How to Optimize Your Retirement Income (2024)

How to Optimize Your Retirement Income (2024)
𝗦𝗰𝗵𝗲𝗱𝘂𝗹𝗲 𝗮 𝗰𝗮𝗹𝗹 𝘄𝗶𝘁𝗵 𝗗𝗮𝘃𝗶𝗱 📅 𝗰𝗮𝗹𝗲𝗻𝗱𝗹𝘆.𝗰𝗼𝗺/𝗮𝗮𝗿𝗼𝗻𝘄𝗲𝗮𝗹𝘁𝗵𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁
Unlock the Secrets to Maximizing Your Retirement Income in Canada
Welcome to our deep dive into "Optimizing Retirement Income" for Canadians! Whether you're nearing retirement or planning ahead, our video is your go-to resource for strategies that ensure you make the most out of your retirement savings. From understanding the Canadian Pension Plan (CPP) to leveraging tax-efficient withdrawal strategies, we cover all you need to know to secure a comfortable and prosperous retirement.
Discover how to effectively manage your RRSPs, TFSAs, and other investment accounts to ensure a steady income stream in retirement.
Get a clear understanding of how to maximize your CPP and OAS benefits, and learn about other government programs that can enhance your retirement income.
Find out how to minimize taxes on your retirement income, keeping more money in your pocket. Learn how to create a retirement income plan that's tailored to your unique situation, goals, and risk tolerance.
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𝗪𝗵𝘆 𝗬𝗼𝘂 𝗦𝗵𝗼𝘂𝗹𝗱 𝗪𝗮𝘁𝗰𝗵:
This video is not just for economists or financial experts; it’s for anyone concerned about their financial well-being in the coming years. If you're looking for ways to safeguard your investments, plan for retirement, or understand the economic indicators that could impact your future, this video is your go-to resource.
By the end of this discussion, you’ll have a clearer understanding of the driving forces behind rising interest rates, market volatility, CPP / OAS, Retirement planning and the tools you'll need for protecting your assets and ensuring a secure financial future.
Don't leave your financial future to chance. Equip yourself with the knowledge you need and consider getting professional advice to navigate these uncertain times. Subscribe for more insights and actionable tips.
Disclaimer: This video is for informational purposes only and should not be considered as financial advice.
If you have any further questions about this video's topic or any financial planning questions in general, I encourage you to schedule your confidential meeting with me.  You can schedule your meeting here: calendly.com/a...
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[@billyrock8305]

Great advice! 👍 Give the kids the house and ranch upon 💀. Deplete RRIF (minimum % to start with yearly increases), next Non Reg, and lastly the TFSA is the Alamo. ✅

[@gpage5469]

Well....probably both. Initially, could be live off returns...income from assets. At some point though, plan to sell assets as government pension plans are started.

[@sharky6128]

My wife and I are lucky enough to both have company pensions. We're drawing down 2 smaller rrsps to defer cpp until age 67 then taking cpp and oas to replace the rrsp money. Then melt down the larger rrsp into tfsa while living off the company pensions and cpp. Fingers crossed 🤞 😅🎉❤

[@James_48]

We plane to live off of one modest DP pension, non-registered dividends and melting down RSPs for the first 10 years. After that public pensions kick in. We hope to continue max contributions to TFSAs and only use them for unplanned expenses.

[@macdaddymgiarc]

I am fortunate to be 1 year (and a few days...!) away from retirement. I will be retiring before freedom 55 because of a nice DB pension plan. I have a modest RRSP, so will melt that down until 65 and then kick in OAS, then CPP at 70. Keep the TFSA healthy and topped up and use that for unplanned house/car things or once-in-a-lifetime travel events. I hope to be out of the country half the year on travel. Life is short - spend time in your 30s and 40s thinking about what is important in life and then find a way to live that! Thank you for a great video, Craig

[@investmentinrentalproperti2163]

Grow investment and leave it for family. Try live on return along with CPP/OAS/co Pension+Rental income. But time will tell if that will be possible. So far number looking good. Got a statment from CRA, showing CPP $1270/month, OAS $650/mon. Co Pension $1400/mon, rental income net $ 3000/mon. 6 years away from retirement.

[@FrankJDurante]

Will target living off the returns of non reg and TFSAs but need plan to build rrsp withdrawl plan first. Currently at 67.

