Retirement tax benefit
Did you know?
Flexible retirement income stream payments and investment earnings are generally tax-free. That means, all of your money stays yours to enjoy in retirement. However, if you leave it in a super fund, you’re generally expected to pay a 15% tax on investment earnings.
Transition to Retirement income stream (TTR) payments are generally tax-free, but investment earnings are still taxed until you retire fully.
How much could you save?
If you’re 60 and you leave $100,000 in your super account instead of moving it into a tax-free income stream, you could miss out on more than $30,000 by the time you’re 75. That’s around $21,000 in today’s dollars.*
Retirement tax benefit
Did you know?
Flexible retirement income stream payments and investment earnings are generally tax-free. That means, all of your money stays yours to enjoy in retirement. However, if you leave it in a super fund, you’re generally expected to pay a 15% tax on investment earnings.
Transition to Retirement income stream (TTR) payments are generally tax-free, but investment earnings are still taxed until you retire fully.
How much could you save?
If you’re 60 and you leave $100,000 in your super account instead of moving it into a tax-free income stream, you could miss out on more than $30,000 by the time you’re 75. That’s around $21,000 in today’s dollars.*
Retirement income streams to suit your life stage
Different people take different paths to retirement. It can be a big switch, or a more gradual change. No matter how it happens for you, our retirement income streams are designed to support you at various stages. They turn your super into a regular income stream, when and how you need the money.
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Building your super
You’re starting to think about what comes next, even if retirement feels a little way off. This stage is about learning how you're tracking, getting to know your options, and starting a plan that helps you achieve your best possible retirement.
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Pre-retirement
You may still be working, but easing back on hours or changing how you get paid. Our Transition To Retirement Account lets you access part of your super while keeping the rest invested, helping bridge the gap if your income needs change.
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Getting ready to retire or retired
You’re ready to start using your super to retire from the workforce. This stage focuses on setting up a regular income, using a mix of retirement income streams, that provide a flexible, safe and reliable income in retirement.
Which retirement income stream is right for you?
There’s no one-size-fits-all amount or approach to retirement. Different retirement income streams can support you at different stages, depending on whether you’re still working, your spending and lifestyle, and what your needs are over time.
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AMP Transition To Retirement Income If you reach preservation age (60-64) and are still working, a TTR Account can help you access some of your super sooner. -
AMP Flexible Retirement Income If you’re retired or getting ready to retire, an AMP Flexible Retirement Income Account gives you regular income and access to your money when you need it. -
AMP Lifetime Retirement Income If you want more certainty in retirement, this option pays you a regular income for life – so you don't have to worry about it running out.
Retirement income benefits
Retirement income is designed to help you use your super in a way that supports your lifestyle, income needs and changing circumstances as you move through retirement.
1. Tax-effective income
If you’re over 60, many Australians can enjoy tax-free retirement payments and investment earnings.
2. A regular income
Turn your super savings into regular retirement payments to cover everyday living costs.
3. Your money stays invested
Even as you draw an income, your balance can remain invested - giving it the potential to continue working for you over time.
4. Flexibility as life changes
On the TTR and flexible retirement income options, you can adjust your payment amount and schedule, and in some cases access lump sums if your needs or priorities change.
5. Planning for others
If there’s money left in your retirement income account, it may be passed on to your beneficiaries under super and tax rules.
Retirement income benefits
Retirement income is designed to help you use your super in a way that supports your lifestyle, income needs and changing circumstances as you move through retirement.
1. Tax-effective income
If you’re over 60, many Australians can enjoy tax-free retirement payments and investment earnings.
2. A regular income
Turn your super savings into regular retirement payments to cover everyday living costs.
3. Your money stays invested
Even as you draw an income, your balance can remain invested - giving it the potential to continue working for you over time.
4. Flexibility as life changes
On the TTR and flexible retirement income options, you can adjust your payment amount and schedule, and in some cases access lump sums if your needs or priorities change.
5. Planning for others
If there’s money left in your retirement income account, it may be passed on to your beneficiaries under super and tax rules.
