Transition to retirement

You could start taking advantage of your super savings now

Your super is money set aside for your retirement. But if you’ve reached your preservation age and you’re still working, you could use a portion of your super to provide a regular income. Transition to retirement gives you more options while you’re still working, and it can also mean more money when you retire.

How it works

A retirement income account is opened alongside your regular super account. These two accounts work together and may reduce the overall tax you pay while helping 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 receive regular payments from your retirement income account, paid directly to your bank account.

You only need $25K in super to open an account and you can use it to either:

Work less
Save more

To be effective, a “Save More” TTR strategy needs your employer to offer the ability to salary sacrifice to super, which not all employers do. So check what’s available to you, how your employer handles salary sacrifice and employer Superannuation Guarantee contributions, and always consider your debt levels before adding to your super.

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