Transition to Retirement Strategy
Whether you plan to retire in 10 years or in just a few months, if you’re over 55 you have can access your superannuation as an income stream using a Transiting to Retirement (TTR) strategy.
By using a Transiting to Retirement strategy you can continue to work past age 55 while drawing down funds from you superannuation. TTR allows you to supplement your salary without compromising your current lifestyle. It also provides a smarter way to arrange your finances so that you are paying less tax and boost the level of your superannuation in the few years before you retire.
Depending on your situation, accessing your superannuation via a transition to retirement pension could be the smart way to move into full retirement. Other options to consider include the following:
Cut your hours, not your income
If you have every thought about retiring but don’t feel you are ready financially or emotionally just yet, then working part time could be an option for you. Starting a transition to retirement pension at the same time that you reduce your hours could mean you end up with the same net income as when you were working full-time, so you don’t have to compromise your standard of living.
Maximise salary sacrifice into your superannuation
Increasing your superannuation balance is one of the most important things to do prior to retirement. By increasing your contributions through salary sacrificing up to the concessional limit available to people over 55 will help build your retirement nest egg.
Get expert advice
The sooner you get busy working on transition to retirement strategy, the easier it will be. Contact us today to find out how we can put a TTR strategy in place for you.