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26/06/25
09:16
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Originally posted by SonicBlast:
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You can start a transition to retirement (TTR) strategy in Australia once you reach your *preservation age*, which is between 55 and 60 depending on your date of birth[6][8]. However, most current guidance and super funds specify that you need to be at least 60 years old and still working to access your super through a TTR income stream[2][5][9]. - If you were born after 1 July 1964, your preservation age is 60[6][8]. - Once you reach preservation age and are still working, you can access part of your super as a non-commutable income stream (not a lump sum) through a TTR strategy[1][8][9]. In summary: **You can transition to retirement and access your super via a TTR strategy from age 60 if you are still working**[5][8][9]. Citations: [1] Transition to retirement - Australian Taxation Office https://www.ato.gov.au/individuals-and-families/jobs-and-employment-types/working-as-an-employee/leaving-the-workforce/transition-to-retirement [2] Transition to Retirement Strategy: (TTR plan in 2025) - Equip Super https://www.equipsuper.com.au/your-retirement/support-in-retirement/transition-to-retirement-strategy [3] Older Australians - Department of Social Services https://www.dss.gov.au/older-australians [4] Age Pension and super changes 1 July 2025 - Retirement Essentials https://retirementessentials.com.au/news/centrelink-age-pension/age-pension-and-super-changes-1-july-2025/ [5] Transitioning to Retirement in 2025 https://aboutretirement.com.au/transitioning-to-retirement-in-2025/ [6] When can I retire? - Commonwealth Superannuation Corporation https://www.csc.gov.au/Members/Retirement/Plan-retirement/When-can-I-retire [7] Retirement age Australia https://www.australianretirementtrust.com.au/learn/retirement/retirement-age-australia [8] Transition to retirement - Moneysmart.gov.au https://moneysmart.gov.au/retirement-income/transition-to-retirement [9] Transition to retirement (TTR) - AustralianSuper https://www.australiansuper.com/retirement/transition-to-retirement
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The current average Super balance is only $300k isn't it? Median is even lower... That isn't gonna last terribly long for someone between retiring at 60 and 67 getting the Old Age Pension... Looks like the tradies are calling for a bigger welfare state... He must have been on unemployment benefits for the past few years - and THAT is pretty tiny, barely survivable on!