With retirement around the corner, you may be thinking of winding back your work hours to ease into a new lifestyle, or you might prefer to make the most of your last working years to boost your retirement savings.
Either way, we can help you transition to retirement.
If you've reached preservation age and are still working, you could access some of your super with a transition to retirement, or TTR strategy.
To start a TTR strategy, you can open a TTR Income account with AustralianSuper and transfer some of your super into that new account where both accounts work side-by-side.
Your super account stays open to receive your employer's contributions and any extra contributions from you.
At the same time, you can top up your take home pay with up to 10% of your TTR Income balance.
Together, your super and TTR income accounts can help you work less or save more.
Work less. If you work less, you could top up your reduced salary with payments from your TTR Income account.
At the same time, your super account continues to receive your employer contributions.
Save more. If you’re 60 or older, you could use a TTR strategy to potentially grow your super while your take home pay stays the same.
You may salary sacrifice to pay less tax on your super contributions while topping up your pay with tax free TTR Income payments.
Then when you tell us you've permanently retired, change jobs after turning 60, or when you turn 65, your TTR Income account becomes a Choice Income account.
This means your payments and investment returns become tax free.
Starting a TTR strategy can be complex and may not suit your circumstances.
So it's a good idea to speak to a financial advisor.
To learn more about AustralianSuper's TTR Income account, visit australiansuper.com/TTRIncome or call us at 1300 300 273.