retirement income

The conversation with clients about retirement income planning is very different today than it has been in years past. The complexities of managing income from employment pensions, Retirement Savings Plans (RSPs), Tax Free Savings Accounts (TFSAs), Locked In Retirement Accounts (LIRAs), non-registered investment accounts, CPP, OAS, etc. make retirement income planning a tax planning puzzle.

Canadian couples rely upon Government pensions, CPP and Old Age Security (OAS) for a significant portion of their total retirement income planning, which can equal 20% to 50% or more, of their actual or projected total retirement incomes. Corporate and personal pensions (such as RRSPs and TFSAs and other savings) are other sources of retirement income from a planning perspective.