Make changes to your current work
Making changes at work as you near retirement can make the transition easier. Information on changing work hours and accessing superannuation while working.
You can make a gradual transition to retirement by going part time with your job.
Going part time can involve working less or changing your role to better suit flexible work.
If you're thinking about reducing your hours:
- talk to your employer about your options
- talk to your family
- make a financial plan.
Read more about flexible working arrangements at the Fair Work Ombudsman.
If you want to boost your pay before retiring, you could do this by:
- taking on extra hours at your current work
- looking for extra work outside of your regular job
- asking for a pay rise.
Before taking on extra hours or a second job, consider:
- talking to your work about overtime options
- checking your company’s policies
- checking how much tax you will need to pay on any extra income
- if your work offers a superannuation matching program
- the importance of work-life balance.
If you're reducing your work hours but do not want to reduce income, you might be able to access your superannuation while you're working.
A Transition to Retirement Pension can be used to top up your employment income if you decide to reduce your work hours.
To access a Transition to Retirement Pension you need to:
- be with an accumulation superannuation fund
- have reached your superannuation or pension preservation age.
It’s important to be aware that drawing on your superannuation while you’re still working will mean less money when you retire.
Learn more about transitioning to retirement at Moneysmart.