Transition to Retirement PensionA transition to retirement pension provides a means of accessing your superannuation benefits before you have fully retired. It also allows you to reduce the number of hours or days of full time employment without giving up the income that you have become accustomed to. To commence a transition to retirement pension you need to have reached your preservation age (age 55 for most), at which time you can draw a pension from your superannuation fund whilst continuing to work. A good transition to retirement pension will: • Reduce the level of income tax you pay each year A transition to retirement pension is suitable for most people who have met their preservation age, earn over $50,000 per annum and have over $75,000 in superannuation. If you would like to investigate the advantages of establishing a transition to retirement pension further please speak with a member of our Financial Planning Team today.
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