Make the Most of What You've Got. The Canadian Guide to Managing Retirement Income

  • ID: 2210491
  • Book
  • Region: Canada
  • 328 Pages
  • John Wiley and Sons Ltd
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You canretire but your moneycan′t!

For much of your adult life, the question is "How much do I have to save to fund my retirement?" But as you approach retirement, or if you′re already retired, the question becomes "How can I make the most of what I have saved?" Many Canadians live for over twenty years in retirement that′s a long time to make your nest–egg last. If you′re not working, then your money had better be!

Make the Most of What You′ve Got is the comprehensive, common–sense guide for everyone who wants to make the most of their retirement, whether you′re already retired, or just approaching the threshold:

  • Helps you maximize your retirement income and minimize your tax bill.
  • Explains how to plan for a dependable retirement income, turn your investments into income, and manage your investment portfolio in retirement.
  • Alerts you to the top ten retirement planning mistakes.
  • Covers the complex decisions you need to make about your nest–egg: dealing with maturing RRSPs, deciding whether a RRIF or an annuity is right for you, determining if you can afford to retire early, and much more.
  • Prepares you for working with your financial advisor or planner.
  • Features practical examples, checklists, forms, tips, and Q&As.
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Preface Acknowledgements Retirement Checklist
Chapter 1. What is Retirement Planning? What Retirement Planning Means Today Six Steps to a Successful Retirement Step 1. Assess Your Sources of Retirement Income Step 2. Calculate How Much Income You Need

What are Your Expenses?
Life Expectancy
Step 3. Develop an Investment Strategy to Pay You the Income You Need

How Much Does Your Portfolio Need to Earn?
Is it Time to Redesign Your Portfolio? Step 4. Integrate Your Retirement Income Plan with a Tax and Estate Strategy
Tax Planning
Estate Planning Step 5. Review the Plan Periodically
Continue to Do Tax Planning, Not Tax Filing
Review Your Annual Performance Step 6. Build a Life For Yourself
Retirement (From a Child′s View) Summary

Chapter 2. How Much Is Enough? Inflation The Retirement Income Projection

Using Assumptions
What Return Should You Use in Your Projection?
Too Good To Be True?
The Good, the Bad, and the Ugly The Reality Check
Got Enough?
Not Got Enough?
It′s Ongoing Summary

Chapter 3. Government Benefits Canada Pension Plan (CPP)

Starting CPP Benefits Early
Starting CPP Benefits After Age 65
Managing CPP Benefits Old Age Security (OAS)
Basic OAS
Strategies to Help You Keep More OAS
Federal Supplemental Benefits
Guaranteed Income Supplement (GIS)
Spouses′ Allowance
Provincial Supplemental Pensions Summary

Chapter 4. Your Company Pension Plan Your Annual Pension Statement Contributory or Non–contributory? Types of Company Pension Plans

Defined Benefit Plan
Defined Contribution Plan or Money Purchase
Deferred Profit Sharing Plan (DPSP) Selecting Your Retirment Date
Retiring Early Is the Purchasing Power of Your Pension Protected? Paperwork at Retirement Basic Pension Options
Life Only
Joint and Survivor
Opting Out of the Joint and Survivor Benefit
Minimum Guarantee Period Should You Opt Out of Your Company Pension Plan? Summary

Chapter 5. Converting Your RRSP Revenue Canada′s Rules May Not Be Good for You

Planned Withdrawals Maturing your RRSP
Cashing in the RRSP
Cash = Tax?
Purchase a Registered Annuity
Convert your RRSP to a RRIF
Combine Two or More Options Making the Right Decision Last–Minute Planning Opportunities
Make Your Final Contribution
Claim Your Overcontribution
Are You Still Earning RRSP Contribution Room? Summary

Chapter 6. The Annuity The Types of Annuities for Tax Purposes Basic Types of Annuities

Term Certain Annuity
Life Annuity Guarantees Available With an Annuity
Guarantee Period of Life Annuities
Indexing Six Steps for Getting the Best Annuity How Much Annuity Will Your Money Buy? Advantages of an Annuity Disadvantages of an Annuity Summary

Chapter 7. The RRIF and LIF The RRIF

The Different Types of RRIFs
RRIF Withdrawal Rules
Calculating the Minimum Payment
Should You Take Out More than the Minimum Required?
Withholding Tax
Ways to Minimize the Tax on Your RRIF Withdrawal
Converting Your RRSP to a RRIF
Naming a Beneficiary
Naming a Successor Annuitant
Transferring a RRIF From One Financial Institution to Another
The Spousal RRIF
Should You Continue to Have a RRIF? Advantages of a RRIF Disadvantages of a RRIF Life Income Fund (LIF)
A LIF is Similar to a RRIF
The Maximum Withdrawal
The Annuity Option Summary