Tools to help you see what retirement could look like
Explore different scenarios and estimate how much money you need to live comfortably in retirement.
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Retirement needs calculator
See how much money you might need in retirement, based on your day‑to‑day expenses and any potential one-off costs along the way.
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Retirement simulator
Find out how much you could spend in retirement and how long your money may last.
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Retirement planner
Plan your next chapter with a tailored view of how you can turn your super into a retirement income that works for you. Login to My AMP to access.
Confidence starts with understanding
Explore the latest insights on super and retirement, with articles that help you understand your options and make informed choices for the future.
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Your 7 Point Retirement Planning Checklist - AMP AMP’s 2022 Financial Wellness Report reveals Australians are becoming less confident about retirement. Here are some ways to get your retirement planning on track -
How much could you have at retirement? - AMP Check how your super’s shaping up with our Retirement Simulator and see if you’re on track to build the retirement you want. -
How a transition to retirement (TTR) pension works - AMP If you reach preservation age (60-64) and are still working, a TTR Account can help you access some of your super sooner.
Frequently asked questions
Both are retirement income accounts, but they suit different stages of retirement.
- A Transition To Retirement (TTR) Account is usually for people who are over the age of 60 and still working, but want to start drawing on their super.
- An AMP Flexible Retirement Income Account is usually for people who’ve fully retired or reached age 65.
Yes. Many people have more than one source of retirement income.
This could include a retirement income account, part‑time work, the Government Age Pension (if eligible), or other savings. Combining different income sources can help balance flexibility and confidence in retirement.
Not always.
If you’re aged 60 or older, you may be able to set up a Transition To Retirement account while you’re still working. To set up an AMP Flexible Retirement Income Account, you’ll usually need to meet a full condition of release, such as fully retiring or turning 65.
Once you move your super into a retirement income stream, the tax treatment changes.
In most cases:
- Investment earnings are not taxed
- Payments made from a retirement income stream are tax‑free
Tax rules depend on your circumstances, so it’s important to understand how they apply to you.
Yes.
You can start with a Transition To Retirement Account and convert it to an AMP Flexible Retirement Income Account when you retire or stop working, and we’ll convert it automatically when you turn 65. Otherwise, you can start a new AMP Flexible Retirement Income Account as soon as you become eligible.
Important Information
AMP Flexible Retirement Income Account refers to AMP SignatureSuper® Allocated Pension which is issued by N.M. Superannuation Proprietary Limited ABN 31 008 428 322 AFSL 234654 (NM Super) and is part of the AMP Super Fund (the Fund) ABN 78 421 957 449. NM Super is the trustee of the Fund.
® SignatureSuper is a registered trademark of AMP Limited ABN 49 079 354 519.
Products in the AMP Super Fund and the Wealth Personal Superannuation and Pension Fund are issued by N.M. Superannuation Proprietary Limited (N.M. Super) ABN 31 008 428 322 (trustee), which is part of the AMP group.
* Key assumptions:
Assumes investing in Balanced portfolio with expected annual return of 5.42% in accumulation phase after tax and 6.33% in pension phase, net of fees, where tax is exempted.
$30,000 difference is calculated by the cumulative difference of compounding with a Balanced portfolio for 15 years (from age 60 to 75) invested in accumulation phase vs pension phase.
- $21,000 difference is presented in today's dollars after accounting for price inflation assumed to be 2.5% per annum.
Any examples or figures shown are for illustrative purposes only, are based on assumptions and are not guarantees of future performance.
Tax benefits depend on your individual circumstances and may change over time.
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Unless stated otherwise, any advice received is provided by AWM Services Pty Ltd ABN 15 139 353 496, AFSL No. 366121 (AWM Services) and is general in nature only. It doesn’t consider your personal goals, financial situation or needs. It’s important you consider the appropriateness of any advice and read the relevant product disclosure statement and target market determination available at amp.com.au, before deciding what’s right for you. AWM Services is part of the AMP group and can be contacted on 131 267 or askamp@amp.com.au.