Inspirational Case Studies
Jeanette aged 60 TTR case study
The rules surrounding the Age Pension are constantly changing, making it difficult to know whether you are maximising your entitlements. This makes it essential to seek professional financial advice to help analyse your Centrelink entitlements so that you are not missing out on benefits you have every right to claim. The following case study illustrates what a difference this can make.
Jeanette worked in a legal practice for 20 years, but at 60 she felt like enjoying life outside of work more. So with the agreement of her boss, she halved the number of hours she worked. These reduced hours did cut her salary. So she needed an additional amount to maintain her lifestyle.
As Jeanette is over 55, she was able to drawn an income stream using her existing accumulated superannuation to purchase a transition to retirement pension, which allowed her to top up her salary. This meant she didn't need to compromise her lifestyle.
|
|
Before strategy |
After strategy |
|
Hours worked per week |
40 |
20 |
|
Salary income |
$50,000 |
$25,000 |
|
Transition to retirement pension income |
Nil |
$18,125 |
|
Tax and Medicare |
($8,100) |
($1,225) |
|
Net Income |
$41,900 |
$41,900 |
