Retirees’ Tax Planning Checklist
![Retirees' Tax Planning Checklist](https://jacklumsden.com/wp-content/uploads/2023/12/retirement-taxplanning-1024x384.png)
Written by Jack Lumsden, MBA, CFP®, Financial Advisor, Assante Financial Management Ltd. For your FREE Copy of Preserving Wealth, CLICK HERE In the 2023 Fidelity Retirement Report, retirees’ # 1 concern was minimizing taxes. This is unsurprising since taxes are the majority of retirees’ most significant unwanted expenses. If retirees can reduce the taxes they […]
The Retiree’s Initial Tax Decision
![Retirees aim to reduce their tax burden while striving for a tax-efficient estate transfer to the next generation.](https://jacklumsden.com/wp-content/uploads/2023/10/The-Retirees-Initial-Tax-Decision-1024x384.png)
Written by Jack Lumsden, MBA, CFP®, Financial Advisor, Assante Financial Management Ltd. Additional editing by ChatGPT. In the recently released 2023 Fidelity Retirement Report, retirees’ top concerns were identified as follows: Unsurprisingly, many retirees aim to reduce their tax burden while striving for a tax-efficient estate transfer to the next generation. This situation often […]
What should you expect in regular progress meetings with your advisor?
![Regular Progress Meetings](https://jacklumsden.com/wp-content/uploads/2022/09/What-you-should-expect-in-regular-progress-meetings-with-your-advisor.jpg)
Regular progress meetings should be scheduled during the year to update and adjust your retirement income plan. Your advisor should behave more like a guide to help you navigate the changes in your life by adjusting your Retirement Road Map to keep it on track. As part of this effort, a regular and ongoing review […]
Smart Tax Strategies for Retirees: Avoid the OAS Recovery Tax
![OAS Recovery Tax](https://jacklumsden.com/wp-content/uploads/2021/08/OAS-RECOVERY-TAX.jpg)
It’s smart tax planning for retirees to arrange their income to avoid this clawback if possible. Some strategies to review are: Income split with your spouse/CLP (Common Law Partner) Tax effective non-registered investments Review the start date of your RRIF Use the younger spouse/CLP’s age for RRIF payments Use TFSAs Trigger large capital gains prior […]