Retirement Income

Age 55 – the age of opportunity

If you were born before 1 July 1960, age 55 and over is an important time because it means you can access your super. This is also the age of greater flexibility in boosting your retirement savings.

If you are 55 and still working you can choose to:

Work less but maintain your lifestyle
You can reduce your work hours and draw the shortfall from an income stream. Not only can you achieve the same level of income as if working full time but you save tax as well.

Convert your tax bill into super savings
You can continue to work full time but reduce your tax bill by salary sacrificing into super to boost your retirement savings.

Receive tax free income
If you are age 60 you can reduce your tax bill by salary sacrificing some of your income into super and receiving the shortfall from an income stream, completely tax free.