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Access some of your super in the lead up to retirement as part of a transition to retirement strategy
As you get closer to retirement, you may decide to ease into it gradually with part-time work, or use your last few years in the workforce to build your super balance. One way you can do this is through a transition to retirement (TTR) strategy.
A TTR strategy is where you start receiving payments from your super while you're still working – giving you flexibility, without reducing your income. With most super funds you can do this by opening an account-based pension, such as QSuper's Transition to Retirement Income account.
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A TTR strategy may either help you slow down your work life or speed up your savings near retirement
As you approach retirement, you may want to reduce your working hours so you can spend less time at work and more time doing the things you love. Drawing an income from a TTR Income account can help supplement your salary and maintain your current lifestyle while you work less.
While there are annual limits set by the Australian Government on how much you can withdraw as an income stream, you can choose the amount of your payment and how often you want to receive it within these limits. You may also want to consider the effect that working less hours has on your super in the future.
Even if you're not planning to retire any time soon, a TTR strategy could help you boost your super balance and save on tax while topping up your pay packet with a tax-effective income stream. If you're 60 or older, the payments from your super will be tax-free, and even before age 60 you could still benefit from a tax offset.
You could also choose to add any tax savings to your super for an additional boost.
Enjoy life today while you save for tomorrow
As long as you have reached your preservation age and are under 65 and still working, you can transfer part or all of your superannuation balance to a TTR Income account. If you transfer all of your super balance over, it will close your QSuper Accumulation account.
If you want to keep your QSuper Accumulation account open for employer or voluntary contributions, you must leave a minimum of $10,000 in your Accumulation account, and use your TTR Income account to access some of your super while you're still working.
With a TTR Income account, you can receive regular payments from your super paid straight into your bank account.
You may be able to take money out of your super before you retire, with a transition to retirement strategy. Find out how it works.
There are limits to what you can tax-effectively contribute to your superannuation before-tax, so make sure you understand the contribution caps. There are also rules regarding withdrawing your payments, including minimum and maximum limits per year. For more information on how a TTR Income account works, read our Product Disclosure Statement for Income Account and Lifetime Pension (pdf).
TTR strategies can be complicated and aren't suited to everyone. It's a good idea to get advice from a qualified financial adviser to see if a TTR strategy is right for your personal circumstances. Find out more about financial advice options.
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