In this episode, Joe Curry and Regan Schiller delve into the intricacies of optimizing retirement income through strategic withdrawal strategies for Registered Retirement Income Funds (RRIFs) and other retirement accounts. They explore the advantages of making early excess RRIF withdrawals, even when clients may not have an immediate need for the funds.
The discussion focuses on smart tax planning, highlighting the benefits of directing capital into Tax-Free Savings Accounts (TFSAs) to enjoy tax-free growth and tax-free withdrawals. The hosts underscore the significance of considering the long-term tax implications as opposed to just annual tax assessments. They also discuss dynamic withdrawal strategies, including the "guardrail" approach, which adapts to changes in portfolio performance.
With expert guidance and real-life examples, this episode provides valuable insights for individuals navigating the complexities of retirement planning in Canada.
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Regan Schiller holds his Certified Financial Planner designation, Registered Retirement Consultant and Certified Life Underwriter designations.
These videos were produced while I was an Executive Financial Consultant with IG Private Wealth Management. As of September 27, 2024, my affiliation changed to Wellington-Altus Private Wealth where I have taken the role of Wealth Advisor.
The information contained herein has been provided for information purposes only. The information has been drawn from sources believed to be reliable. The information does not provide financial, legal, tax or investment advice. Particular investment, tax, or trading strategies should be evaluated relative to each individual’s objectives and risk tolerance. This does not constitute a recommendation or solicitation to buy or sell securities of any kind. Market conditions may change which may impact the information contained in this document. Wellington-Altus Private Wealth Inc. (WAPW) does not guarantee the accuracy or completeness of the information contained herein, nor does WAPW assume any liability for any loss that may result from the reliance by any person upon any such information or opinions. Before acting on any of the above, please contact your financial advisor.
