If you’ve reached your preservation age (under government rules) but are not ready to retire, you may want to consider a transition to retirement pension (TRP) strategy. There are 2 main options designed to grow your savings and give you more flexibility.
Continue working and boost your super with a TRP strategy. This can benefit you in two ways if you are 60 or over: increasing your tax savings and allowing you to contribute more to your super.
- Make extra pre-tax super contributions to reduce your take-home salary
- Take out a TRP income stream (tax free if 60 or over) to make up your lost salary
- Benefit from tax savings
- Grow your super