Ep # 2 - The Taxation of Retirement Income
When planning for financial freedom in retirement, one crucial factor often overlooked is retirement tax planning. The taxes you'll owe in retirement are determined by your income sources and the total amount you receive. In this episode of Your Retirement Planning Simplified, we break down tax-efficient strategies to help you protect your savings and ensure a smooth transition into retirement.
We’ll debunk common myths about Tax-Free Savings Accounts (TFSAs) and offer key insights into optimizing your Registered Retirement Savings Plans (RRSPs). Additionally, we explain the differences between eligible and non-eligible dividends and identify fully taxable retirement income streams.
By implementing smart tax planning and retirement income strategies, you can significantly reduce your tax burden and maintain financial independence in your golden years.
Tune in now for actionable tips that will help you keep more of your hard-earned money and achieve tax-efficient retirement planning!
What You’ll Learn In Today’s Episode:
Why tax planning in retirement is essential.
What a tax-free savings account is.
Misconceptions around tax-free savings accounts.
What to be aware of in regards to Old Age Security.
What an RRSP is and what you need to know about this saving plan.
Ideas Worth Sharing:
“Tax planning is an important part of retirement.” – Joe Curry
“In lower tax brackets, eligible dividends tend to be the most tax-efficient income.” – Joe Curry
“All Canadians are entitled to the Old Age Security benefit.” – Joe Curry
Resources In Today’s Episode:
Joseph Curry: LinkedIn
If you like Your Retirement Planning Simplified…
Never miss an episode by subscribing via Apple podcast, Spotify, Stitcher, Google podcast, or by RSS!
Whenever you’re ready… here are 2 ways I can help you with your Retirement Planning:
Are you ready to retire? Use my FREE Retirement Readiness Calculator to run your numbers to see if you’re truly ready to retire.
Book your Intro Call with me to see if my expertise matches your situation. If I’m not the right fit for you, I will happily point you in the right direction to get the advice you need.