Ease into retirement

Ease into retirement

Ease into retirement and enjoy the things you love

When planning your retirement you may be considering how you spend your time. You may look to discover a new hobby, rediscover an old one, or find something else you really enjoy. Whatever it is, as you near retirement, you can live your best life by working less and having more time to focus on the things you really love. After all, you’ve worked hard to get here. If you have reached the Commonwealth Government preservation age, you may decide you want to reduce your working hours and access some of your super to supplement your take-home pay. This can be done under a Transition to Retirement (TTR) arrangement.

Utilising income stream for your TTR

With the Super SA Income Stream you may be able to:
  • Save on tax - If you’re over the age of 60, all your investment earnings (and payments) are tax free.
  • Create an account for your spouse (subject to eligibility) – so your spouse can also receive the benefits of an income stream.


An Income Stream could give you greater control of your finances, manage cash flow and plan further ahead.

If you would like to learn more about how the Super SA Income Stream or TTR can help you to enjoy life as you ease into retirement, click here.

We understand that planning for retirement can be complex.

Financial advice is strongly recommended when considering a TTR arrangement to ensure that it is effective for your individual circumstances. It’s important you are aware that your super may have an effect on the level of benefit you’re entitled to receive from Centrelink in retirement.

For personalised one-on-one advice about your superannuation, speak to a licensed financial planner.

Frequently asked questions


  • Commonwealth Government Preservation Age

    Date of Birth

     

    Commonwealth Govt Preservation Age

     
    Before 1 July 1960   55  
    1 July 1960 to 30 June 1961   56  
    1 July 1961 to 30 June 1962   57  
    1 July 1962 to 30 June 1963   58  
    1 July 1963 to 30 June 1964   59  
    After 30 June 1964   60  

  • A TTR arrangement provides regular income.1

    Broadly, once you've transferred the nominated portion of your super into a TTR arrangement, you can draw regular income payments from it. The amount you are allowed to draw is subject to a Government limit, and you cannot “cash out” the balance until you retire from employment or you reach age 65.2 

  • If you are age 60 or over, your income payments are tax free.

    If you are under age 60, tax will automatically be deducted from your regular income payments, in the same way as tax is deducted from your salary as an employee. However, if you are between your Commonwealth Government Preservation age and age 60, you can claim a 15% rebate on income payments made to you (less any tax-free amount).

    Note that on rolling over to the Income Stream, 15% tax will be deducted from the untaxed component of your rollover from Triple S or the Lump Sum Scheme.2

    • Although there are benefits to using a TTR arrangement to help you phase into retirement, drawing income payments also reduces your retirement savings. There is no guaranteed payment period with an income stream, so you can receive payments until your account balance reduces to zero.1
    • While you continue to work, your employer will pay Superannuation contributions to your super, helping it to grow. You can also choose to make contributions to keep building your retirement savings, for example by having some of your salary paid directly to super via salary sacrifice.

    And of course, the balance of your super and Income Stream accounts continue to earn investment returns. The investment earnings in your TTR Income Stream account are taxed at up to 15%. The actual rate of tax may be reduced below 15% because of various tax credits and rebates. However once you retire or reach the age of 65, the investment returns in your Income Stream account will be tax free.

  • The Super SA Income Stream is only available to Super SA members and their spouses.

    The TTR facility of the Income Stream allows you to draw a regular income to add to your take-home pay as you phase into retirement1.

    With the Income Stream account, you can also continue to invest your money in a tax-effective super environment, choosing from the several investment options available. It offers competitive administration fees and the flexibility to open an account using super from within Super SA or from another fund. However, you must first combine your accounts before commencing an Income Stream.

Learn more about retirement planning

Are you thinking about retirement? Whether the big day’s five years or one year away, it’s time to take action to get yourself on the right track for a well-planned, comfortable future.

How TTR works

How TTR works

Grow your super

Grow your super

Register for a webinar or seminar

Register for a webinar or seminar

Speak with a financial advisor

Speak with a financial advisor

1 Before starting a TTR arrangement, you should obtain financial advice and read the Income Stream PDS.
2 For more information, refer to the relevant PDS.
The superannuation schemes administered by Super SA are exempt public sector superannuation schemes and are not regulated by the Australian Securities and Investments Commission (ASIC) or the Australian Prudential Regulation Authority (APRA). Super SA is not required to hold an Australian Financial Services Licence to provide general advice about a Super SA product. The information in this publication is of a general nature only and has been prepared without taking into account your objectives, financial situation, or needs. Super SA recommends that before making any decisions about its products you consider the appropriateness of this information in the context of your own objectives, financial situation, and needs, read the Product Disclosure Statement (PDS), and seek financial advice from a licensed financial adviser in relation to your financial position and requirements.

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