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“They think accumulating a portfolio is something they can do, but feel overwhelmed about how to set up their retirement income,” says Mr. Rempel, a fee-for-service financial planner. By plugging in several factors – such as tax rates, rates of return, longevity projections and cash flow demands – advisors can present the client with a variety of scenarios, Ms. Wong says.
“You have to be aware of the biases they’re facing,” Ms. Wong says. “Maybe they’ve chased cannabis or mining stocks.” Mr. Rempel says a conservative stance is usually the first thing that needs to go because of factors such as inflation and the high cost of living. The “shocking” number in many financial plans is that more than 70 per cent of income during a 30-year retirement may need to come from investment growth after retirement, he says.
“You have to decide whether it’s better to defer taxes as long as possible or to withdraw the amounts you can at low tax brackets every year,” Mr. Rempel says. “Each person’s situation is unique.”Ms. Wong says investors should consider life insurance to pay off tax obligations when the second spouse dies. “You get a tax-free lump sum when the taxes are due,” she says, which can help pay for taxes on second properties, capital gains, or when a registered retirement income fund is rolled over.
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