Financial
Roadmap
A clear, personalised path to your financial goals.
6 September, 2023
Navigating the transition to retirement income
First Financial Team
Preparing for retirement involves mastering the nuances of a different financial landscape. Retirement need not be an all-or-nothing endeavour. It’s not a precipice but rather a staircase. You can ease into it with a transition to retirement (TTR) income stream, allowing for your gradual ascent towards the pinnacle of absolute freedom.
At First Financial, we empower our clients to achieve their retirement goals on their terms. For those who prefer a gradual transition, our trusted financial advisers can help you navigate the journey at your own pace, ensuring a better work-life balance while you chart your course for the years ahead.
What a TTR income stream is
A transition to a retirement income stream (TRIS) allows people of preservation age (55-60, depending on when you were born) to access a limited amount of your superannuation without having to retire. Under the transition to retirement rules, you may be able to reduce your working hours without reducing your income.
The TTR pension is a valuable instrument for individuals who aim to maintain an active presence in the workforce during their retirement years, albeit with a lighter workload, aligning with changing lifestyle needs.
With a TTR pension, you have the advantage of unlocking additional income from the superannuation funds you’ve diligently contributed over the years. This financial tool not only allows you to enjoy the best of both worlds but also offers a flexible approach to managing your finances as you embark on this new phase of life.
How a TTR income stream works
A TRIS works by augmenting your diminished income using a portion of your superannuation.
This arrangement allows you to prolong your career, enhance your income and reduce your working hours. It grants you the freedom to spend more quality time with loved ones and engage in enjoyable pursuits, all without making any financial compromises that would affect your current lifestyle.
You can also employ a TTR strategy to augment your superannuation savings and optimise your tax benefits while maintaining a full-time work schedule. We will elaborate on this later.
The benefits of gradual retirement
Beyond the financial advantages and improved work-life balance, there are additional emotional merits to embracing a gradual retirement approach. For certain individuals, an abrupt shift from a full-time work schedule to a completely liberated lifestyle can be overwhelming. In this manner, you retire at a pace that you’re comfortable with.
Some individuals also seek to stay professionally engaged, finding that keeping their skills and knowledge current provides a sense of purpose. As we grow older, maintaining this sense of purpose becomes increasingly important, and the opportunity to continue making meaningful contributions helps fulfil this need.
The additional time and flexibility not only enhance relationships with family and friends but also cultivate a more positive outlook on ageing and retirement in general. This newfound independence also minimises the potential for future regrets.
Tax advantages and super boost
TTR pensions come with tax incentives as well. Starting at age 60, the income from a TTR pension becomes tax-free. For individuals aged 55 to 59, their pension is subject to taxation at their marginal tax rate, offset by a 15% tax rebate, on the taxable component they receive.
In addition to tax benefits, a transition to retirement income can boost super savings by channelling more funds through concessional contributions while still receiving supplementary income.
This dual-purpose strategy not only reduces your taxable income, leading to significant tax savings but also fuels the compounding growth of your super balance, laying the foundation for a more financially secure retirement in the future.
Is a TTR relevant to your situation?
A transition to retirement strategy can be a helpful component of your retirement plan, but it’s critical to get this right and review it regularly.
Our team at First Financial is experienced in assisting clients in implementing a TTR income stream, giving them flexibility and balance as they head towards full retirement.
Speak to one of our helpful, friendly advisers today to discover if a TTR income stream is right for you.
Read more retirement planning articles.
YOUR FINANCIAL JOUNEY
Building your financial future
Every client journey begins with a conversation. We look closely at where you are now, what matters to you, and what’s possible. Then we structure our advice to match.
Financial
Tax
Efficiency
Proactive strategies to maximise your tax savings.
Personalised
Investing
Tailored plans aligned with your goals and risk profile.
Ongoing
Support
Regular guidance to keep your plan on track.
CLIENT STORY
Jan
Life Stage:
Retired
Background:
Jan's husband managed the finances until entering aged care. Jan gradually stepped into the financial picture with First Financial’s support.
- Needed financial guidance after business sale
- Lacked experience managing complex finances
- Sought consistent income and long-term structure
- Wanted a familiar, reliable relationship
- Provided long-term support through several transitions
- Helped structure income reliably for retirement
- Empowered Jan through education and reassurance
- Delivered calm advice through both grief and growth
“The money just comes in. I don’t have to think about it. And I know they’re always there. They’ve always been there in the background, just quietly making things work.”
