Your Transition To Retirement

If you're 55 or over and still working you can:

• Access your super early
• Build your super and
• Save tax

With a transition to retirement strategy, this doesn't mean you have to retire.

The strategy works best for you if you:

• Want to boost your retirement savings
• Want to reduce your working hours and maintain your income

To be eligible, you must:

• Be aged between 55 and 65
• Be employed
• Transfer some or all of your super account balance into a pension account.

How it works

With this strategy, you have two accounts:

• A super account - to receive contributions from your employer and your before-tax contributions
• A pension account - set up with some or all of your super savings, to provide pension payments that top up your income

Boost your super through tax savings

This strategy lets you contribute extra to your super from your before-tax salary while receiving income from a pension account.

Both the before-tax payments to your super and the income payments from your pension are generally taxed at a lower rate. You can use those tax savings to boost your super.

Cut back your working hours

This strategy could help you reduce your working hours without reducing your income. You can work fewer hours and supplement your salary with income from a pension account.

To find out more how a Transition to Retirement strategy could assist you please contact our office in Wodonga.