You Are Losing 50% of Your RRSP (Master the RRSP Meltdown Strategy)

[@beachesfinancialgroup]

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[@jimjackson4256]

You should be able to leave your money in your rrsp rather than having to rif it and be forced to take money out at a set rate whether you need it or not.That would be a real self directed retirement plan and the govt taxes the whole lot at the end of your life anyway. That seems fair to me.

[@beachesfinancialgroup]

It certainly would be nice if there was a bit more flexibility surrounding RRSP/RRIF withdrawals. I did read a while ago that there was some consideration to increasing the minimum RRIF age but I have not heard anything concrete since then. One to keep an eye out on though.

[@jimjackson4256]

@@beachesfinancialgroup If you want this to happen it has to change from the top.Please contact the finance minister about this and get your associates to contact the finance minister and the finance critic of other parties too. I did and received an answer so they read letters unless they have an AI system which answers letters.In any case nothing will change unless people contact the people who make the laws.

[@beachesfinancialgroup]

@@jimjackson4256 Very true. I have contacted government officials in the past and they do tend to respond so as you say, they do at least read letters. Whether they do anything about it or not is a different story but you can only ask.

[@jimjackson4256]

@@beachesfinancialgroup I hope you and members of your group contact the govt minister responsible for this issue again about this idea. If enough people talk to the govt maybe they will change the law and failing that then work to get a govt elected which will do something.

[@petert1692]

Tired of all these lies. Unless you’re receiving quite a lot of money, there’s no such thing as 50%.

[@beachesfinancialgroup]

For sure you aren't going to pay that much if you only have a small RRSP, if you have a very large one though then it potentially could be there or thereabouts. There is no lying here.

[@randalmacnair1500]

If something happened to us today about 75% of our RRSP would be taxed at 53.5%. This is absolutely accurate and a real concern. Even a modest RRSP could lose 30% or more at death if not properly managed.

[@beachesfinancialgroup]

@@randalmacnair1500 Thanks for sharing. It is a real concern for a lot of folks but with some proper planning, it can be mitigated. Do you have a meltdown strategy in place?

[@randalmacnair1500]

Thanks @@beachesfinancialgroup. We do have a strategy which we refine every year or so as we are still in the accumulation phase. Our meltdown strategy is one of the key pieces of our overall retirement strategy as the risk of losing money to taxes is the greatest.

[@beachesfinancialgroup]

@@randalmacnair1500 Glad to hear it, always important to look at it regularly and make adjustments if need be. I am not sure how long of the accumulation phase you have left but it can be quite an adjustment when you have to flip the switch from accumulation to decumulation.

[@billyrock8305]

Another excellent retirement video 👍 RRIF meltdown strategy past age 60 is vital. 📉 Excellent realistic case study example as well. Age, savings, 6% ROI, operating living costs and CPP/OAS to age 70. More case studies for SINGLES without a defined benefit plan. (Most of us here). 👍

[@beachesfinancialgroup]

Thank you Billy!