TTR Pension Over Age 60, plus an example of a transition to retirement strategy and the benefits accessing super while you are still working….(read more)
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TTR Pension Over 60: A Flexible Retirement Solution
Retirement is an inevitable phase in our lives that we all look forward to enjoying after years of hard work and dedication. It is a time to relax, pursue our interests, and spend quality time with loved ones. However, financial stability during retirement is crucial to ensure a comfortable and worry-free experience. This is where the concept of TTR Pension Over 60 comes into play.
TTR, short for Transition to Retirement, is a pension option specifically designed for individuals aged 60 or older. It offers a flexible and structured approach to retirement income, allowing individuals to supplement their financial resources while transitioning from full-time employment to retirement.
One of the major advantages of TTR Pension Over 60 is that it allows individuals to access a portion of their superannuation while still working. This means that individuals can reduce their working hours, partially retire, or gradually ease into retirement without putting unnecessary strain on their finances. It offers the perfect balance between financial security and gradual transition.
The flexibility of TTR Pension Over 60 is particularly beneficial for individuals who may not be ready to retire completely but want to enjoy a reduced working schedule. By accessing a portion of their superannuation through regular pension payments, individuals have the financial freedom to work fewer hours, pursue hobbies, or even start a small business. This flexibility empowers individuals to shape their retirement journey according to their own desires and financial circumstances.
Another key aspect of TTR Pension Over 60 is the tax benefits it offers. By starting a TTR pension, individuals may be eligible for income tax concessions, as pension payments from superannuation funds are often taxed at a lower rate compared to income earned from employment. This can lead to significant tax savings, further enhancing one’s financial position during retirement.
Furthermore, TTR Pension Over 60 also provides individuals with the opportunity to continue contributing to their superannuation. This can be highly advantageous as it allows individuals to build up their super balance during the transition period, ensuring a stronger financial foundation for future retirement plans.
When considering TTR Pension Over 60, it is important to consult with a qualified financial adviser who can provide personalized guidance based on individual needs and objectives. They can help individuals understand the eligibility criteria, assess the potential impact on future retirement income, and make informed decisions.
In conclusion, TTR Pension Over 60 is a flexible and attractive retirement solution that empowers individuals to transition from full-time employment to retirement at their own pace. With its unique set of benefits including partial access to superannuation, tax concessions, and opportunities for continued contributions, it is an option worth considering for those approaching retirement age. Embrace the freedom and financial security TTR Pension Over 60 offers, and make your retirement years truly enjoyable and fulfilling.
Hi Chris – I got a couple of questions pls:
1. Can I top up my super pension account – from my super account or through other means?
2. If not, how do I move money again from super into a pension account – can I have more than pension account, so just create a new one?
Thanks much for any info.
Another gem of retirement planning advice…. awesome…
Thank you again Chris….I've learned more about superannuation retirement planning in the last hour by watching your videos than a few years of casually searching for information..
Dear Super Guy, I only earn about $35,000 per year and have a Super balance of $225,000. Would you recommend a TTR for me ? I'm 59 years old.
Hi, Thanks for the video. It is really helpful. However, I have some questions.
Case1. This strategy will work only if the fund in TTR pension is a form of cash. What if it is a form of share? it needs to be sold, so 15% tax of $14,000 will be occurred, which is $2100. Therefore, the total amount of the super accounts will be reduced by $1,310 each year, Input:$14,790 , Output:$16,100($14,000 + $2,100), but will get cash to personal bank account $2,664 more each year.
Case2. What about the income is greater than $80,000 per year? Example, $150,000 annual income, SG: $15,000, Salary Sacrifice: $10,000. Therefore, Input:$8,500, Output: $16,100($14,000 + $2,100). The total amount of the super accounts will be reduced by $7600 each year.The speed of reducing pension amount is even greater for a higher incomer with this strategy.
I am not trying to tackle you. I am purely wondering and would like to get your thoughts if there are better strategies. Thank you.
Really like the flow diagram which makes it easy to understand the concepts. Thanks. Please follow up with a video on when a TTR Pension is suitable and when it’s better to wait until 65
Perfectly timed video -well explained.
Awesome , absolutely beautiful. Plz keep uploading.
Love the channel, super easy to grasp and informative, keep up the good work!