Navigating The Golden Transition: Unveiling The Transition to Retirement (TTR) Scheme
- Reduced Work Hours: One of the primary benefits of TTR is the ability to reduce your work hours without significantly impacting your income. By drawing a pension from your superannuation, you can supplement your reduced salary.
- Tax Efficiency: TTR can provide a tax-effective way of boosting your income. The income from a TTR pension is taxed at a lower rate, which can result in increased net income.
- Boosting Super Savings: By continuing to work part-time, individuals can still make contributions to their super, potentially growing the balance before fully retiring.
- Eligibility Criteria: It's crucial to understand the eligibility criteria, which generally revolves around reaching your preservation age (which varies between 55 and 60 depending on when you were born).
- Financial Planning: Engaging with a financial advisor to understand the implications on your super balance, tax situation, and overall financial plan is advisable.
- Strategic Planning: Work with a financial advisor to tailor a strategy that maximizes your TTR benefits. This might include optimizing the mix of income drawn from your TTR pension and ongoing contributions to your super.
- Regular Review: Your circumstances and legislation may change over time. Regular reviews of your TTR strategy can ensure it continues to meet your needs and remains compliant with current laws.
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The information on this website is General Information only and therefore does NOT take into consideration your personal financial situation, objectives and needs. Prior to acting on any information on this website you should consider what is appropriate for your own personal financial situation, objectives and needs. Aus Super Solutions is not associated or affiliated with any super funds, we aren’t a financial advisory firm, we do not sell financial products nor do we give financial advice. Our role is to connect clients with fully licensed financial advisors that operate compliantly under an Australian Financial Services Licence. Aus Super Solutions does not take in any way responsibility for any advice or recommendations provided by the financial advisors. Prior to acting on any advice provided by the financial advisor you should and can ask as many questions as you deem necessary to ensure you have received the right advice for your personal financial situation. All fees and costs must be clearly explained and after speaking with a referred advisor you are under no obligation to commit to any recommendations made nor cost payable to Aus Super Solutions should you decide against the advice provided. Before making any decisions regarding your super you should obtain the super fund’s Product Disclosure Statement (PDS) and consider its contents. However our goal and mission is to only recommend and connect clients with fully licensed financial advisors and firms with established, positive track records in enhancing and servicing their clients financial situation, objectives and needs.
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