Sandra looks at transition to retirement

When I turned 55 last year it hit me that I was probably what they call a pre-retiree! I have no intention of stopping work yet but I want to know that I am well set up for when I do retire. I knew I needed to start now in order to end up in a good place later. I also knew I did not know enough about planning my retirement. After mulling this over I asked for a referral from a friend and made an appointment to see her adviser, Angela. After initially discussing my retirement plans I was also able to address a nagging issue… I make good money but my annual tax bill has always been an annoyance so I wanted to see if there was anything I could do about that.

Angela suggested adding to my super to give it a boost as well as reducing my marginal tax rate. She explained a transition to retirement strategy and we set it up. It’s surprisingly simple. I put an amount straight into super each month and it’s taxed at 15%. As I am over 55, I can top-up my monthly income by setting up a pre-retirement income stream. It means my take home pay stays the same, but my super is increasing faster. I am so happy I met Angela. I’m confident I am on the right path for retirement.

September 06, 2015

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