What does TTR mean in MARKETING

Transition To Retirement (TTR) is the process of gradually reducing the amount of hours you work while still maintaining an income, as you move into your retirement.

TTR works by allowing eligible people who are aged over preservation age and under 65 to maintain employment but reduce their normal working hours and receive a part pension at the same time. During TTR, both your employment income and pension payments will be taxed at a lower rate than when they are taken separately.

Any individual who has attained preservation age and is under 65 years old may access Transition To Retirement. Preservation age varies depending on when a person was born.

The primary benefit of transitioning to retirement is that it provides retirees with financial security for when they stop working full-time. Additionally, it allows people to remain in the workforce through reducing the number of hours worked without drastically affecting their overall financial situation. It also gives individuals more flexibility with how much or how little they receive from superannuation funds throughout retirement.

There are some potential drawbacks associated with transitioning to retirement, such as having reduced tax incentives because pension payments are taxed at 15%. Furthermore, transitioning to retirement may result in a decrease in insurance coverage provided by many employers' superannuation plans; however, this can be addressed by purchasing additional insurance cover outside of superannuation if needed.