Leaving The Workforce
There are a variety of options to change employment status for people who are retiring.
As the retirement rules change, you may be able to decrease your working hours if you have reached your preservation age. This can be done without reducing your income. It can be done by topping up your part-time income with a regular ‘income stream’ from your super savings. This income stream may be tax free if you are over 60 years old.
However, this will impact you and your tax situation. To make sure if this option is right for you, ATO recommends you see a financial adviser, accountant or your tax agent to help you make a decision.
It is essential for employers to make super guarantee contributions for all their qualified employees – including people who are making the transition to giving up work.
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