Transition to retirement advice

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A retired couple in Canberra

Retirement is a big step in your life. As you approach the age of retirement, you’ll want to make the transition seamless in order to maintain your lifestyle while reducing your work hours.

This means that you’ll want a transition to retirement plan (TTR) that doesn’t sacrifice your salary.

With life expectancies becoming longer and people working longer as a result, a transition to retirement plan might be a great option for you.

Come and chat with one of our financial planners in Canberra for all the information you need about the process.

What is a Transition to Retirement Plan?

Generally, when you reach the age between 55 and 60, known as your preservation age, you’ll be able to access your pension while you’re still working.

You’ll be able to access between 4-10 percent of your balance while still working, which helps you maintain your lifestyle while working less hours as you get older.

Why Should You Think About a TTR?

Use a TTR to supplement your income by drawing on your pension payment while you’re still working. You reduce your hours while replacing the income you lose. You can also keep working full time while reducing your tax as you take some of your pension and salary, using it for your super.

If you’re part of a business, use that pension to supplement your salary when business is a little less busy.

Starting a TTR

When it comes to retirement planning in Canberra, our team will be able to help you start up a TTR that works with your specific situation. They know that you need to set up a “non-commutable” TTR income stream, which can be used to start your TTR each year. Leave all the details to them as they help you work out the percentage of your pension income which will be used to support your employment income.

Transitioning to Retirement

Before you decide to cut back on those hours, think about whether or not your super fund will work with a TTR. Some don’t, and you want to make sure everything is in place before you start changing your retirement plan.

It’s also important to calculate how much income you will need in the retirement portion of your life to still live comfortably without overworking yourself. When you come to one of our financial advisors in Canberra, they’ll help you think about these things too:

  • Whether you’d like to keep working until retirement age, if you want to retire right away, or if you want to cut your hours
  • How much super balance you have, and how long it will last before you retire
  • Whether a TTR is really ideal for you with your age, lifestyle, and how much you want to work in the future

Don’t try to handle your retirement all on your own. Our advisors have all the best retirement advice for those of you in Canberra, so they know how to work with your specific situation to be sure that you get all the coverage you need as you move through this next phase of your life.

Whether you go with a transition to retirement plan or you move onto another plan that works better for you, our advisors can help you minimise your overall drop in income.

Please note – any advice on this site is of a general nature and is not tailored to your individual circumstances. Please seek personal, professional advice prior to acting on any information. Please also refer to our privacy policy and other compliance documentation 


Any advice on this site is of a general nature and is not tailored to your individual circumstances. Please seek personal, professional advice prior to acting on any information.

Damian Toms & The Burley Griffin Finance Co. Pty Ltd are Authorised Representatives of GWM Adviser Services Ltd AFSL 230692

Suite 4, 44-52 Townshend Street
PhillipACT 2606 
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Ph: 1300 210 594