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Want more out of life? You could boost your super or reduce your work hours without affecting your take home pay.
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.
See how a Transition to Retirement strategy can help you make the most of your super in the lead up to retirement.
A Transition to Retirement pension is suitable if you:
Your preservation age is the age in which you may access your super. This is dependent on the year you were born.
You can only withdraw your super as pension payments in a TTR.
You can receive between a minimum of 4% and a maximum of 10% pa of your TTR account balance.
Still working and want to remain insured? Keep your super account open so you maintain your insurance cover.
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