ANZ

Transition to Retirement

If you have reached your preservation age, you can now draw on your super before you actually retire permanently from the workforce and use it for any one of these specific purposes

Transition to retirement (TTR) is a strategy that allows you to work and have access to your super, by rolling some or all of your super into a retirement income stream.

For example, if you wish to reduce your work hours to help transition your lifestyle towards retirement, you can top up your reduced employment income by accessing a supplementary income stream from implementing a TTR strategy. This type of strategy can be complex to set up and maintain, and you need to be aware of what impact such a strategy can have on you. Therefore you should seek advice from a professional, such as a financial planner, to determine if a TTR strategy is right for you.

As a general rule, for people over 60 years who earn $75,000 a year or more, adopting a 'transition to retirement' strategy can help them to achieve tax savings. A financial planner can determine if this strategy is suitable to your personal situation.

Date of birth                     Preservation age Before 1 July 1960 55 1 July 1960 – 30 June 1961 56 1 July 1961 – 30 June 1962 57 1 July 1962 – 30 June 1963 58 1 July 1963 – 30 June 1964 59 After 30 June 1964 60