Are you thinking about retiring, but not quite ready to stop working just yet?
We get it, and we’ve got some options for you. If you’re under 65 and have reached your preservation age, a transition to retirement (TTR) account is the flexible way to ease into retirement.
What is a TTR account? This account is the SUPER smart, SUPER customisable way to boost your super, or reduce your work hours, without changing your take-home pay.
You can make salary sacrifice contributions to your super and replace what you sacrificed with income from your TTR account.
You can ease into retirement slowly by reducing your work hours and supplement your income from your TTR account. Less hours, same pay!
Sometimes you just need a little boost to your current pay. With this option, you can receive money from your TTR account on top of your regular income.
If you're thinking about opening a Child Care Super TTR account, there are a few things you need to keep in mind. To open a TTR account, you must:
Be an Australian Citizen, Permanent Resident, or New Zealand Citizen
Be under 65, but have reached your preservation age - this is the age you can access your super as an income, but more on that later!
Have a minimum of $10,000 in your Child Care Super account
Ready to apply? Just make sure to read the GuildPension PDS before applying and consider getting advice from a licensed financial adviser.
This is the age that you can generally start accessing your super as an income. The age changes depending on your date of birth.
You can use the table below to work out your preservation age. For example, if you’re born on 1 July 1964, your preservation age is currently 60 years old.
Over 60? Great news, any income from your TTR account is tax free!
Under 60? Your income from your TTR account is taxed at your marginal income tax rate, with a 15% tax offset available.
Page last updated 1 December 2023
