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Decumulation Strategies for Canadian Retirees?
Old 11-15-2016, 12:48 PM   #1
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Decumulation Strategies for Canadian Retirees?

Wondering if anyone has any good calculators or reading material on decumulation strategies specific for Canadian retirees?

I hold pretty standard accounts: savings/chequing, non-registered investment, RRSP, DC Pension, and TFSA. I have some ideas how (which and amount) I'll eventually like to withdraw from these accounts but I wouldn't mind some validation and comparison against info that's out there; the main concern, trying to be tax efficient.
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Old 11-15-2016, 01:36 PM   #2
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The most useful source IMHO is Darryl Diamond's Your Retirement Income Blueprint. It is Canadian and provides an approach that looks at the whole picture, including taxes and benefits. I've read the book several times and am implementing the strategies most relevant to my situation.

Your Retirement Income Blueprint
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Old 11-15-2016, 02:07 PM   #3
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Looks like good reviews on the book. Thanks for the tip.
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Old 11-15-2016, 02:12 PM   #4
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Thanks. I can always use a double check. Ordered it from the library today. Will buy it if it answers some of my questions. Lots of changes in our financial picture this year, and in the next six months so this may help to solve the puzzle and point to a more tax effective way forward.
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Old 11-15-2016, 02:15 PM   #5
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Nothing much to add other than to say that taxtips.ca is my go to tool when working on tax efficient planning.

I am going to be subscribing to a bucket based approach but my personal situation is very different from the average so it may not be of much relevance.
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Old 11-15-2016, 02:31 PM   #6
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Quote:
Originally Posted by Koogie View Post
Nothing much to add other than to say that taxtips.ca is my go to tool when working on tax efficient planning.
+1
Essential website for all Canadians.
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Old 11-15-2016, 02:43 PM   #7
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Yup, I love the taxtips.ca site too.
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Old 11-15-2016, 03:38 PM   #8
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Actually, one other. The Blunt Bean Counter

A CA in Toronto who runs his own blog. He covers topics in great depth and will respond to viewer feedback to address specific items of interest (if it falls within his purview).
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Old 11-15-2016, 03:55 PM   #9
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One more, on pensions:

DR Pensions Consulting - Canada Pension Plan Expertise

He also has a thread ongoing on the Canadian Money Forum:

I'm a CPP expert. Any questions?
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Old 11-16-2016, 11:19 AM   #10
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Another couple from Financial Wisdom Forum finiki:
Getting ready
and an index to living alternatives
Category:Retirement living - finiki, the Canadian financial wiki

and there have been many heated discussions about retiring early (e.g. 50-55) and melting down the RRSP for 10+ years before taking OAS to minimize the clawback.
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Old 11-16-2016, 12:38 PM   #11
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Thanks. Will look at these. Our tax situation changed significantly this year and will be changing again next year. Need to delay OAS until we have completed our tax returns and done some basic go forward tax planning that comprehends both of our ages/finances. I do quick pro forma returns prior to seeing the accountant so that we I am in a better position to discuss go forward options.
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Old 11-16-2016, 03:01 PM   #12
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Thanks for the additional links everyone.

Quote:
Originally Posted by kcowan View Post
and there have been many heated discussions about retiring early (e.g. 50-55) and melting down the RRSP for 10+ years before taking OAS to minimize the clawback.
Yup, that's one of the things I'm trying to figure out; how to manage my RRSP and DC pension to minimize the OAS clawback.
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Old 11-17-2016, 09:10 AM   #13
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There is also a tool called RRIFmetic which assists with the planning. It is expensive to buy but there are planners who will do it for a fee. It runs on Windows: XP and 8-10.
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