FinancialFacelift: Increasing Retirement Spending and Estate Security for Al and Kate
Friday, 6 September 2024, 07:46
Financial Strategies for Al and Kate
Al, 61, and Kate, 57, are considering how they can increase their spending during retirement while ensuring they leave a sizeable estate. After Al turns 65, he can split income from his registered retirement income fund (RRIF) with Kate, creating a more advantageous financial position for both. For the years leading up to when they withdraw Canada Pension Plan (CPP) and Old Age Security (OAS) benefits at age 70, Al has the option to withdraw $100,000 annually from his RRIF.
Maximizing Retirement Income
- Income-splitting after age 65.
- Strategies for pre-CPP and OAS withdrawals.
- Understanding RRIF withdrawals.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.