What are the tax and withdrawal strategies for Retirement Income?

What are the tax and withdrawal strategies for Retirement Income?

Excerpts from the Book - Preserving Wealth - written by Jack Lumsden, MBA, CFP® For your FREE Copy CLICK HERE The following is an excerpt that describes retirement tax strategies. Tax and Withdrawal Strategies “This all sounds very complicated,” Mark commented. “How do you review the various tax strategies?” “First of all, you need a great accountant and CFP, and there are some great financial planning software packages that good financial planners can use to model the different options.” Uncle Wayne then added, “Many retirees like me will develop a plan where they may utilize a combination of the above options to create their lifelong income and cash-flow plan. For example, retirees may decide to cover some of their essential expenses with an annuity or a guaranteed income product and then invest the balance in a total return portfolio, perhaps using a bucketing approach. “A key part of this approach is the coordination from a timing, sequencing, and tax standpoint, as retirees may have numerous income sources, such...
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What is the  Eldercare Conversation?

What is the Eldercare Conversation?

Excerpts from the Book - Preserving Wealth - written by Jack Lumsden, MBA, CFP® The current COVID -19 Pandemic has highlighted the key issue of Eldercare in Canada and why everyone should include an Eldercare strategy in their financial plan. In my experience, this is an important conversation that clients are having with their parents when they reach their mid-70s in age, and clients who are in their mid-70s have with their children. What is the Eldercare Conversation ? With your parents and/or children, have a conversation about the potential strategies if a physical or medical setback were to occur. Issues you may want to discuss could include: What would the strategy be if they/you needed some extra help to continue to live at home?How is this to be financed? Is it in the financial plan?Would is the strategy if they/you decided they needed to or simply wanted to move into a retirement home?Do they/you want or need to downsize their home?What is the strategy if...
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