Turning 60 is a significant milestone that opens up unique financial opportunities. For residents of Palm Beach on the Gold Coast, it’s the perfect time to consider strategies that optimise your superannuation, reduce your tax obligations, and prepare for a comfortable retirement. At Trl Financial Solutions, we specialise in helping clients navigate these opportunities to achieve financial security.

What Changes When You Turn 60?
Reaching your preservation age at 60 provides greater flexibility in managing your superannuation. This includes:

• Accessing your super tax-effectively.
• Strategically supplementing your income while still working.
• Maximising your super contributions for long-term benefits.

Whether you’re planning to slow down at work or strengthen your financial position, these strategies are ideal for Palm Beach residents looking to make the most of their retirement planning.

Key Strategies for Your Financial Plan

1. Transition to Retirement (TTR) Strategy
A TTR strategy lets you access a portion of your superannuation while still working. Benefits include:

• Easing into Retirement: If you’re thinking of reducing your work hours, a TTR strategy allows you to maintain your income by drawing down a portion of your super.
• Maximising Contributions: An income rotation strategy lets you withdraw funds from your super and reinvest them into concessional contributions, reducing your taxable income while boosting your retirement savings.

Case Study: Easing into Retirement
John, a 60-year-old electrician from Palm Beach on the Gold Coast, wanted to scale back to three days a week but was concerned about a drop in income. By implementing a TTR strategy with Trl Financial Solutions, he accessed a small pension from his superannuation, supplementing his reduced salary. This allowed him to enjoy more time off while maintaining financial stability.

Case Study: Income Rotation for Tax Efficiency
Lisa, a teacher from Palm Beach, continued working full-time but used a TTR strategy to withdraw $20,000 from her super. Working with Trl Financial Solutions, she reinvested this as a concessional contribution, significantly reducing her taxable income. This strategy not only improved her tax position but also allowed her superannuation balance to grow over time.

2. Use Unused Concessional Contributions
One of the lesser-known benefits is the ability to carry forward unused concessional contributions from the past five years. This creates opportunities to:

• Make larger super contributions in a tax-effective way.
• Reduce your taxable income significantly.
• Enhance your TTR strategy’s effectiveness, particularly if you’re focused on tax reduction.

Case Study: Boosting Superannuation with Unused Contributions
Brian, a Gold Coast local, had sporadic work over the past few years and hadn’t maximised his concessional contributions. the new legislation allowed him to utilise the unused concessional contribution cap, contributing an additional $25,000 into his superannuation in a single year with advice from Trl Financial Solutions. This boosted his retirement savings and reduced his taxable income.

Case Study: Combining TTR and Unused Contributions
Mary, a business owner in Palm Beach, combined a TTR strategy with unused concessional contributions. With guidance from Trl Financial Solutions, she withdrew $30,000 from her superannuation and contributed $50,000 (using her unused caps), achieving significant tax savings and strengthening her super balance for retirement.

Why Act Now?
​Turning 60 brings flexibility and tax advantages that you didn’t have before. Whether you’re still working full-time or beginning to scale back, taking advantage of these strategies now ensures you’re setting yourself up for a financially secure future.

Tailored Financial Advice in Palm Beach on the Gold Coast
At Trl Financial Solutions, we specialise in helping residents of Palm Beach and the Gold Coast design personalised financial plans. Whether your goal is to ease into retirement or maximise your wealth, we’re here to guide you every step of the way.

Ready to Plan Your Financial Future?
If you’re turning 60 and want to explore these strategies, book a consultation with Trl Financial Solutions today. Together, we’ll create a tailored plan to:

• Transition into retirement smoothly.
• Minimise your tax obligations.
• Build your superannuation for a secure future.

Click here to schedule your free consultation or reach out to us directly.

By taking advantage of these financial opportunities now, you can ensure a rewarding and financially secure retirement in Palm Beach on the Gold Coast.