Job Change After 60? Unlock a Powerful Retirement Strategy

If you're aged 60 or over and have recently changed jobs—or know someone who has—there may be a smart opportunity to boost your retirement savings and reduce tax.

Many Australians don’t realise that ceasing an employment arrangement after age 60 is a condition of release that gives you full access to your super. This includes being made redundant, resigning from a casual or part-time job, switching employers, or becoming self-employed.

But here's something equally important:

✅ Once you turn 65, you have full access to your super regardless of your work status. That means the same pension strategies apply even if you’re still working or haven’t had a job change.

Why This Matters: Retirement Pensions Are Tax-Free

When your super is in the accumulation phase, your fund pays 15% tax on its investment earnings. But when you move your balance into a retirement phase pension, those earnings become completely tax-free.

This change alone can noticeably boost the long-term performance of your retirement savings—simply by restructuring your account.

Not to Be Confused with a TTR Pension

Many over-60s use a Transition to Retirement (TTR) strategy, allowing limited pension access while still working. However, TTR pensions are still taxed—their investment earnings remain subject to up to 15% tax, just like standard super.

By contrast, a retirement phase pension is fully tax-free on earnings.

✅ If you’re already using a TTR strategy and have recently left a job—or have now turned 65—you may be able to convert your TTR to a full retirement pension and eliminate tax on your investment earnings.

Use Pension Payments Wisely

A retirement pension requires you to draw a minimum annual income. But if you don’t need to spend it, pension payments can often be recontributed into your super (subject to eligibility and contribution caps). This allows your retirement savings to continue growing without being eroded.

It’s a powerful strategy to maintain your balance while enjoying tax-free investment growth.

Time to Review Your Options?

If you—or someone you know— have recently had a job change after age 60, or simply turned 65, there may be untapped opportunities in your superannuation strategy. A well-timed restructure could result in thousands of dollars in additional retirement income over time.

👉 Contact AGS Financial Group today to find out how we can help you optimise your retirement income and minimise tax.