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55 Years Old and Working?

Maybe transition to retirement strategy can significantly boost your retirement aspiration....

Andy keeps working full-time and boosts his super

Andy is 55 and earns $100,000 a year. He intends to keep working full-time for another few years. Andy has $220,000 in super.

Andy's financial adviser explored whether a transition to retirement (TTR) strategy could be useful.

How will the strategy work?

  1. Andy transfers most of his super to an account-based pension. This saves money as he no longer pays tax on investment earnings.

  2. He salary sacrifices a large amount into super. This saves income tax, but reduces his take-home pay.

  3. Then, he withdraws up to 10% of his pension balance each year, which boosts his overall income back to his current level.


Andy's take-home income stays the same. Overall he saves over $2,300 in tax in the first year. This means Andy will have more money in super when he finally stops work.

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