Retirement Enhancer. A tax-efficient way to enhance your retirement income using universal life insurance
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1 Retirement Enhancer A tax-efficient way to enhance your retirement income using universal life insurance
2 Will you have enough retirement income to fulfil your dreams? Today, many of us are living longer and retiring sooner, so it s important to know that there will be an adequate and constant income flow available when we retire. To retire comfortably, it is suggested roughly 70% or more of your pre-retirement income should be targeted as your annual retirement income. However, current law limits annual registered retirement savings plan (RRSP) contributions, and these limitations may result in a significant shortfall in retirement income. Now, you can supplement your retirement income, and pay no taxes on the supplementary amounts, using the Retirement Enhancer strategy from RBC Insurance. What is Retirement Enhancer? Retirement Enhancer is a strategy to help you accumulate funds on a tax-deferred basis and use that accumulation in the future to access additional funds to supplement retirement income that will not be subject to income tax. It s simple. All it requires is a universal life insurance plan designed according to your retirement objectives.
3 How does it work? You purchase a universal life insurance plan and invest up to the maximum amount allowed under the Income Tax Act to take advantage of the tax-free accumulation of earnings. When you retire, you can apply for a series of tax-free loans from a third-party financial institution, using your life insurance policy as collateral. Depending upon your lender, you may be able to borrow a loan amount that, together with accumulated interest, equals as much as 90% of the cash value of your policy. According to current tax laws, borrowed funds are not subject to tax. As long as the cash value in your policy remains untouched, it should continue to grow. The tax-free death benefit of the policy may be used to repay the loan, and the balance of the proceeds from your investment may be used toward paying your estate s final taxes and probate fees*. Note that should you decide to discontinue the arrangement, you will need to pay back the loan using existing funds or surrendering the policy. Surrendering the policy may result in a policy gain that is subject to tax. What makes this solution so attractive? Retirement Enhancer gives you several important benefits: > Tax-deferred growth of investment earnings > Tax-free access to funds when the policy is used as collateral > A cash value that remains intact and continues to grow on a tax-deferred basis > An individually owned universal life insurance death benefit that s not subject to probate fees* or final taxes > The option for the remaining death benefit not required to satisfy the loan to go to your beneficiaries > No probate fees*, settlement costs or legal fees * Note that probate fees vary by province and are applicable to death benefits that flow to your estate.
4 Who should consider the Retirement Enhancer strategy? You should consider this solution if you re approaching retirement, you re maximizing your RRSP contributions and you re looking for other tax-efficient ways to generate funds available for retirement. Mr. Harris s scenario** Mr. Harris, 50, has a current annual income of $100,000. He plans to work for another 15 years and conservatively estimates his income to increase by 2% each year. At age 65, when he plans to retire, his projected income is $131,948. Mr. Harris needs a retirement income of $92,364 approximately 70% of his pre-retirement income. Mr. Harris s pension income is based entirely on RRSP contributions, and his current RRSP balance is $300,000 with a projected return of 5%. Over the next 15 years, he continues to invest the permissible maximum amount. At retirement, his RRSP is converted to a registered retirement income fund (RRIF), which provides an annual income of $65,664. That leaves him with a $26,700 shortfall. $150,000 $120,000 $90,000 $60,000 $30,000 $0 $131,948 $92,364 $26,700 $65,664 Mr. Harris s pre-retirement income (age 65) What Mr. Harris needs for retirement 70% of pre-retirement income Mr. Harris s income from the RRIF Mr. Harris s shortfall ** This concept involves the use of a loan issued by a third party and is subject to their normal lending underwriting criteria. The terms of any bank loan are a matter between you and your lender and may differ from the assumptions described in this material. We recommend you consult your financial advisor to determine the suitability of this concept for your personal needs.
5 A solution for Mr. Harris To make up the $26,700 retirement income shortfall, Mr. Harris purchases a universal life insurance plan at age 50, and invests $14,850 per year for 15 years at a projected return of 4%, not including his bonus. When he retires at age 65, the policy s projected cash value is $307,241. Using his policy as collateral, Mr. Harris applies for a series of annual loans that generate $14,685 tax-free (the equivalent of the calculated shortfall in his retirement income based on a 45% marginal tax rate). Mr. Harris pays no income tax on these annual loans. At age 90, Mr. Harris dies. The projected policy proceeds of $1,104,506 are used to repay the loan and accumulated interest ($868,711). The balance ($235,795) is passed on to Mr. Harris s beneficiaries tax-free. Comparison Direct withdrawals from another taxable investment could incur immediate taxation and negatively impact the fund s growth. In contrast, using your policy as collateral for a loan allows you to enjoy a tax-free source of funds, while the policy s cash value continues to grow untouched. Plus, universal life insurance can provide a tax-free death benefit to your beneficiaries after the loan has been repaid. No other investment can offer these important advantages.
6 Call today To learn more about how to get this strategy working for you and your family, talk to your insurance advisor. Universal life insurance can be complex. RBC Life Insurance Company recommends that you consult your legal and tax advisors to determine if this strategy is appropriate for you. Underwritten by RBC Life Insurance Company Registered trademarks of Royal Bank of Canada. Used under licence. VPS (11/2008)
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