Episode 35: When Should You Start RRIF Withdrawals?
Your Canadian Retirement Specialist
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Show Notes
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Many people seek the recommendations of a financial advisor to determine where to put their money, but it's equally important for a financial advisor to provide you with a strategy for withdrawing from those sources. Your withdrawals can impact your tax bracket, taxes at death, and other essential components of your financial plan.
Let's take a closer look at some of your potential retirement funds. Then, we'll turn to one account in particular, the RRIF (Registered Retirement Income Fund), to learn how to maximize your withdrawals, minimize your tax payments, and ensure your wealth is maximized.
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Regan Schiller holds his Certified Financial Planner, Registered Retirement Consultant and Certified Life Underwriter designations. He is an Executive Financial Consultant licensed under Investors Group Securities Inc.Mutual funds and investment products and services are offered through Investors Group Financial Services Inc. (in Québec, a Financial Services firm). Additional investment products and brokerage services are offered through Investors Group Securities Inc. (in Québec, a firm in Financial Planning). Investors Group Securities Inc. is a member of the Canadian Investor Protection Fund. Commissions, fees and expenses may be associated with mutual fund investments. Read the prospectus before investing. Mutual funds are not guaranteed, values change frequently, and past performance may not be repeated.
LIRA regulations vary provincially. For more information on LIRA in your area, please refer to your provincial government's website. Additional information on the Canada Pension Plan and Old Age Security can be found at:
www.canada.ca/en/services/benefits/publicpensions.html.
Music courtesy of LesFM: https://lesfm.net.