Transition to retirement
You can draw regular payments from a TTR account while your regular super continues to grow. After turning 60, these payments are tax-free. TTR offers flexibility, helping you reduce work hours, maintain your income, and save more for retirement.
If you are aged 60 or above, and your ready to retire, an Account-Based Pension may be more suitable.
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How does transition to retirement work?
A Transition to Retirement (TTR) strategy consists of two main components: your regular super account and a TTR account. While your super continues to grow in your regular super account, you can withdraw regular payments (up to 10%) from your TTR account and balance. This flexible approach helps you prepare for retirement, allowing you to either save more or reduce your work hours while maintaining your income and boosting your take-home pay.
Interested in a TTR but would like to chat to someone about it first?
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Frequently asked questions
For individuals over 60, income payments from the TTR account are generally tax-free.
Once a TTR account is established, you cannot contribute further; you can only contribute to your accumulation super account. If you decide to stop receiving pension payments, you can transfer the funds back into your accumulation phase.
Yes, your accumulation account will continue growing your super savings due to ongoing contributions and investment returns.
A TTR provides you with additional income that you can use as you wish, including to accelerate the repayment of your mortgage.
This usually involves a mix of different sources, such as Government Aged Pension, superannuation, personal savings and investments.
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Other Resources
Super and the Age Pension
Planning for retirement should begin with careful consideration of the Age Pension, a vital source of income for many senior Australians.
How much super do I need?
To help you estimate how much money you may need in retirement, it's useful to consider the difference between a modest and a comfortable retirement lifestyle
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