Transition To Retirement
Retirement planning is a crucial aspect of financial planning, and at Madd Life, we offer comprehensive services to help you prepare for this important stage of life.
Transition to Retirement (TTR) strategies can help you gradually move into retirement while maintaining a form of income. For example, you might start working part-time and draw a partial pension from your superannuation to supplement your reduced salary. Our financial advisors can help you understand the rules and benefits of TTR strategies and determine if this approach is right for you.
This strategy can also be an effective tax-minimisation strategy that allows you to maximise the concessional contributions cap without reducing your take-home pay.
Salary sacrificing into your superannuation is a strategy where you choose to have your employer pay part of your pre-tax salary into your super fund. This can be a tax-effective way to boost your superannuation savings. Our team can help you understand the potential benefits and drawbacks of salary sacrificing and help you decide if it’s a suitable strategy for your situation.
Super catch-up contributions allow you to contribute more to your super in certain circumstances, such as if you didn’t reach your contributions cap in previous years. This can be a way to significantly boost your superannuation savings. Our team can help you understand the rules around catch-up contributions and assist you in making the most of this opportunity.
If you’re over 55 and still working, you may be eligible to start a Transition to Retirement strategy. This could help you reduce tax, boost your super, or ease into part-time work, without compromising your income.
Let me know if you want an alternate version with a stronger focus on tax or retirement planning.
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