Retirement income?
- Thread starter Indiana
- Start date
Company pension, CPP, & OAS for normal living expenses, investment income for major items. Will soon have to convert RRSPs to RRIFs.
Aim to retire early, get some of rrsp/LIRA money into a RRIF/LRIF to get a small pension stream going for the tax credit that has.
Then take first part of funds in a year from dividend income in non registered accounts. After that the LRIF income, then lump withdrawals from rrsp to take me up to the bottom of the next tax step.
So far wife is ER and we do this to take her to 43K annually, and I aim to do this to take to about 77K in a year.
The excess withdrawals in the near term to current needs goes into my, wife, kid 1, and kid2 TFSA accounts, then non reg new money.
We feel pay a bit of tax now versus likely higher tax rates on later income years is a good case with recent gorging of T2 govt spending thru COVID
I feel a bit of a need to bleed rrsp's prior to 71 or the full income then is going to hammer us in more money out than we need.
We both plan to defer OAS and CPP to age 71 to build the part of income after 71 that is inflation protected.
As we head to age 75-80 we might go to an annuity for a chunk of our retirement funds.
Look to Canadian Money Forum to get more opinions on retirement income options.
Then take first part of funds in a year from dividend income in non registered accounts. After that the LRIF income, then lump withdrawals from rrsp to take me up to the bottom of the next tax step.
So far wife is ER and we do this to take her to 43K annually, and I aim to do this to take to about 77K in a year.
The excess withdrawals in the near term to current needs goes into my, wife, kid 1, and kid2 TFSA accounts, then non reg new money.
We feel pay a bit of tax now versus likely higher tax rates on later income years is a good case with recent gorging of T2 govt spending thru COVID
I feel a bit of a need to bleed rrsp's prior to 71 or the full income then is going to hammer us in more money out than we need.
We both plan to defer OAS and CPP to age 71 to build the part of income after 71 that is inflation protected.
As we head to age 75-80 we might go to an annuity for a chunk of our retirement funds.
Look to Canadian Money Forum to get more opinions on retirement income options.
Might be good to consult a financial adviser who could give the best options depending on what you want to do, how much you'll live on monthly and where you current retirement funds are invested.
I use a blend of CPP, stocks, RRSP, TFSA, Open (nonregistered) and LIRA. Add OAS to this blend once I'm old enough. This was a blend we (me and my financial adviser) discussed and worked out that maximizes my cash flow will minimizing the taxes I'll have to pay. I'll review this blend the next few years before finalizing the best option.
LTO_3
I use a blend of CPP, stocks, RRSP, TFSA, Open (nonregistered) and LIRA. Add OAS to this blend once I'm old enough. This was a blend we (me and my financial adviser) discussed and worked out that maximizes my cash flow will minimizing the taxes I'll have to pay. I'll review this blend the next few years before finalizing the best option.
LTO_3
