You have worked hard and saved diligently and now you are in the decumulation stage of your life. How do you drawdown your assets in a way that extends the life of your portfolio, defers taxes, factors in government benefits, and meets your estate goals? A retirement plan will address these issues and more.
Here are some the questions that we answer in a retirement plan:
- How much money can I withdraw each month in order for my portfolio to last me until age X?
- Which account(s) should I withdraw from?
- How much will I receive from CPP, OAS and GIS plans?
- How can I avoid a clawback of my government benefits?
- What is my RRIF and/or LIF prescribed minimum amount?
- Which pension option should I opt for (joint vs. single life)?
- How do I factor in rate of return, inflation, and my tax bracket in the drawdown calculation?
- What if I decide to downsize my home later in retirement?
- How do I preserve my assets for my spouse and estate?
For more information, or if you have any questions, please feel free to contact You First Financial.