For many, planning for retirement means to have enough money to be able to not work at a certain point in your life at the same standard of living you currently have. That could mean an income stream of approximately 60-80% of your current income without considering retirement income taxation. If you have RRSPs you plan to use, that will be taxed at your income tax rate based on your overall income. At the age of 65 the government provides an old age supplement but there is also income recovery or claw back of this supplement if you earn too much money. The key is to have enough income yet minimize your taxable and government supplement claw back exposure.
One of the best ways to manage this is through a life insurance policy. You can put away substantial amounts for your future that grow and pay out tax free, and will not affect your old age benefits. The bonus is that if you pass away before reaching your investment goals, it will provide a large tax free payout to your beneficiaries. If you need life insurance protection for your family anyway, why not consider using this strategy to maximize your gains.
The way to do this is to purchase a paid up permanent life insurance policy where your deposits are more than the minimum insurance costs so that you build an investment inside a tax-deferred policy. You will have built up a Cash Value in the policy that could be equal or greater than the amount of money you deposited over the term you paid. That money is now available to you to access tax free through a line of credit that never needs to be paid back. The amount is deducted from the death benefit with the result providing you access to your money and still leaving a legacy to your family. The reason why it would not affect your government supplement is because its considered a bank loan, not an income. If you have no other income that would affect the supplement, then you get your government supplement as well.
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Consider your retirement planning carefully and consult with and Insurance and Financial Advisor that can provide you with alternative options to compliment your current plan.
Contact Us for more information about how this could work for you.
