Retirement planning is the accumulation of wealth to provide income and financial security in retirement. Good retirement planning is both tax efficient and investment effective.

It’s never too early to start planning for retirement. It is important to ensure your retirement income is structured to suit your needs and objectives.

With a dedicated technical research team, and regular development opportunities, RBS Morgans’ advisers are kept up to date with legislation changes, the latest strategies, and ways to help you make the most of your retirement.

Income in retirement

The three main sources of income in retirement are:

• Superannuation – pension income stream and/or lump sum withdrawals
• Non-superannuation assets – returns from shares, property, cash and fixed interest
• Centrelink – age pension benefits

How to structure your retirement income stream will depend on your individual situation, so it’s important you get professional advice.

Transition to Retirement (TTR)

An extremely popular strategy for people over age 55 is a Transition to Retirement (TTR) strategy.

Even if you are still working, you can access your superannuation via a non-commutable pension – known as the TTR pension.

TTR can be a tax effective way of generating additional cash flow for a person who wants to reduce their working hours without compromising their lifestyle, or maximising contributions to superannuation by salary sacrificing.

Specialist advice

If you are planning your retirement, or just reducing your working hours, you should seek advice. Contact our RBS Morgans Toowoomba advisers to discuss your needs.