Do you want to ease into retirement by reducing your work hours? Or, give your super a boost before you leave the workforce? Transitioning to retirement is a relatively new concept which can open up a whole range of opportunities as you approach retirement.
Transition to Retirement (TTR) is a strategy designed for people over the age of 55 which allows you to access a proportion of your superannuation before your retirement age even if you are still working.
Critically investment earnings on funds within a TTR pay 0% tax!
This provides a range of options for clients:
Boost your Super
O & M can design a strategy which allows you to increase your Salary Sacrifice Super Contributions without impacting cash flow while reducing overall tax payable.
Reduce working hours
TTR is a tax effective way of supplementing your cash flow if you wish who wants to reduce their working hours without compromising their lifestyle.
Everyone’s situation is different and while a Transition to Retirement strategy can provide benefits, there are tax and cash flow issues that need to be carefully considered. So before deciding whether a Transition to Retirement strategy is right for you talk to one of our qualified financial adviser to review your best way forward call (02) 9369 3028 or contact us today.