Chapter 8. Building a Retirement Income Portfolio The Well Thought–out Portfolio Selecting the Asset Mix

Your Goals and Objectives
The Emergency Fund
What Are Your Objectives? Designing Your Portfolio
Understanding Market Behaviour
Selecting the Mix Between Canadian and International Equities
Foreign Content inside Your RRSP/RRIF
Stay on Track Rebalancing Your Portfolio Summary

Chapter 9. Getting the Most From Your Cash Bank Accounts Canada Savings Bonds (CSBs)

Just Like Cash? Redeemable GICs Money Market Investments Money Market Funds Summary

Chapter 10. Getting the Most from Your Fixed Income Investments Guaranteed Investment Certificates (GICs) or Term Deposits

Traditional GICs
Non–Redeemable GICs
Tracking your GICs
Escalating GICs
Equity–linked GICs Bonds and Mortgages
Types of Bonds
Building Income with a Portfolio of Bonds
Bond Quotes
Accrued Interest
Strip Bonds
Mortgage–Backed Securities Reducing Risk When Investing in Fixed
Income Investments
Laddering the Maturity Dates of Your Fixed Income Investments
Use Compounded GICs or Strip Bonds
Select Quality Issuers
Reducing the Risk of Long–term Bonds Summary

Chapter 11. Getting Income From Other Investments Getting Income from Stocks

Dividend Payments
The Dividend Yield
Selling Stock Holdings Getting Income From Mutual Funds
Taking the Distributions in Cash
10% Free Redemption Privilege
Selling Your Units
Systematic Withdrawal Plan (SWP)
SWPs are Tax Effective
Making SWPs Work Getting Income from Segregated Funds
How They Work
The Reset Option
Making Withdrawals
Selecting Segregated Funds Other Ideas for Income
Private Mortgages
Royalty or Income Trusts
Prescribed Annuities
More After–tax Income
Insuring an Annuity to Protect the Value of Your Estate
Charitable Annuity Ways to Protect Your Investments and Savings Summary

Chapter 12. Using Your Home for Income Sell Your Home and Pocket the Profit Tax–free The Reverse Mortgage Borrowing Against Your Home

Setting up a Line of Credit
Borrowing to Invest Earning Rental Income
Putting an Apartment Unit in Your Home
Taking in Students Summary

Chapter 13. Don′t Pay More in Tax Than You Have To Factors that Affect the Amount of Tax You Pay The Basic Tax Rules How Different Types of Income Are Taxed

Interest Income
Dividend Income
Capital Gains
Tax Deferral with Capital Gains
Capital Losses
What Types of Income Should You Have? File Your Quarterly Taxes Instalments on Time Watch Transactions that Increase Your Tax Bill
Annual Mutual Fund Distributions Organize Your Portfolio to Make it More
Tax Effective Even Out Your Income to Reduce Your Lifetime Tax Bill Techniques to Deduct, Divide, and Defer Taxes
Deduct
Make the Most of Your Tax Credits
Pension Income
Choose the Spouse Who Can Make the Best Use of the Tax Credit
Defer
Retiring Allowance
Alternate Minimum Tax
Divide
Which Spouse Should Do the Investing?
Split Canada Pension Plan Benefits
Gifts and Loans to Adult Children
Loan Your Spouse Money to Invest Summary

Chapter 14. You Can′t Take It With You What′s Important to You? Death and Taxes

Taxes on the RRSP/RRIF
Capital Gains
How Much Tax?
Ways to Reduce the Tax Bill
Transfer Assets to Spouse
Spend Money Now
Buy Life Insurance
Making Planned Gifts
Set Up a Testamentary Trust
Incapacity
Dealing With the Death of a Spouse
Common Death Benefits Canada Pension Plan
Other Benefits Summary

Chapter 15. Do You Need Professional Advice? Selecting an Advisor Designations to Look For The Initial Meeting Questions to Ask Your Financial Advisor The Different Ways to Pay for Financial Advice Transferring Your Account

Beware of Transfer Fees
Redemption Fees
Watch the Tax Costs Are You Getting What You Pay For? Not Getting What You Expected? Summary

Chapter 16. Make the Most of What You′ve Got Your Retirement Countdown Retirement Checklist
Appendix Sources of Income Expenses in Retirement Assets that Could Be Turned Into Income Cash Flow Projection Portfolio Asset Mix
Index
Suggestions and Seminars
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Sandra E. Foster
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