TRANSITION TO RETIREMENT
The Australian Government has made it possible for you to keep working while drawing on your superannuation. This process is called “transition to retirement” (TTR). This allows you to supplement your salary and maintain a comfortable lifestyle. You can also use the policy to save tax and boost your super before you retire.There are two ways to use a transition to retirement pension:
- Keep working full-time and boost super
- Reduce work hours and soften the drop in income
Once you hit preservation age (55 for many people), you can draw a pension from your super even if you are still working. If you are under age 65 and still working, you can transfer the sum of your super to a super pension account and withdraw between 4% and 10% of your balance throughout each financial year.