Sources of Retirement Income

SOURCES OF RETIREMENT INCOME – Funding your dreams

Personal savings, including your registered and non-registered accounts
Government support
- Canada Pension Plan (CPP)
- Old Age Security (OAS)
Real estate, such as your home or cottage can be a source of income in later years, especially if you don’t plan to pass property on to your children or grandchildren
Employer pensions are becoming less common, and the onus is on the individual to put enough aside to meet retirement needs. There’s also a shifting away from defined benefit to defined contribution plans, which are more flexible and not regulated by pension legislations. Traditional plans had strict rules and were ‘locked-in’, whereas newer plans can be customized to individual preferences and investment options
Individual Pension Plans (IPP) can be described as ‘supersized’ RSPs. They can be set up to protect assets from creditors and create tax-deductible expenses to a corporation.
An Insured annuity also known as a Triple Back-to-Back strategy, combines a life annuity with insurance protection. It’s a low-risk alternative to the fixed-income portion of your portfolio and provides guaranteed income with estate protection.