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5 CAPITAL PRESERVED IF RATE OF RETURN MATCHES WITHDRAWALS Example 1 An investor starts off by investing \$150,000 in a mutual fund portfolio, and let s assume that the portfolio will experience a consistent annualized total return of 8%. If the investor wanted to set up a systematic withdrawal plan to match the 8% rate of annual portfolio growth, he/she would be able to withdraw \$1,000/month, or \$12,000/year. As you can see, over the course of 30 years, a total of \$360,000 has been withdrawn from the portfolio. Given that the withdrawal rate matched the portfolio s growth rate, at the end of 30 years, the portfolio is still worth \$150,000. Starting Annual Value After Annual End Year Value (\$) Growth (\$) Annual Growth (\$) SWP (\$) Value (\$) 1 150,000 12, ,000 12, , ,000 12, ,000 12, , ,000 12, ,000 12, , ,000 12, ,000 12, , ,000 12, ,000 12, , ,000 12, ,000 12, , ,000 12, ,000 12, , ,000 12, ,000 12, ,000 Initial portfolio value \$150,000 Total withdrawals \$360,000 (\$12,000 x 30 yrs) Portfolio value at end of year 30 \$150,000

6 TAX IMPLICATIONS Taking this example one step further, let s look at the tax implications of the SWP. If we assume a starting unit price of \$10.00, a \$150,000 investment would mean 15,000 units were purchased in year one. As the market value of the units increases, fewer units need to be redeemed to create the \$12,000 SWP payment. Also, as the market value increases, so will the capital gain, and the tax payable on the gain. This results in a decreasing after-tax cash flow over the life of this SWP illustration. As seen in this example, after 30 years, taxes were deferred on \$145, of unrealized capital gains. \$12,000 \$10.80 (\$10.80 \$10.00) x 1,111 \$889 x 50% x 45% Mutual Fund Market Value/Unit Units Sold Realized Capital Gain Tax Payable After-Tax Year Units at year-end (\$) For SWP on Sold Units (\$) on Gain (\$) Cash Flow (\$) 1 15, , , , ,029 1, , , , , , , , , , , , ,442 1,449 10, , ,435 2,121 9, , ,807 2,432 9,568 Mutual fund units held after 30 years 1,610 Market value of units after an 8.0% annual rate of return \$ Unrealized capital gain after 30 years \$145, [1,610 units x (\$ \$10.00)] Notes and assumptions: 1. This example is provided for illustration only and is not intended to reflect future values or returns on investment of any mutual fund or other investment product. 2. Actual returns will vary. Markets fluctuate and never move in a straight line. This example assumes that the portfolio has straight-line growth and that the funds within the portfolio have no distributions. 3. This example does not factor in the impact of inflation. 4. This example assumes a tax rate of 45% and a 50% capital gains inclusion rate. Actual tax rates will vary. As you can see in the table above, while the investor starts with an initial investment of \$150,000, after 30 years, there is still almost \$150,000 left, after \$360,000 in SWP payments. If, at the end of 30 years, the investor chooses to redeem all remaining units, there would be a capital gain of \$145,914.30, still leaving the investor with more than \$105,000 in after-tax dollars. Preparing your portfolio is about finding the right balance of growth and income to keep your assets working for you throughout retirement. Ask your advisor for the brochure, Investment Strategies to Maximize your Cash Flow in Retirement for more information.

7 CAPITAL DEPLETED IF RATE OF RETURN DOESN T KEEP UP WITH WITHDRAWALS Example 2 The example below illustrates an investor who invests \$150,000 in a mutual fund portfolio with a consistent annualized total return of 7.5% and sets up a SWP to withdraw \$1,200 each month, or \$14,400 annually (9.6% per annum of the initial portfolio value). As shown in this example, the investor s capital is depleted by year 22 as the withdrawal rate is higher than the annual rate of return. Starting Annual Value After Annual End Year Value (\$) Growth (\$) Annual Growth (\$) SWP (\$) Value (\$) 1 150,000 11, ,250 14, , ,850 11, ,864 14, , ,464 10, ,224 14, , ,824 10, ,310 14, , ,910 10, ,104 14, , ,476 8, ,837 14, , ,037 1,953 27,990 14,400 13, ,590 1,019 14,610 14, Initial portfolio value \$150,000 Total withdrawals \$302,625 Capital runs out year 22 Notes and assumptions: 1. This example is provided for illustration only. This example is not intended to reflect future values or returns on investment of any mutual fund or other investment product. 2. Actual returns will vary. Markets fluctuate and never move in a straight line. This example assumes that the portfolio has straight-line growth and that the funds within the portfolio have no distributions. 3. This example does not factor in the impact of inflation. 4. This example assumes a tax rate of 45% and a 50% capital gains inclusion rate. Actual tax rates will vary. In this case, the withdrawal rate is in excess of the return earned on the portfolio and the capital runs out in year 22. As you can see in the table above, while the investor starts with an initial investment of \$150,000, over the 22-year period, more than \$300,000 was paid out. SETTING UP A SWP A SWP is easy to set up. There is generally a minimum mutual fund balance required (\$10,000 is a good guideline), and instructions can be provided to withdraw a certain dollar amount from a selected mutual fund(s), including portfolio solutions like the RBC Select Portfolios, on a regular basis. The amount withdrawn can be deposited directly to your bank account at the desired frequency. Speak with your advisor regarding specific setup requirements for your individual situation.

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