Whether you have an employer or you are working for yourself, making the transition into retirement means getting paid is going to be very different from what you are used to. As you are no longer getting regular paychecks, you have to completely rethink how you are getting your income. So, how do you create that paycheck when you’re no longer going to work? In this episode, I will be explaining the different potential income sources you can utilize in retirement, as well as how you can tap into them.
Listen in as I share what a registered retirement income fund is and why you may want to hold off on making this switch. You will learn what a LIRA is, the difference between a LIF and an RRIF, and what to consider when it comes to withdrawals from your investments. With the right planning, your retirement paychecks can be 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:
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.