Reduce your working hours and access your super as additional income when you reach your preservation age.
Once you hit your preservation age, sometime between 56 and 60, depending on the year you were born, you have the option to access your super and continue working full or part time.
It’s called a ‘transition to retirement income stream’ (TRIS for short) and people choose it for a few reasons.
You might just love what you do, or you might need to work because of financial commitments.
Or you might simply prefer to slowly dial down your day job rather than stop overnight.
Either way, starting up a TRIS can be a highly tax-effective strategy to prepare for life after work.Show me how income streams are performing
How transitioning can work for you
Choosing a TRIS might be a good option on a personal front, but it could also have some financial benefits because of tax breaks.
If you reduce your hours, supplementing your income with super could mean you don’t take home any less in your pocket each month.
Or you can work full time and get the tax benefits of salary sacrificing into your super fund.
So while you may be drawing down from part of your super, you’re topping up as you go.
Interested in exploring a TRIS further?
Your preservation age depends on your date of birth. This table can show you where you fall:
|Date of birth||Preservation age (years)|
|Before 1 July 1960||55|
|1 July 1960 – 30 June 1961||56|
|1 July 1961 – 30 June 1962||57|
|1 July 1962 – 30 June 1963||58|
|1 July 1963 – 30 June 1964||59|
|After 30 June 1964||60|
A few things to consider about starting a TRIS
Please read the Income Stream Member Booklet before deciding if this is the right product for you.
Once you've set up a transition to retirement income stream, remember:
- You can’t withdraw your whole super balance as a lump sum.
- You can withdraw a minimum of 4% and a maximum of 10% of the account balance into a TRIS income stream each year.
- Drawing down from your super could mean there is less to access when you fully retire.
- If you aren’t sure, seek some financial advice. Our financial planners can help you.
Learn more about TRIS
Which pension is right for you?
When does your TRIS become a RIS?
Accessing your super
Income Stream Member Booklet
Milestone birthday coming up?
We can help you get retirement-ready