Transition to Retirement - Are you over 55?
Want to know how you can get more money in your pocket each week and build your super fund at the same time? No, it s not crazy. It s a government incentive scheme. Super tax law means that from age 55, you can begin to access your pension, even if you are still working, in what s known as a 'Transition to Retirement (TTR)' super pension. But by combining TTR with a salary sacrifice strategy, it is entirely possible to have more money in your pocket each week AND have more going into super.
If you are over 55 now and not doing a TTR/Salary Sacrifice strategy, then you are most likely donating more tax than you need to the Tax Office. If you don t believe us, please refer to the following independent web sites
- https://www.moneysmart.gov.au/superannuation-and-retirement/income-sources-in-retirement/income-from-super/transition-to-retirement
- http://www.superguide.com.au/accessing-superannuation/accessing-super-early/trips-facts-about-transition-to-retirement-pensions
For any other queries about how to effectively plan your retirement transition, call one of our experienced AFPS advisers today.
