Wealth Management Retirement Income Layering

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1 Wealth Management Retirement Income Layering Alan Rowell, MFA, DFA-Tax Services Specialist President, The Accounting Place

2 Agenda Retirement Planning with the End in Mind Sources of Retirement Income Control and Timing The Ultimate Wealth Management Tool REAL Wealth Management The End of Retirement

3 The End of Ralph s Retirement Holdings Sept 30th Registered Investments Non-Reg. Investments Commercial Rental Property Estate Value Fair Market Value $850,000. $450,000. $750,000. $2,050,000.

4 The End of Ralph s Retirement

5 The End of Ralph s Retirement

6 This Doesn t Need To Happen Identify Sources of Available Income Identify Income you CAN and CANNOT Control Increase ROI with Tax Efficiency Marginal Tax Brackets Clawback Zones Income Splitting

7 Sources of Retirement Income Rental Income Severance Lottery Interest Eligible Dividends PRPP Pension Term Certain Annuity Reverse Mortgage Employment Life Annuity Equity LOC Disability Benefits Inheritance Sale of Business LIRA Other Dividends Spousal RRSP RRSP/RIF Director s Fees OAS TFSA IPP RCA CPP Capital Gains/Losses DPSP / EPSP HISandHERS

8 Sources of Retirement Income Rental Income Severance Lottery Interest Eligible Dividends PRPP Pension Term Certain Annuity Reverse Mortgage Employment Life Annuity Equity LOC Disability Benefits Inheritance Sale of Business LIRA Other Dividends Spousal RRSP RRSP/RIF Director s Fees OAS TFSA IPP RCA CPP Capital Gains/Losses DPSP / EPSP Controlled or Not Controlled?

9 The Tools Net Worth Statement Accrued Gains Future Accrued Gains Asset Transfer Calculator Prepare for Two Retirements

10 The Tools Cash Flow Requirements Needs What is required Annually? Wants What is Planned or Desired? Tax Efficient Asset Transfer Insurance

11 Cash Flow Matters

12 Cash Flow Needs Shelter, Food, Transportation, Health Wants Vacations, Trips, Cottages, Grandchildren The Variables Incapacity, Philanthropy

13 Timing and Control Control When income is earned Registered vs. non-registered Return of Capital Control Howincome is taxed Type of Income Control Wealth Retention Preserve Wealth for Future Generations

14 The Ultimate Wealth Management Tool Tax Return Pencil Calculator Knowledge

15 Tax Zones Help Planning Federal Tax Brackets Clawback Zones Tax Free Zones

16 Federal Taxation Zones Tax Brackets < $43,561 (15%) $43,562 - $87,123 (22%) $87,124 $135,034 (26%) > $135,034 -(29%) Clawbacks Age Exemption -$6,854 Starts at $34,562 15% until eliminated Old Age Security Starts at $70,953 15% until eliminated

17 High Bracket Provinces Ontario > 47.97% Nova Scotia > 50.0% Quebec > 49.97% British Columbia > 45.8%

18 Tax Free Zones Personal & Spousal Exemptions - $11,038 Note New Caregiver Amount of $2000 added to Spousal and other amounts starting in Age Exemptions - $6,854 Clawback Zone Pension Income Amount - $2,000 Not indexed Disability Amounts - $7,697

19 Social Benefits Canada Pension Plan Eligible to begin from age 60 to 70 Before 65 reduce by.6% per month At 65 or later increase by.7% per month OAS Eligible at age 65 Defer increase by.6% per month Clawback

20 Registered Funds Meltdown How Much is Too Much? Stop contributing? Withdraw (Meltdown) RRSP? Convert to RIF before 71?

21 Income Optimization Income Optimization requires a Blendof income types and sources at various stages Less than 65 years old Over 70 At death

22 What Could Be Different

23 Wealth Management Accumulation Growth Preservation Transition of Wealth

24 Wealth Management Accumulation Growth Preservation Transition of Wealth AFTER TAXES, FEES AND INFLATION

25 Primary Advisor Investment Advisor Insurance Specialist Tax Specialist Primary Advisor Financial Planner Benefits & Pensions Banker

26 Summation 1. Identify Sources of Retirement Income 2. Determine Control Factors 3. Tax Zones help with Timing & Layering 4. The Variables

27 MFA Designation Retirement Income Specialist Elements of Real Wealth Management Tax Strategies for Financial Advisors Tax Efficient Retirement Income Planning Debt & Cash Flow Management Financial Literacy: Assessing Risk & Return Investment Strategies in Charitable Giving

28 Wealth Management For more information:

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