Understand how a TTR Pension works so that you can maximise your wealth as you transition into retirement. An essential watch for anyone in their late 50s or early 60s.
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⏱ Timestamps
00:00 – Transition to Retirement Pension
01:40 – What is a TTR Pension?
03:05 – Superannuation Preservation Age
03:56 – TTR Pension Example
06:16 – Tax on TTR Pension Earnings
07:25 – Tax on TTR Pension Income
09:50 – TTR Pension Considerations
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– Transition to Retirement Pension: What is it & How Does it Work? –
A Transition to Retirement (TTR) Pension is a way of accessing your superannuation while you are still working.
A TTR Pension works by converting your super accumulation balance into an income stream to provide you with income that can supplement reduced working hours, implement tax-effective strategies or help you reduce debt in the lead-up to retirement.
In my opinion, the TTR Pension is the single greatest component of Australia’s superannuation system.
This video explains how a TTR Pension works, when you can start one, a TTR Pension example and tax on TTR pension earnings and income.
#SuperGuy #ChrisStrano #Superannuation #RetirementPlanning
DISCLAIMER: This SuperGuy YouTube channel includes factual information only. It is not personal advice. All figures, rates, dates, caps and thresholds relating to this video were correct at the date of upload, but may have since changed. Read the full disclaimer prior to watching this video: …(read more)
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Transition to Retirement Pension: What Is It & How Does It Work?
As retirement approaches, many individuals may feel hesitant about completely leaving the workforce and losing their regular income. This is where a transition to retirement pension can offer a beneficial solution. This pension option allows individuals to gradually reduce their working hours while accessing a portion of their superannuation to supplement their income. But what exactly is a transition to retirement pension and how does it work?
A transition to retirement pension is a strategy that enables individuals who have reached their preservation age (the age at which they can access their super) to access their superannuation as a regular income stream while still working. This can be particularly helpful for those who want to ease into retirement by reducing their working hours or transitioning to part-time work.
How it works:
1. Superannuation: Individuals can access a portion of their superannuation and convert it into a regular income stream through a transition to retirement pension. This income is in addition to their regular employment income.
2. Reduced working hours: With the additional income from their super, individuals can gradually reduce their working hours without sacrificing their overall income. This flexibility allows them to maintain a work-life balance as they transition into retirement.
3. Tax benefits: One of the key advantages of a transition to retirement pension is the potential tax benefits. As individuals transition to part-time work and access their super as a pension, they may be able to take advantage of tax concessions, which can increase their overall retirement income.
4. Age requirements: To be eligible for a transition to retirement pension, individuals must have reached their preservation age, which is currently between 55 and 60, depending on their date of birth. It’s important to note that accessing superannuation before the age of 60 may have certain implications and it’s recommended to seek financial advice to fully understand the options available.
5. Financial advice: Before deciding to pursue a transition to retirement pension, it’s crucial to seek professional financial advice. A qualified financial advisor can help individuals assess their financial situation, determine the most suitable pension strategy, and understand the potential implications on their retirement savings and overall financial well-being.
In summary, a transition to retirement pension can be a valuable option for individuals looking to gradually reduce their working hours while supplementing their income with their superannuation. This strategy enables a smoother transition into retirement and provides the flexibility to balance work and leisure. However, it’s important to carefully consider all the factors involved and seek expert advice to make informed decisions about one’s financial future.
Thank you.
is there a video on tax on super lumpsum withdrawls > 60 yrs of age? clarification? please. thankyou, and how much can you earn to supplement ? tax implications?
Sooo simple – thank you government
After commence a TTR pension account, (in SMSF), can the person continue to contribute $27.5k / year to a separate accumulation account to reduce gross income?
I look forward to start TTR once reaching 60 because I can start withdraw 4% each year. The fund makes more than 4% so the balance won't reduce but that 4% is going to nearly match my net salary. Then I can either work less, or stay the same but use those extra for many purposes.
What are the normal fees charged for a TTP Also if you are still working and paying into super do those payments then go into your TTP and cancel insurances?
So does that mean you don't actually pay any tax if you are receiving a tax fee component and then you get an offset against the taxable component?
do i contact my super people to set up the account?
If you have started your TTR less than a month before the end of the financial year, can you access 10% of the amount transferred?