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Retirement Income Planning

After saving for countless years to build up a sizeable retirement fund, you are left with more questions than when you started. Do you start withdrawing from your RRIF in hopes of reducing your minimum withdrawals? What about your non-registered investments that are generating a possible tax liability each year? There are many different options for withdrawing your retirement income which can be correct depending on the following variables:

  • Income and Expense Levels
  • Shortened Life Expectancy
  • Investment Rate of Return
  • Investment Distributions
  • Downsizing Home/Retirement Home in the future
  • Defined Benefit Pensions
  • Potential Inheritance
  • Estate Planning Goals
  • CPP and OAS Incomes
  • Rental Properties

While I wish I could give you a universal answer right now to provide the utmost tax efficient retirement income, a detailed financial analysis is imperative to figuring out the impact that different withdrawal strategies can have on your net worth and estate, ranging from a few thousand dollars to hundreds of thousands of dollars in difference.

If you have any questions or would like to see if you are optimizing your withdrawals, please feel to reach out.