If you're under 60 and withdraw your super lump sum, this could cost you 17% of any amount over $185,000

If you're under 60, there are better ways to move into retirement.

'Maybe it's time to transition to retirement.'

Retirement doesn't need to be all or nothing — you can transition gradually and tax effectively if you're over 55, using a transition to retirement or account-based pension. With the right approach you can keep working, but still have time and resources to pursue your retirement dreams.

How can you transition to retirement effectively?

Consider a transition to retirement pension: this could provide a tax- effective income to replace your reduced salary if you plan to scale back your working hours. You can also use the income generated to make additional super contributions very tax effectively.

Open an account-based pension: this approach could provide you with a tax-effective income to meet your living expenses when you retire.

“A transition to retirement pension helps over 55s put more into super — so you can keep building wealth even if your working hours reduce.”

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