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Secrets to success for GESB members

Georgie’s story: Freedom to make all the right choices

Since retiring, I wonder how I ever had time to work. There just aren’t enough hours in the day for what I want to do — being with family and friends and exploring around Perth and overseas. I have a great life so it’s good to be giving to other people with my volunteer work for Lifeline Crisis Support. It’s intense but very rewarding.

Before I started my Transition to Retirement (TTR) pension, I was worried about having enough super to make choices after leaving work. There’s no point living until 90 if you’re not going to enjoy it and money can make all the difference. Plus, I want to make sure my two daughters are looked after and help them get into their first home.

By following advice from my StatePlus planner, Roxanne, I was making a huge boost to my super in my last five years at work. It felt fantastic knowing I would have a good quality of life in retirement instead of just existing. It’s well worth seeking advice like I did, because it’s just so important to know you’ll have choices when you retire. You can just slow down and appreciate things that matter.

To read more about Georgie’s TTR strategy, download this factsheet.

GESB Secret

There are rules to be aware of when gradually transitioning to retirement.

If you’re a West State Super (WSS) or Gold State Super (GSS) member working past preservation age, you could enjoy significant tax savings with a Transition to Retirement (TTR) pension strategy. This is particularly the case with WSS, as there is no annual limit on pre-tax payments into this fund.

However, there are important things to bear in mind if you’re considering this option. When you start drawing on either fund, whether it’s a TTR pension or the full benefit, this means paying out any taxes owing on the value of the fund. If you have accumulated benefits from before 1983, there are ways of reducing the tax payable on your fund at this stage. If you fall into this category and are considering TTR, it’s a good idea to seek professional advice before you take any action.

Before deciding whether to take up a TTR pension, it’s also worth getting an update on your current benefit multiple and seeking further advice if you’ve received tax benefits before 1 July 1983.

To make the most of your GESB scheme, register for a free seminar today.

This information is general and does not take into account your personal objectives, financial situation or needs. Before making any decisions based on this information you should consider its appropriateness to you. We strongly recommend that you consult a financial planner before taking action based on this information. Further information and disclosures can be found in our Financial Services Guide.

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Getting clear on your retirement vision can help you make decisions that are right for you. Download our fun worksheet to get the process started.

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