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Your Retirement Income Blueprint: A Six-Step Plan to Design and Build a Secure Retirement

Book Description

As more and more Canadian boomers are approaching retirement, the transition from accumulating assets in their working years to creating a reliable stream of income in retirement is becoming a top-priority issue for a huge segment of the population. Your Retirement Income Blueprint is an antidote for Canadians who are generally ineptly advised, under-serviced, and over-charged by advisors on planning retirement income. Based on the author's specialized experience in retirement income planning, this book will help readers to work through the many stages of their retirement and adapt their income plans to account for constantly changing health and family issues. The book will help you to:

  • Combine government and personal sources of income most efficiently
  • Determine which assets to use first and which to defer
  • Preserve government benefits and entitlements that are in many cases needlessly wasted or lost
  • Create results that are more survivor- and estate-friendly than traditional approaches
  • Greatly reduce taxes on retirement income and to the aggregate estate.

Your Retirement Income Blueprint lays out a six-step process for "taking apart" accumulated assets, making the most out of what you have taken a lifetime to save, and creating an income that lasts as long as you do.

Table of Contents

  1. Title Page
  2. Copyright Page
  3. Dedication
  4. Preface
  5. Introduction
    1. Golf Clubs or Hockey Sticks?
    2. Why You Need a Blueprint
    3. Putting It Together by Taking It Apart
    4. An Additional Resource to Help You Keep Current
  6. PART ONE - CONSIDERATIONS IN CREATING YOUR BLUEPRINT
    1. Chapter 1 - TALKING ’BOUT MY GENERATION
      1. Don’t Stop ’til You Get Enough
      2. Mama Told Me Not to Come
      3. We Can Work It Out: Transitioning
      4. You’re Going to Carry That Weight: Taking Debt into Retirement
      5. MAKING YOUR BLUEPRINT WORK FOR YOU
    2. Chapter 2 - KEY CONCEPTS FOR AN EFFICIENT BLUEPRINT
      1. The Four Planning Channels
      2. Your Architect and Your Contractor
      3. Come Together: Consolidating Your Assets
      4. I’m Your Handyman: Fixing the Inefficiencies That Cost You
      5. On and On: The Income Continuum
      6. MAKING YOUR BLUEPRINT WORK FOR YOU
  7. PART TWO - BUILDING YOUR INCOME PLAN WITH THE SIX-STEP PLAN
    1. Chapter 3 - LAYING THE FOUNDATION FOR YOUR INCOME PLAN
      1. Your Role in the Design
      2. Step 1. Assessing Your Current Life Stage
      3. Step 2. Establishing Your Lifestyle and Time Objectives: The Time Hub
      4. Step 3. Determining Your Financial Goals and Priorities: The Money Hub
      5. Step 4. Layering Your Income
      6. MAKING YOUR BLUEPRINT WORK FOR YOU
    2. Chapter 4 - PUTTING YOUR MONEY TO WORK
      1. Step 5. Aligning Your Investments with Your Income Plan
      2. Step 6. Assessing the Impact on Net Worth
      3. Annual Review Items
      4. MAKING YOUR BLUEPRINT WORK FOR YOU
  8. PART THREE - THE BUILDING MATERIALS
    1. Chapter 5 - GOVERNMENT SOURCES OF INCOME
      1. Old Age Security (OAS)
      2. The Canada Pension Plan (CPP/QPP)
      3. The New CPP Rules for 2012
      4. MAKING YOUR BLUEPRINT WORK FOR YOU
    2. Chapter 6 - CORPORATE SOURCES OF INCOME
      1. Employment Income
      2. Pensions
      3. Pension Income Option One: Life Annuities
      4. Pension Income Option Two: Life Income Fund (LIF)
      5. Comparing the Life Annuity and LIF
      6. Severance Packages
      7. Deferred Profit Sharing Plans
      8. MAKING YOUR BLUEPRINT WORK FOR YOU
    3. Chapter 7 - PERSONAL SOURCES OF INCOME
      1. Taxable Distributions from Non-Registered Assets
      2. RRSPs
      3. RRIFs
      4. Convert Your RRSP/RRIF and Defer Non-Registered Assets
      5. Non-Registered Accounts
      6. The Tax-Free Savings Account (TFSA)
      7. Home Equity as a Source of Retirement Income
      8. MAKING YOUR BLUEPRINT WORK FOR YOU
  9. PART FOUR - ESSENTIAL TAX CONSIDERATIONS
    1. Chapter 8 - IT’S FLOODIN’ DOWN IN TAXES
      1. Taxing Your Income
      2. Taxation on Different Forms of Income
      3. Keeping Your Net Income Figure Low
      4. Reducing Your Total Income Through Deductions and Credits
      5. MAKING YOUR BLUEPRINT WORK FOR YOU
    2. Chapter 9 - TAX PLANNING
      1. Putting the Least Amount of Strain on Your Assets
      2. Paying the Piper
      3. The Four Ds of Effective Tax Planning
      4. Pension Splitting
      5. Income Splitting with Non-Registered Assets
      6. MAKING YOUR BLUEPRINT WORK FOR YOU
  10. PART FIVE - SPECIAL TOOLS AND STRATEGIES
    1. Chapter 10 - WITH A LITTLE HELP FROM MY FRIENDS
      1. The Four Investment Considerations
      2. The Three Headwinds
      3. Corporate Class (Capital Class) Funds
      4. Life Annuities: How Mortality Credits Can Help You
      5. Prescribed Taxation and Prescribed Annuities
      6. The Tax-Deferred Annuity
      7. Insured Annuities
      8. The New (well, newer) Kid in Town: Variable Annuities
      9. Comparing the Options
      10. MAKING YOUR BLUEPRINT WORK FOR YOU
    2. Chapter 11 - INSURING YOUR BUILDING
      1. Government Services
      2. What Are Your Options to Fund these Potential Costs?
      3. Transfer the Risk by Using Insurance
      4. Power of Attorney and Health-Care Directives
      5. A Tax Note on Health Costs
      6. MAKING YOUR BLUEPRINT WORK FOR YOU
  11. PART SIX - CONCLUDING THOUGHTS
    1. Chapter 12 - MAKING THIS BOOK WORK FOR YOU
      1. Ticket to Ride
  12. APPENDIX
  13. Acknowledgements
  14. ABOUT THE AUTHOR
  15. INDEX