With a Transition to Retirement Strategy you may be able to slowly ease yourself into retirement by moving to part-time work, and supplement your salary via your super. It’s also a great way of benefiting from tax concessions. Your house may be paid off and your debt levels are dropping. Now's a good time to start thinking about maximising your super.
So if you're thinking of winding down and reducing your working hours and you want to maximise your super here's some things to think about.
When to retire
Deciding when to retire is a personal thing. Some people know when they want to finish working, while some may have the decision made for them. Now’s a good time to start thinking about the finish line as the better prepared you are the more you will enjoy your time when you finish working.When to retire
Your investment approach
As you near retirement you may want to consider less risky investment options. You can make decisions about your investments and put together a portfolio that suits your financial goals. We can also help you decide the best investment mix for this time of your life.Investments
Maximising your super for retirement
Your super may be one of the biggest assets you have when you retire. It's also one of the most tax effective ways to fund your lifestyle when you finish working. Getting your super in order now could mean a more comfortable lifestyle when you're no longer working. We can help you work through your options.
- working part time (TTR) – a TTR allows you to draw an income while you reduce your hours
- salary sacrifice – a tax effective way of boosting your super
- co-contributions – if you earn below a certain salary the Government may boost your super
- spouse contributions – if you have a partner who needs a super catch up you can help them
- what’s the maximum you can contribute towards your super
- how is your super taxed – super one of the most tax effective way of saving
- consolidate your super – if you have more than one super fund now’s the time to look at getting them all together – save on fees and simplify your life
Protecting your wealth
You may have a certain amount of insurance cover through your super which generally decreases as you get older. TelstraSuper Financial Planning partners with a number of insurance companies to ensure we can access a range of insurance products with a variety of features and competitive premiums. This cover may be held within super or via a separate policy and includes life cover, Death and Total & Permanent Disability cover, Income Protection and Critical Illness cover. It's important to work out what your insurance needs are and make sure you are still adequately covered.
Need help in meeting your financial goals?
Preparing for retirement can be challenging but we can help you navigate through the options so you can maximise your savings. TelstraSuper Financial Planning has a team of phone based Advisers who can provide you with simple advice at no additional cost and also can provide comprehensive personal advice where the Adviser can sit down with you and develop strategies for your super and non-super investments.Financial planning and advice