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Your retirement will be as unique as you are. Travel, sports, hobbies … no one will combine these and other activities the same way you will. Your retirement plan should be just as unique.
After all, no one has the exact same retirement benefit plans, tax considerations and priorities as you. That’s why you need a personalized approach to provide steady income when your regular paycheque stops.
Working with an RBC Financial Planner is one of the easiest ways to get started with your retirement plan. In addition, you can use resources like the ones below to help guide your conversation:
MyAdvisor is a secure, one-of-a-kind online service that combines interactive planning tools and advice from a live advisor to help you be better prepared for retirement. It’s exclusive to RBC clients, easy to use and available to you at no extra cost.
Read more about MyAdvisor.
Timing your Registered Retirement Income Fund (RRIF) conversion is very important as this decision can impact the amount of taxes you pay and your government benefits.
You must convert your Registered Retirement Savings Plan (RRSP) to a RRIF or an annuity—or cash it out (not typically recommended)—by December 31 of the year you turn 71. You can also make the switch before then if you need the income.
Since RRIF payments are considered taxable income in the year you take the money out, these amounts are added to your “other income” for tax purposes. Once you convert to a RRIF, you have to withdraw a minimum amount each year and that money will be taxed. Your withdrawals can also reduce certain government benefits such as Old Age Security (OAS).
For help knowing when to convert your RRSP, talk to an RBC Financial Planner. He or she can help you understand your options and suggest strategies to help you make the most of your income.
Taxes are an important part of income planning in retirement. That’s because you may be getting more of your income from personal savings and distributions from your investments, which can be taxed at different rates. This can have a big impact on the after-tax dollars that you have to spend in retirement.
The chart below shows the after-tax cash flow from different kinds of distributions.
With careful planning, you may be able to reduce or delay paying tax on income from your personal savings. Ask an RBC Financial Planner to create a retirement income plan that gives you the income you need in the most tax-efficient way possible.
The RBC Resource Centre for Seniors brings banking advice, tools, special offers and information into one place to help our senior clients with their banking needs.
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