Search results for: “Transition to Retirement”
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Transition to Retirement (TTR) Strategy
Transition to Retirement (TTR) Strategy is a financial planning approach that allows individuals to gradually reduce their working hours as they transition into retirement. This strategy is designed to help individuals ease into retirement by accessing their superannuation benefits while still working part-time. TTR can provide a range of benefits, including tax advantages, increased cash…
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How to transition smoothly from work to Age Pension
Transitioning from work to the Age Pension is a significant milestone in one’s life. It marks the end of a chapter focused on career and income generation and the beginning of a new phase centered on retirement and financial stability. While this transition can be daunting for some, with proper planning and guidance, it can…
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Superannuation Industry Faces Crisis Meeting Retirement Demands
The superannuation industry is facing a critical juncture as it grapples with the challenges of meeting retirement demands. While establishing a super system for the accumulation phase has been relatively straightforward, the transition to supporting members in retirement poses significant hurdles that the industry is currently ill-prepared to address, according to experts in the field.…
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Unlocking the Secrets of Superannuation in Retirement
As you transition into the golden phase of retirement, one crucial aspect to consider is your superannuation. Understanding the ins and outs of superannuation can significantly impact your financial well-being during your later years. When it comes to superannuation, there are several key points to keep in mind: 1. Eligibility and Access: Australians can typically…
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Superannuation Strategies for Retirement Planning
As Australians approach retirement, the significance of superannuation in securing their financial future becomes increasingly evident. With the aging population and a surge in retirees, the need for robust retirement income strategies (RIS) is more pressing than ever. Having been a core component of the Australian financial landscape for nearly four decades, superannuation plays a…
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Retirement Age
Retirement age refers to the stage in life where you transition from full-time work to a period of leisure and financial security. Traditionally, there was a fixed retirement age, often around 65, when people became eligible for government pensions and stopped working. However, the concept of retirement age is becoming increasingly flexible due to several…
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What are the tax implications of withdrawing from my superannuation in retirement?
The Australian Taxation Office (ATO) defines your eligibility to access your super based on your preservation age. This age increases gradually and currently sits at 60 for those born after July 1st, 1964. Once you reach your preservation age, you have the freedom to withdraw your super as a lump sum, commence an income stream,…
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Can I withdraw a lump sum from my superannuation in retirement?
The key factor determining your eligibility for a super lump sum is meeting the retirement condition of release. This typically involves reaching a specific age. As of July 1st, 2023, the eligibility age is 60. However, the Australian Government plans to gradually increase this age over coming years. It’s always best to check with the…
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What are the options for accessing my superannuation in retirement?
Reaching the Threshold: Preservation Age The Australian government dictates a minimum age, known as the preservation age, before you can access your super for retirement purposes. This age varies depending on your date of birth: Unlocking Your Super: Lump Sum or Income Stream? Once you’ve reached your preservation age, you have two primary choices for…
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Definition of Retirement for Superannuation Purposes
Retirement is a significant milestone in one’s life, marking the transition from a life of work to a life of leisure. For many individuals, retirement is a time to relax, pursue hobbies, travel, and spend time with loved ones. In the context of superannuation, retirement takes on a specific definition that impacts how individuals can…