Transition to Retirement (TTR) is a super strategy that allows you to access your super as an income stream whilst still working. You don't have to reduce your work hours, but you may choose to as a way to better align your work with your lifestyle, health or family priorities. If you do reduce your hours, the income you receive from your super benefits will help to supplement any loss of salary.
Your super benefit must be used to start a regular pension which does not allow lump-sum cash withdrawals. This is known as a non-commutable income stream. GESB's Retirement Income Allocated Pension can be set up as a non-commutable income stream and is a great option for commencing a Transition to Retirement.
Is Transition to Retirement right for you?
Take this simple quiz to see:
Are you (tick applicable)
Between 56 and 65 years of age
55 years of age or younger
Do you (tick all applicable)
Have at least $30,000 in a superannuation account?
Want to continue to work (full-time or part-time)?
Do you want to (tick all applicable)
Increase your income by receiving income from an allocated pension as well as your normal salary?
Increase your super by sacrificing some of your salary into your super account?
Reduce your hours of work without reducing your income?
It appears that a Transition to Retirement strategy may not be the right option for you.
GESB has a range of other products and services to suit your individual needs. You might like to: