How to ensure your money lasts as long as you do
5 Basic Retirement Income Planning Tips
At retirement, it is natural to feel somewhat unsettled as you transition from ‘getting a pay-cheque’ to drawing down on your savings. While investment outcomes are certainly an important part of achieving your income targets, the essence of retirement income planning is to get a dollar to spend in the most efficient way possible. In doing so, you can reduce the strain on your savings by minimizing the number of pre-tax dollars you have to withdraw to deliver the required after-tax (spendable) income. We’ve outlined our top 5 tips to help you achieve just that:
- Tip #1 – Preserve Government Benefits
- Tip #2 – Split Income to Minimize Taxation
- Tip #3 – Use Registered and Non-Registered Assets in Unison
- Tip #4 – Create a Flexible Income Stream through the Changing Stages of Retirement
- Tip #5 – Investigate Insurance Solutions to Manage Risk to your Savings