Find out how you can use your super to reduce tax and increase your super balance while you are still working and without it costing you a cent or reducing your net take-home income.
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⏱ Timestamps
00:00 - Transition to Retirement Strategy
00:45 - When Can You Start a TTR Pension?
01:15 - How Does a TTR Strategy Reduce Tax?
02:41 - TTR Strategy Case Study
06:58 - Financial Benefit of TTR Strategy
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**Transition to Retirement Strategy: Increase Your Super Balance**
A transition to retirement pension allows you to access your super while you are still working, which can provide you with tax-free super income that can replace amounts contributed to super.
By starting a TTR Pension, you can make larger salary sacrifice contributions to superannuation, which will reduce your personal income tax, but also obviously leave you with less income to cover personal expenses. However, this reduced after-tax income can be supplemented by tax-free income from a transition to retirement pension - giving you a better outcome overall.
This video explains how to calculate your preservation age, how much super you can access once you do, the definition of retirement for superannuation purposes and the tax on pension income.
#SuperGuy #ChrisStrano #Superannuation #RetirementPlanning
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General advice is provided by Toro Wealth Pty Ltd trading as SuperGuy Retirement Experts as an Authorised Representative of Core Value FA Pty Ltd (AFSL 480387).
Before acting on any information, you should seek professional advice and verify our interpretation/s before relying on the content or calculators within this website or on the videos, while also considering its appropriateness in relation to your personal situation.
