They would like to know when to start collecting Canada Pension Plan and Old Age Security benefits as well with an annual retirement spending target of $132,000
As they contemplate retirement in a few years, Colin and Jackie have some questions. He is 64, she is 62. They have two self-sufficient adult children.
They also wonder when to start collecting Canada Pension Plan and Old Age Security benefits. Their goals include “slowing down and achieving a better balance in life” and travelling as much as possible. TheirWe asked Ian Calvert, a principal and certified financial planner at HighView Financial Group in Toronto, to look at Colin and Jackie’s situation.Colin and Jackie are in their final working years and want help figuring out how to generate steady cash flow and manage taxes, Mr. Calvert says.
Depending on their circumstances at the time, they could consider delaying their government benefits to the age of 70 to receive higher payments, Mr. Calvert says.and Colin’s group savings plan should be utilized next, Mr. Calvert says. “With no further employment income and no defined benefit pension, their taxable income will be significantly lower starting in their first year of retirement,” he adds. So starting a withdrawal stream early from their RRSPs makes sense.
After pension income splitting, their taxable income should be $77,000 each, Mr. Calvert says. “This is an ideal place to be for managing tax brackets as well as protecting their OAS, which is clawed back starting when your income is above $90,997 a year.
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