Mega-boost your super with TTR

Mary's Transition to Retirement strategy

I boosted my retirement savings by $5K p.a. without reducing my net income

When I turned 65 this year, I realised my super was in dire need of a mega-boost. I had some serious catching up to do – and not much time to do it. Good thing that, at age 65, I can take full advantage of a Transition To Retirement (TTR) strategy. Thanks to that and the fact that there’s no annual cap on the amount I can salary sacrifice into my Triple S account*, I’m already well on the way. And the amazing thing is my net income hasn’t taken a hit at all.

Read my story

So here are the numbers. I had $300,000 in my Triple S account and currently earn $70,000 per year. I increased my salary sacrifice but balanced that out by accessing my super via a TTR arrangement. I boosted my retirement savings by an extra $5,000 each year which helps grow my super.* According to Super SA’s online Retirement Income calculator, by the time I retire at age 67, I can expect to boost my retirement savings by about $11,000 – without reducing my take home pay.

How good is that? Yes, I had to pay for some financial advice, but it came out of my super, and anyway it was totally worth it.

So, basically, I’m taking advantage of no annual salary sacrifice cap with Triple S*, and using tax savings instead of my own money to turbo-boost my super. (Thanks very much Triple S!)

To run your own numbers, use our Retirement Income calculator.

  • Projections are for illustrative purposes only and has been calculated based on the following assumptions, which may not apply to you:  
    • Employer super contributions of 10.5% up to 12% by 1 July 2025
    • Investment rate of return of 5% per annum net of investment and operational risk reserve costs
    • Price inflation rate of 2% per annum and salary inflation rate of 3.2% per annum
    • Insurance premiums of $300 per annum
    • Administration fees have been calculated at $70.20 per annum plus 0.05% of the account balance (capped at $325 per annum)
    • 26 fortnights per year.

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* With Triple S, no annual concessional contribution cap applies. Triple S has a lifetime untaxed plan cap of $1.65m in 2022-23. However, if you also receive concessional contributions in a taxed fund, any employer and salary sacrifice contributions you receive in Triple S will be counted towards your annual concessional contributions cap ($27,500 in 2022-23). 

Information is correct as at November 2022.

Individual outcomes may materially differ from the outcome shown.  It is not intended to be relied on for the purposes of making an investment decision in relation to the superannuation schemes administered by Super SA. This information is general in nature and does not take into account your personal objectives, situations or needs. You should assess your own financial situation before making any investment decisions based on this information. Past performance is not a reliable indicator of future performance. 

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.