Trent University - Continuing Education

Unlock the essentials of retirement income planning in just one day with this comprehensive course. Learn how to maximize government benefits, optimize your savings, and create a sustainable retirement income strategy tailored to your goals. Gain valuable insights on tax-efficient withdrawals, managing investment risks, and leaving a legacy—all delivered by Joe Curry, a Certified Financial Planner and retirement planning specialist. Walk away with actionable steps and resources to ensure a secure and fulfilling retirement.

Understanding the Basics of Retirement Income

What is retirement income? An overview of different income sources (personal savings, government programs, and employer pensions)

• • Government programs (CPP, OAS, GIS).
  • Employer pensions (Defined Benefit vs. Defined Contribution).
  • Personal savings (RRSPs, TFSAs, non-registered accounts).

Average retirement income needs based on lifestyle and location in Canada

Government Benefits and Programs

Explain the key government programs for retirement income in Canada.

• • Canada Pension Plan (CPP) & How it Works
  • Eligibility, contribution requirements, and maximizing your benefits.
  • Old Age Security (OAS): Overview of OAS
  • Eligibility and benefits.
  • How it integrates with other income sources.
  • Guaranteed Income Supplement (GIS): For low-income retirees.
  • Recent Changes and Updates: (if applicable).
  • Strategies to maximize these benefits.

Employer Pension Plans and Savings:

Discuss workplace pension options and personal savings vehicles.

Employer Pension Plans

• Defined Benefit vs. Defined Contribution.
  • Pros and cons of employer-sponsored plans.
  • The importance of understanding your employer pension plan.

Registered Retirement Savings Plan (RRSP):

• • Contribution limits and tax advantages.
  • Strategies for maximizing RRSP savings.

Tax-Free Savings Account (TFSA):

• • Contribution limits and how TFSAs can complement RRSPs.

Non-Registered Investments: When and why to consider them.

Estimating Retirement Income Needs

Help participants assess how much income they’ll need in retirement.

- How much is enough? Determining your personal retirement goals and needs.

• • Tools and resources: Basic calculations and online retirement calculators.

- The 4% Rule for sustainable withdrawals – is it accurate?

- Inflation considerations.

- Healthcare costs and other unexpected expenses in retirement.

Creating a Sustainable Income Strategy (30 minutes)**

Equip participants with strategies for drawing down their savings.

• • Creating an income plan: Combining CPP, OAS, RRSPs, pensions, and TFSAs.
  • Withdrawal strategies: Tax-efficient ways to access your retirement savings.
  • Longevity risk: Ensuring your savings last for the entirety of retirement.
  • Investment risk in retirement: Risk management and balancing your portfolio.
  • Annuities and other guaranteed income products: When do they make sense?

Tax Considerations in Retirement

Discuss tax implications and strategies for minimizing taxes in retirement.

- Taxation of retirement income: CPP, OAS, RRIFs, annuities, and dividends.

• • Splitting income with a spouse for tax efficiency.
  • Minimizing OAS clawback.
  • Deferring CPP and OAS: How it impacts your taxes and benefits.
  • Tax implications of withdrawing from RRSPs vs. TFSAs.

Estate Planning and Leaving a Legacy

Highlight the importance of planning for the distribution of assets.

• • Wills and power of attorney.
  • Beneficiary designations on RRSPs, TFSAs, and life insurance policies.
  • Strategies for minimizing taxes on estate.
  • Charitable giving** and legacy planning.
  • Family discussions and preparing your heirs.

Interactive Session: Building Your Personal Retirement Income Plan

Allow participants to apply what they’ve learned by building a personal retirement income plan**.**

• • Walkthrough of an income planning worksheet.
  • Estimating personal savings, government benefits, and other income sources.
  • Identifying gaps and creating actionable next steps.
  • Participants can ask individual questions.

Q&A and Wrap-Up

Address remaining participant questions and summarize key takeaways.

• • Recap of the main topics covered.
  • Additional resources and tools for retirement planning (e.g., websites, books).
  • Invitation for follow-up or one-on-one consultation (if relevant).
  • Final Q&A.