Smart Wealth: Navigating Your Financial Future
Welcome to "Smart Wealth: Navigating Your Financial Future", where we bridge the gap between financial jargon and real-world solutions. Every week, we bring you practical advice, expert insights, and actionable steps to improve your financial literacy and accelerate your wealth-building journey. Whether you're a novice in investing, aiming to master your budget, or an experienced wealth manager looking to refine your strategies, we've got you covered. We delve into a variety of topics including investment principles, debt management, retirement planning, and tax optimization. With our guidance, you'll navigate the complex world of finance with ease, making confident decisions for your financial future. Join us on this journey towards achieving smart wealth, because the best investment you can make is in yourself.
Smart Wealth Hosts:
Brett Cranson: www.linkedin.com/in/brettcranson/
Omari Whyte: www.linkedin.com/in/omari-whyte/
Smart Wealth: Navigating Your Financial Future
Ep 48 Understanding Retirement Income Fund (RIF) payments
In this episode of Smart Wealth, Brett Cranson and Omari Whyte discuss the importance of setting financial goals for the new year, particularly focusing on retirement income funds (RIFs) and registered retirement savings plans (RSPs). They delve into the common questions clients have regarding RIFs, including when to start taking payments and the tax implications of withdrawals. The conversation emphasizes the need for strategic planning to optimize after-tax income and the importance of maintaining investments to outpace inflation in retirement.
Takeaways
- It's important to set financial goals at the start of the year.
- Clients often have questions about RIFs and RSPs during this time.
- RIFs require minimum withdrawals based on the previous year's market value.
- Tax implications are crucial when withdrawing from RIFs and RSPs.
- Timing the conversion from RSP to RIF can impact tax outcomes.
- Clients should consider their overall income sources when planning withdrawals.
- Withholding tax on RIF payments can lead to confusion among clients.
- Investments should remain intact in a RIF to combat inflation.
- Strategic planning can help maximize after-tax income in retirement.
- Future episodes will cover more strategies related to RIFs.
LinkedIn Brett Cranson: linkedin.com/in/brettcranson
LinkedIn Omari Whyte: linkedin.com/in/omari-whyte
For business inquiries, please head over to
https://www.uptownwealthmanagement.com
https://www.familyfirstadvisors.ca
email:
brett.cranson@ipcsecurities.com
omari.whyte@familyfirstadvisors.ca
Brett Cranson & Omari Whyte have been helping Canadians with their Financial, Retirement and Estate Planning since 2003. Our office is based in Toronto, ON, Canada - but help Canadians Coast to Coast.