Your path to retirement, one clear step at a time.
Whether retirement is fifteen years away or next spring, we map the income you will need, where it will come from, and how to keep more of it after tax.
I listen first
A 20-minute call, a little longer if you have questions. Before any numbers, I want to understand what you have and what you want retirement to look like.
The income you’ll need
Say you want $3,000 a month. From 65, CPP and OAS might cover $1,500 to $2,000 of it. The rest has to come from your savings, so we work out how much that is, and for how long.
Illustration only, using the example of $3,000 a month. Your numbers will differ.
Keep more of it after tax
When you start CPP and OAS, and which account you draw from first, changes how much tax you pay and whether part of your OAS is clawed back.
- CPP can start anywhere from 60 to 70
- OAS can start at 65, or be delayed to 70
- Your RRSP must become a RRIF by the end of the year you turn 71
- TFSA withdrawals are tax-free and do not count as income
Ages under current federal rules. Rules can change.
Make it hold up
A long retirement, an illness or a bad year in the markets can all strain a plan. We look at the tools that may help it hold.
- Critical illness and life insurance
- Segregated funds, which can include maturity and death benefit guarantees
- Permanent life insurance, which generally pays your beneficiaries tax-free
I stay with you
You get your documents and online access. Every six to twelve months we review your statements together and adjust when life changes.
Gold months are review check-ins.
Clarity about the years ahead
“Emmanuel was really resourceful and helped provide clarity and advice for my long term financial planning needs.”
“Emmy is patient and competent. He really helped me demystify so many elements of my finances I was dreading facing.”
“He takes the time to understand his clients, goes through the numbers carefully, and explains everything in a simple and clear way.”
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Straight answers on the big decisions
The questions people ask most as retirement gets closer.
When should I start CPP?
There is no single right age. You can start CPP as early as 60 or as late as 70. Each month before 65 lowers your payment by 0.6% (up to 36% less at 60), and each month after 65 raises it by 0.7% (up to 42% more at 70). The best age depends on your health, your other income and your plans, and it is one of the first things we work out together.
What is the OAS clawback?
If your net income in retirement goes above a threshold that is set each year, you repay 15% of the amount above it, which can reduce or even eliminate your OAS. Drawing from the right accounts in the right order can help keep your income under that line.
What happens to my RRSP at 71?
By December 31 of the year you turn 71, your RRSP has to be converted, usually into a RRIF, or used to buy an annuity. A RRIF has a minimum withdrawal each year, and it counts as taxable income. Planning those withdrawals early can smooth out your tax.
Can I retire before 65?
Often, yes. But those early years usually have to be funded from your own savings, because OAS cannot start before 65 and CPP is reduced if you take it early. We map how long your savings need to last and the order to use them.
Let’s map your retirement.
Twenty minutes by phone or video, a little longer if you have questions. You leave with a clearer picture, whether or not we work together.
Prefer to call? 604-800-7647