Take advantage of the new transition to retirement strategies. You can work full-time or part-time and use an income stream from your super to provide some of your income. You can then salary sacrifice more of your pay into super, which reduces your tax and increase your super savings.This means you may be able to reduce your working hours without reducing your income by topping up your reduced income with a regular income stream from your super savings. As with any strategy involving financial decisions, you need to be aware of the full circumstances and understand any risks. For example:• What is going to be the impact of drawing the pension on your future benefits?• Will it affect your insurance cover?• Is it worthwhile to withdraw benefits between 55 and 60 when there is generally no tax on benefits withdrawn after age 60? It’s a good idea to talk to your financial advisor about how this strategy will work for you.
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