As you get closer to retirement, you’re probably focusing on sorting out your super. Or, you might want to wind down and work less without compromising your lifestyle.
That’s where a Transition to Retirement Pension (TRP) could work for you. It could help you through the next stage of life when you’re not quite ready to give up working yet.
Give me the main points
- If you’ve reached preservation age but don’t want to fully retire, you can access some of your super preserved as an income stream while you keep working.
- Income earned on investments in your transition to retirement pension account is taxed at a maximum rate of 15 per cent (including capital gains).
- Contact a tax professional and/or a financial adviser before deciding on any super or retirement strategies to make sure they are right for you.