[@CalmPlains]

Hybrid. Use much of the wealth up. Leave something to grand kids in a structured trust.

[@HamiltonRb]

I own a mid size construction business that I turned over to my three kids to run 11 years ago when I hit 60, so I can focus on travel, golf & cigars. They all earn a good income from the business, and although I still draw a salary for reading the newspaper, and drinking coffee there a couple times a week, that money is invested and will be going to the grandkids when I take the final dirt nap. Interesting question to pose to you, Warren Buffet says his money is invested 90% in the S&P and 10% in treasuries, Jack Bogle had his invested at 50/ 50, stocks to bonds. The classic retirement is 60/40. No wonder people are confused, so which way do you lean?

[@vincep8574]

It's based on your risk tolerance. Since you are a former business owner and still "earning" a paycheck you could be risky but that's up to you. You're a third of the way through retirement so you are doing well. Usually sequence of returns risk is the main concern in the first 10 years, followed by inflation the rest of a retirement.

[@gordonpi8674]

You forgot the most important question: how much net income will you receive after all the income taxes are paid? Are the taxes already calculated in the CPP and other pension sources when the payment comes, or they are paid later with the filing of the taxes?

[@AaronWealthManagement]

Hi Gordon, great comment. In the video I say tax efficient withdrawal which is to say paying less tax. The financial plans we create illustrate your after-tax income needs. That way you know how much you need in your pocket each year for your lifestyle expenses.

[@gordonpi8674]

@@AaronWealthManagement thanks Aaron, I like your videos and when the time comes for retiring, in a few years, I might contact you to make my plan. Can I ask you one more straightforward question: I can see the estimate at Service Canada that at age 60 my CPP pension will be around 600 CAD. Can you tell me, if I decide to take my CPP at 60, will my monthly payments be 600 CAD, OR 600 CAD minus the tax? Or in other words, will my CPP be as the estimate says - 600CAD, or let’s say 550 CAD, with taxes deducted? I hope I made a good and clear question with my ESL🙂. Thanks,

[@AaronWealthManagement]

@@gordonpi8674 Taxes aren’t automatically deducted. You have to ask CRA to deduct or when filing your tax return.

[@gordonpi8674]

@@AaronWealthManagement ok, that’s what I wanted to know and it was not clear anywhere where I checked about it. Thank# again

[@gordonpi8674]

@@AaronWealthManagement Thanks again very much!

[@kerryphillips2394]

Thanks for this info...a lot to think about

[@loubop350]

We live off the dividends generated by our RRSP/RIF, TFSA and Non Reg. Our excess, when it’s there, go towards vacation and reno’s/fix it jobs. As of now we only melt down the RRSP by the amount of dividends it generates. As we start having additional excess we plan on using this to “fund” our rrsp!rif meltdown. ie, withdraw securities and pay for the withholding with those funds. We turn 66 next month.

[@rosemariel.9000]

Can I ask what dividend stocks would you recommend to generate your income. Thanks in advance.

[@loubop350]

@@rosemariel.9000 Our portfolio is pretty much all equities. The exception is our emergency cash reserve. We hold US equities in the RRSPs and Canadian equities in the Non Reg and TFSA accounts. The dividend safety is computed by a 3rd party (Simply Safe Dividends). Using their rating system our rule is to have 35% of our equities as "Very Safe" (we look at these as Bond Proxies) and the rest as "Safe". We do own a few "Borderline" and "Unrated" safety scores but they are a small part of the portfolio (10%). In all we have 38 different stocks paying from 0% to 14%.

[@claudettepitre3204]

Thanks for the info. I'll share with my son for his planning because I unfortunately had to retire at 61 due to health reasons. Neither myself nor my husband have company pensions. Started CPP at 61 plus converted a 30k RRSP to . I am turning 63 next month. I have a month or 2 left on that thanks to some other sources that came in last year. I have 87k left in RRSP and 19k in TFSA which has just returned to the principal amount invested after a year of losing. Anyway, I am not nor would have ever been near 500k. I find that most of these financial advice channels are only meant for people who are much better off than I. Is there any advice out there for those of us with little to no savings?

[@jean-claudebertrand7125]

I plan to distribute some money to my kids later in my retirement years.

[@vincep8574]

Good plan, do it while they can use it and you can help without it being a burden on you.