The 4 key elements of a good planning for withdrawing retirement income

The 4 key elements of a good planning for withdrawing retirement income (1 min 49 s)

Added on January 9, 2017

Description

Youíve been saving for years for your retirement and now the day has come. The planning of the withdrawal of your retirement income is a winning strategy that will allow you to maximize for as long as possible the capital youíve put aside.

4 key elements have to be analyzed and included in your strategy to withdraw income to make sure you can achieve your goals and live a peaceful retirement. This strategy will vary depending on the age you will retire.

Learn a lot more from Angela Iermieri, Financial Planner for Desjardins Wealth Management.

Questions?
Write to us at :
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The 4 key elements of a good planning for withdrawing retirement income (1 min 49 s)

Added on January 9, 2017

Youíve been saving for years, following your investment strategy so you can enjoy a comfortable retirement. But an important step in retirement planning involves a strategy for withdrawing income, so your savings last as long as possible.

To help you get there, follow these 4 essential planning steps:
  • Assess your retirement income;
  • Create a budget that takes account of your expenses in retirement;
  • Establish investment strategies that address your new needs;
  • And develop a payout schedule that takes taxes into account.

The strategies you choose will depend on the age you want to retire, whether you retire at a fixed date or gradually, your available retirement income, and your family situation.

A payout plan can help you determine how to convert your retirement savings into retirement income, find out how to prioritize and optimize payout from different investments, decide what age to apply for your government retirement benefits, and keep track of your investments so you can adjust your strategy as your needs change.

Planning for your retirement involves a number of aspects.

Ask your advisor to help you build a financial plan that includes a payout plan.

Also, review your plan regularly and adapt it to your needs.

A good payout plan can also help you choose the right tax strategies so your retirement savings continue to grow and last as long as possible.

In short, it means more money in your pocket.

Having a good plan to draw down your retirement savings can help pave the way to a worry-free retirement.

If you have any questions for me just send them to questions@desjardins.com

Iíll talk to you soon!