TTR: The secret to not having to work longer

You don’t have to work into your seventies. Just be smarter with your super. Have a transition-to-retirement pension in your sights.

Summary: Transition-to-retirement pensions allow you to draw on your super while you are still working. They also allow you to keep contributing to super as you draw a pension, which for most people will increase cashflow and/or your super balance. Another advantage is that when you move assets from accumulation to pension, the assets backing that pension become tax-free.

Key take-out: For those over 60 and still working, it’s highly likely you are paying more tax than necessary if you’re not on a TTR pension.

Key beneficiaries: SMSF trustees and superannuation accountholders. Category: Superannuation.



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