Happy 55th! Things are looking super good
You may think your super is just for when you retire, but now that isn't entirely true.
If you're 55 and over and still working, you can now boost your super or reduce your working hours without affecting your take home pay.
That's all thanks to Transition to Retirement
Transition to Retirement (TTR) means you can access your super through an income stream product while you're still working.
How does TTR work?
1. Reducing your work hours
If you are 55 and over and still working you can open a TTR pension account with your existing super balance. By opening an account-based pension, you could work part-time and supplement your reduced income with regular pension payments. This means you can work less, without affecting your take home pay.
2. Salary sacrificing
You can make additional contributions to your super account via a salary sacrifice arrangement and supplement your reduced income with pension payments. This can give your retirement savings a real boost without affecting your take home pay. To find out how TTR can help you, contact the VISSF office today.