Ep # 5 - Creating Paycheques in Retirement

Transitioning into retirement means a significant shift in how you generate income. Without regular pay cheques from a job, it’s crucial to develop a plan for maintaining financial stability in retirement. In this episode of Your Retirement Planning Simplified, we’ll explore the different retirement income sources available and how to tap into them effectively.

Discover what a Registered Retirement Income Fund (RRIF) is, why delaying the switch to an RRIF could benefit your financial plan, and how it compares to a Locked-In Retirement Account (LIRA) and a Life Income Fund (LIF) . We’ll also provide key insights on withdrawing from your investments to create sustainable retirement pay cheques.

With the right planning and strategy, you can ensure your retirement pay cheques are both plentiful and sustainable.

What You’ll Learn In Today’s Episode:

  • The difference between an RRSP and an RRIF.

  • Different income sources in retirement.

  • What you need to understand about investment accounts.

  • What a LIRA is.

  • The issues with switching to an RRIF.

  • What to be aware of when it comes to pensions.

  • How to ensure you’re not stuck with an unexpected tax bill.

Ideas Worth Sharing:

“When you make the transition into retirement, getting paid is going to be very different than what you’re used to.” – Joe Curry

“It may make sense to take money from your tax-free savings account if you’re trying to manage around different tax brackets.” – Joe Curry

”If you’re not an expert, get advice from someone who works in the space.”- Joe Curry

Resources In Today’s Episode:

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Ep # 6 - Retirement Risk #1 – Sequence of Returns and Why the Game Changes in Retirement

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Ep # 4 - Pension Income Splitting: How It Works