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168. Save Tax Leading Up to Retirement
Manage episode 462363924 series 3559707
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Welcome back to another episode of the 360 Money Matters Podcast!
In this episode, we discuss strategies for saving tax as you approach retirement, focusing on the Transition to Retirement (TTR) strategy. We explain how individuals can take advantage of tax arbitrage opportunities by utilizing superannuation rules. Key points include the use of two superannuation accounts—accumulation and pension—to optimize income and legally reduce tax obligations. We also explore how salary sacrificing into superannuation while drawing from a pension account can create significant tax savings, potentially amounting to tens of thousands of dollars annually.
Discover how to save thousands in taxes before retirement—tune in now to learn about the Transition to Retirement strategy and maximize your superannuation benefits!
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This podcast contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This information is provided by Billy Amiridis & Andrew Nicolaou of 360 Financial Strategists Pty Ltd, authorized representatives and credit representatives of AMP Financial Planning – AFSL 232706
Episode Highlights
About the transition to retirement strategy
Mechanics of TTR strategy
Tax benefits of TTR
Contribution and withdrawal limits
The complexities involved in managing TTR strategies and the importance of professional advice
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