Whether you’d like to ease back to part-time work or retire and start the next phase of your life, we offer different income streams designed to meet your needs.
If you reach your preservation age (between 55 and 60 years old, see table below) and decide you’d like to keep working either full or part-time, you have the option to access your super with a Transition to Retirement Income Stream (TRIS for short).
Once you reach preservation age and permanently retire, or reach 65 (even if you’re still working), you can start a Retirement Income Stream (or RIS), which gives you regular payments from your super, with some tax benefits too.
Your preservation age is when you can first access your super. It changes depending on your date of birth.
|Date of birth||Preservation age (years)||Earliest Access|
|Before 1 July 1960||55||Eligible now|
|1 July 1960 – 30 June 1961||56||Eligible now|
|1 July 1961 – 30 June 1962||57||Eligible now|
|1 July 1962 – 30 June 1963||58||May be eligible
|1 July 1963 – 30 June 1964||59||1 July 2022|
|After 30 June 1964||60||1 July 2024|
How a Transition to Retirement Income Stream can work for you
This type of income stream offers personal and financial benefits, which you might choose so you can:
- Keep working full time and have more to retire with. A TRIS can be a great way to boost your super and get the tax benefits of salary sacrificing into your super fund. You may be drawing down part of your super, but you’re topping up as you go
- Work less, live more. Ease into life after work and supplement your income with regular payments from your super
- Use your super to manage debt. You could use the income from your TRIS to pay off debt as you get ready to retire
The benefits of a Retirement Income Stream
When you set up a Retirement Income Stream you can:
- Enjoy tax-free income in retirement. Get regular payments from your Retirement Income Stream account while your money stays invested in a tax-free environment. You won’t pay tax on investment earnings, income payments or any lump sum payments you decide to take
- Choose how often you’d like to receive payments, including fortnightly, monthly, quarterly, half-yearly or yearly