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  • Leaving the workforce

    For people who are retiring, there are a range of options for making the transition.

    Under the transition to retirement rules, if you have reached your preservation age you may be able to reduce your working hours without reducing your income. You can do this by topping up your part-time income with a regular 'income stream' from your super savings. If you are over 60 years old, this income stream may be tax free.

    However, you must be aware of the impact this can have on you and your circumstances. We recommend you see a financial adviser, accountant or your tax agent to help you decide if this option is right for you.

    Employers still need to make compulsory super guarantee contributions for all their eligible employees – including people who are making the transition to retirement.

    See also:

     

    Last modified: 09 Jun 2015QC 27129