Manage your TTR and Retirement income payments
A Transition to Retirement (TTR) and Retirement Income account gives you total flexibility and control of your income in retirement. You set up regular payments for the amount you need, when you need them.
Choose how much you want to be paid (Retirement Income account)
When deciding how much you want to be paid, there are a few things you need to take into consideration especially when fully retired.
Income from other sources
Do you receive income from other sources?
Think about when these payments are made and how often you receive them. With First Super Retirement Income, you can adjust your payment schedule to fit around your other income streams, providing complete flexibility to suit your needs.
Access to Age Pension
Are you aged 67 years and over?
If so, you may be eligible for full or partial Age Pension payments. You can use the Age Pension together with your Retirement Income account to provide you with a regular income. See Super and Age Pension.
Frequency of payments
How often you choose to take out regular payments from your account is entirely yours.
You can choose to take your payments:
- fortnightly
- monthly
- quarterly
- once or twice a year
Minimum withdrawal payments
With a TTR and Retirement Income account, the Government requires you to withdraw a minimum amount of money from your account each financial year.
The minimum amounts apply to both a TTR and the Retirement Income account.
The amount you must take out depends on your age and type of account you have.
Minimum withdrawal for Retirement Income account
| Your age at 1 July | Minimum withdrawal amount for 2026-27 |
| Under 65 | 4% |
| 65–74 | 5% |
| 75–79 | 6% |
| 80–84 | 7% |
| 85–89 | 9% |
| 90–94 | 11% |
| 95+ | 14% |
Withdrawal rates for Transition to Retirement accounts
| Your age | TTR withdrawals for 2026-27 |
| 60 – 65 years | Minimum withdrawal 4% Maximum withdrawal limit 10% |
Withdrawal rates only apply to income payments
Only income payments from your TTR or Retirement income account count towards the calculation of the minimum withdrawal amount.
Lump sum withdrawals from your Retirement Income account are not included.
Calculating Retirement Income account payments
Julia, age 72
Julia has a remaining retirement balance of $98,000.
At the start of the financial year, she calculates her minimum withdrawal amount for 2026-27.
Julia must withdraw at least 5% of her retirement account balance during the current financial year.
5% x $98,000 = $4,900
Julia will need to withdraw a minimum of $4,900 for the year.
- She decides to set up her withdrawals as quarterly payments of $2,000 each.
- This means she will withdraw $8,000 for the 2026-27 financial year, well above her minimum withdrawal amount of $4,900.
Julia passes Centerlink’s income and asset test and receives a partial Age Pension to top up her super.
Angus, age 64
Angus has a retirement balance of $460,000.
At the start of the financial year, he calculates his minimum withdrawal amount for 2026-27.
Angus will need to withdraw at least 4% of his retirement account balance during the financial year.
4% x $460,000 = $18,400
Angus will need to withdraw a minimum of $18,400 for the year.
- Angus decides to receive fortnightly payments of $1,000 for the year, meaning he will receive a total of $26,000 in income payments for 2026-27.
- Angus also plans to withdraw a lump sum of $45,000 to pay for some house renovations later in the year, however the lump sum withdrawal will not count towards his annual minimum withdrawal calculation.
Calculating TTR payments
If you have a TTR account, there is a limit on how much you can withdrawal. The maximum you can withdrawal is 10% of your account balance each financial year.
There is no maximum limit on Retirement Income accounts.
Kevin, aged 63
Kevin is reducing his working hours before retiring and has a First Super Transition to Retirement (TTR) Income Account.
He has a TTR account balance of $295,000.
He requires an annual TTR income of $25,000 but needs to check he will meet the minimum and maximum requirements for TTR.
Minimum withdrawal amount: 4% x $295,000 = $11,800
Maximum withdrawal limit: 10% x $295,000 = $29,500
Kevin determines he will meet the minimum withdrawal limit should he choose to take $25,000 in income payments for the financial year.
- However, he also realises that while he falls under the maximum withdrawal limit for the year, withdrawing over 8% of his account balance means he may run out of retirement savings quickly.
- Kevin decides to speak to a First Super Financial Adviser and complete a complimentary Retirement Health Check to see how long his super savings will last and if he may be eligible for the Age Pension.
How to change your income payments
One of the many great features of a First Super TTR or Retirement Income account is that you can change your income to suit, whenever you want.
Use the TTR and Retirement Income account vary income payments form to make changes to your income payments.
Return the completed form to:
First Super
PO Box 666
Carlton South, VIC 3053
Or email the form to us: mail@firstsuper.com.au
Once we receive your completed paperwork, it will take approximately 1 to 3 business days to process your request.
We will confirm in writing when the requested changes have been made.
We’re here to help, so let’s talk
Our Member Services Team enjoy talking with members about super and retirement. So, if you have any questions about TTR or Retirement Income payments, we’re ready to help. Call 1300 360 988 or send us an email.