For Smooth Transition to Retirement
Transition to Retirement (TTR) allows you to reduce your working hours without compromising your salary, allowing you to maintain your lifestyle while you ease in to retirement. This gives you a chance to plan what you will do with your extra leisure time before retiring completely! The pension is designed for people between the age of 55 and 60, granting them early access to a percentage of their superannuation fund. This will not affect contributions made to your fund by your employer, meaning it will be continually reimbursed for as long as you are utilising your TTR pension. There are multiple benefits of opening a TTR pension, including:
- income supplements
- income tax reduction
- super growth
What We Do
Lifestyle Money Management can help you analyse and decide whether or not a TTR pension is beneficial for you. We will help you to:
- identify whether or not your current super fund offers a TTR pension – if not, we can recommend one where you can open a separate pension account
- work out whether or not this strategy aligns with your overall retirement plans
- assess your income needs relative to superannuation to determine whether or not the pension is necessary
- check other entitlements that may be affected upon beginning a TTR pension, such as social security benefits received by you or your partner
- recognise whether or not your life insurance will be compromised upon beginning a TTR pension if your insurance is managed by your super fund