CLIENT STORY
Larry and Virginia
Life Stage:
Newly retired
Background:
As retirement neared, Larry and Virginia were ready to enjoy travel, family, and freedom, without uncertainty. A friend recommended First Financial, and from the first meeting, they had a clear plan, a safety net, and people they trusted.
- Wanted to travel and enjoy retirement without second-guessing finances
- Needed a structured income plan with buffers for the unexpected
- Valued guidance that felt honest and human, not overcomplicated
- Needed people they could call and count on
- Created a reliable income stream with a set-aside safety net for the unexpected
- Gave them the freedom to travel and spend meaningfully with family
- Kept advice simple, thoughtful, and tailored to what mattered to them
- Built a lasting partnership based on trust
“We’ve travelled the world, Europe, Sri Lanka, Vietnam, without once stressing about the money. They made everything feel simple and gave us the confidence to live well. We feel secure because we know exactly where we stand, and that peace of mind means everything.”
CLIENT STORY
John
Life Stage:
Retired business owner
Background:
After decades of running a successful pharmacy, John sought financial guidance to simplify decision-making and support long-term planning.
- Navigated the sale of a long-held business
- Wanted simple, honest advice after burnout
- Needed a hands-on adviser he could talk to
- Desired financial guidance aligned with lifestyle goals
- Crafted a strategy that supports relaxed, post-work life
- Offered approachable, plain-English advice
- Maintained an ongoing, trustworthy relationship
- Provided flexibility with investments and cash flow
“I feel genuinely supported by First Financial. I can ask anything, and there’s no pressure, just clear advice and real care. The money’s growing, I’m not stressed about it, and I feel completely at ease for the first time. I don’t miss work, but I’d miss the support I get from First Financial.”
CLIENT STORY
Tim and Adam
Life Stage:
Early retirement and working professional
Background:
When Tim received an overseas medical settlement, he and Adam had just 14 days left in a 90-day window. They needed clear guidance, fast. A referral led them to First Financial.
- Only two weeks left to meet urgent legal and financial deadlines
- Wanted to preserve capital while setting up income for the future
- Needed a plan that supported both retirement and ongoing work
- Hoped to find advice that felt personal, not transactional
- Managed every moving piece, from legal documents to super rollovers
- Designed a strategy that supported both Tim’s retirement and Adam’s career
- Offered clear guidance with steady follow-through, with no stress or pressure
- Built in ethical investing and flexibility, without sacrificing performance
“We’re in totally different life stages, but First Financial built a strategy that supports us both. From urgent legal steps to ethical investing, they handled every detail with calm, care, and real expertise. It’s financial freedom without compromise, and we couldn’t have done it without them.”
CLIENT STORY
Graeme and Craig
Life Stage:
Retired and semi-retired
Background:
Referred by friends helped through aged care, Craig sought secure financial guidance after inheriting funds.
- Invest inheritance securely without high risk
- Maintain a modest lifestyle with confidence
- Building trust for someone new to advice
- Accessible, personalised advice
- Provided a low-risk strategy with regular income
- Reassured with steady, market-aware updates
- Established trust through responsiveness and warmth
- Delivered calm, expert support through all transitions
“We feel very secure with First Financial, the income just comes in, and we know everything is being looked after. It’s not just safe, it’s smart. We’ve recommended them to others because we genuinely believe in the team.”
CLIENT STORY
Lyn
Life Stage:
Retired widow
Background:
Lyn stepped into financial management for the first time after her husband's passing. With patience and care, First Financial supported her through grief, learning, and empowerment.
- Had never managed finances before
- Was overwhelmed after her husband’s passing
- Needed plain-English explanations and patience
- Sought emotional support and practical clarity
- Offered caring, respectful advice at her pace
- Rebuilt confidence with diagrams, stories, and reassurance
- Supported gradual decision-making around retirement
- Remained a trusted constant through major transitions
“After my husband passed, I was completely unsure where to start. First Financial gave me the space to learn, to ask questions, to grow confident. They drew a diagram that I still have. And now, I sleep well at night knowing I’ve got someone in my corner.”
Meet our advisers
