Access your super early
With transition to retirement (TTR)*, you could start taking advantage of your super savings sooner than you thought.
We all know that super is money set aside for your retirement. But if you’re still working, once you reach your preservation age, you can also use a portion of your super to provide a regular income. Transition to retirement gives you more options and it could also mean more money when you retire. Here’s how.
When you transition to retirement, an income account is opened alongside your regular super account. These two accounts work together and may reduce the overall tax you pay, when you turn 60, while simultaneously helping to grow your super savings.
Since you’re still working, your super account continues to receive contributions from your employer, so you can go on increasing your super balance and earning investment returns.
At the same time you’ll also begin to receive regular payments from your retirement income account, paid directly to your bank account. Simple.
You only need $25K in super to open an account, and you can change your mind at any time.
Find out how to save more or work less.
Or read more about transition to retirement here.
*TTR can be complex and isn’t suited to everyone. You should get advice to see if a TTR is right for you.