Work is a big part of our lives. For some people work is a joy, for others it can be a chore.
Regardless of how you view work, your opinion will probably be influenced by whether you ‘have to work’ or ‘choose to work’. There’s a big difference between the two.
If you’ve turned 55 and you’re asking yourself, “How much longer do I have to work?” it might be a sign that your super’s not as healthy as you’d like. If you have to work beyond this age – as opposed to choosing to keep working – one of your main reasons for doing this is probably to build up your superannuation.
What you may not realise is that now you’ve reached 55, you can do something more about this. You’re eligible to take advantage of a strategy called ‘transition to retirement’, or TTR.
As the name suggests, this strategy is something you can do on your way to your ideal retirement age, whatever that might be.
TTR is a tax-effective way for you to keep working and live on a similar income, BUT put lots more money into your super. TTR also helps when it comes to choosing part-time over full-time work.
By using a TTR strategy you can boost your super balance so you’re able to retire when you ‘choose to’, not when you ‘have to’.
If you’re over 60 it gets even better. By taking advantage of a TTR strategy you can enjoy tax-free income, even if you’re still working,
TTR allows you to convert your super balance into an allocated pension, giving you tax-free regular income and a lot more flexibility in the years before you actually stop working.
With TTR, you can make tax-free regular withdrawals from your super, while making contributions at the same time. This gives you the ability to boost your super balance without having less money to live on.
If you’re interested in moving from a ‘have to work’ to a ‘choose to work’ or even a ‘choose to retire’ situation, maybe it’s time you spoke to an Outlook adviser. It’s your choice.