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Retirement has traditionally been a big leap for Australians. But the ‘one minute you’re working, the next you’re lying in the sun’ scenario is becoming less common. Nowadays, there is a wide range of choices for people who are considering what to do in their later years. Some people in today’s workforce may prefer to retire gradually, slowly reducing their work hours over time. Others may have no intention of retiring any time soon. And some, upon finally retiring, may decide that they want to return to the workforce.

A simple Transition To Retirement (TTR)

TTR pensions are designed to help older Australians make a simpler transition to retirement by allowing them to access their preserved superannuation benefits via pension payments without having to retire.

The option to gradually reduce one’s work hours while maintaining your take-home income is left up to the individual.

Alternatively, you may wish to keep working the same hours which could then allow you to boost your retirement savings with increased super contributions, thus ensuring a better lifestyle when you do retire.

The Transition To Retirement (TTR) advantage

A TTR pension structure can allow you to salary sacrifice a significant proportion of your income into super and to supplement this amount with a regular income stream from a newly created TTR pension.

An advantage emerges because of the lower rates of taxation generally applied to super, compared with the marginal tax rates on income. This advantage is further increased because any investment earnings within an account-based pension (i.e. when your super fund pays you a pension) will be tax free.

Living retirement:  
  • Are you living a full and comfortable retirement?
  • Would you like your finances to be working harder for you?
  • Do you want to have more flexibility?
  • Are you maximising your potential Government entitlements?
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Established in 1880, IMB has been helping people achieve their financial goals for 140 years. IMB offers a full range of banking solutions including home and personal lending, savings and transaction accounts, term deposits, business banking, financial planning and can arrange a wide range of insurance and travel products.

IMB has a growing branch network throughout the Illawarra, Sydney, NSW South Coast, the ACT and Melbourne. We have a lending specialist in every branch and a team of mobile lending specialists who will come to you. IMB members enjoy access to free automated phone and internet banking and a team of professionals who are just a phone call away at our locally based call centre.

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