Are you aged 55 and over? You should consider giving us a call to talk about the many potential effective strategies that are uniquely available to you such as the transition to retirement.
What is a TTR?
A transition to retirement strategy is available for people who have met their preservation age (56 and over). A TTR strategy enables you to begin drawing an income stream from your superannuation balance. This surplus money being drawn from your super can be used to supplement your salary, which means you could consider options such as making additional contributions to super via a salary sacrifice which will result in potentially reducing your annual tax payable or you could consider reducing your working hours.
A transition to retirement is an effective strategy that may enable you to reduce your tax liability, bolster your super leading into retirement and maintain the same cash flow position. Alternatively, you could consider reducing your working hours and utilise the additional income being drawn from the transition to retirement strategy to top up your income.
If you would like to hear more about how the transition to retirement strategy can be useful for your circumstances, please feel free to give us a call and we will be happy to help in any way possible.