When planning for financial freedom in your retirement years, there is one topic you cannot forget about: taxes. How much you will owe in taxes during your retirement really depends on how your retirement income is generated, as well as the amount of your retirement income. So, in this episode, I will be explaining how to ensure the smoothest ride possible into retirement through appropriate tax planning.
Listen in as I share the common misconceptions around tax-free savings accounts and what you need to be aware of regarding RRSPs. You will learn the difference between eligible and non-eligible dividends and what income streams are fully taxable. Through smart tax planning and retirement income strategies, you can reduce the taxes you pay in retirement and increase the independence you have as a retiree.
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:
If you like Your Retirement Planning Simplified…
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.