a product, consider its appropriateness and the relevant Product Disclosure Statement (PDS), which is available on this website.

Awards and ratings are only one factor to consider when deciding how to invest your super. Further information regarding these awards can be found at rest.com.au. Past performance is not an indicator of future performance. SuperRatings Pty Limited does not issue, sell, guarantee or underwrite this product. Go to www.superratings.com.au for details of its ratings criteria. For further information about the methodology used by Chant West, see www.chantwest.com.au