You’ve probably heard the phrase ‘transition to retirement’, or ‘TTR’, before. But are you aware of how you can benefit even if you are not looking to reduce your work hours and truly appreciate what it might mean for your retirement?
If you’re over age 55, TTR rules allow you to access some of your superannuation while you’re still working.
This has become a popular strategy as it can help you:
• change the composition of your income , and
• any earnings on the investments on your pension account are exempt from tax within the superannuation fund
Even if you don’t need the additional income at the moment, commencing a TTR pension can be a good way to lower the amount of tax you’re currently paying. And you can potentially use the savings to keep growing your super balance.
