Retirement Income
Retirement Income
We help turn your nest egg into a reliable income stream.
Our approach is backed by decades of academic research and helps:
- Keep your taxes low
- Reduce costs
- Maximize your investment return
- Lower portfolio risk
- Preserve your savings
Why Retirement Income?
Our approach also takes into consideration your other income sources. Things like Old Age Security, CPP, Pensions, Rental Income, Required Minimum RRIF Distributions, and more.
We carefully coordinate all of your income streams to help make sure you don’t pay more than your fair share of taxes.
Because it’s very possible to be in a higher tax bracket in retirement than as a working professional.
Keeping taxes low throughout retirement is one of the key ingredients to a successful plan.
Benefits of Retirement Income
FAQ
Retirement income benefits are the various sources of income you can rely on once you retire. These may include government benefits like Social Security, employer-sponsored pension plans, personal savings, and investments such as 401(k)s, IRAs, or annuities.
You can begin receiving Social Security benefits as early as age 62. However, if you wait until your full retirement age (which is between 66 and 67, depending on your birth year), you will receive your full benefit amount. Delaying your benefits until age 70 can increase the monthly amount you receive.
A 401(k) is an employer-sponsored retirement savings plan that allows you to contribute a portion of your paycheck to a tax-deferred account. Some employers may match your contributions. A pension plan, on the other hand, is a fixed income that employers provide based on your salary and years of service, guaranteeing regular payments in retirement.
An annuity is a financial product that provides a guaranteed income for a set period or for the rest of your life. You can purchase an annuity with a lump sum of money, and in return, you’ll receive regular payments. Annuities can be a good option for those looking for stable, predictable income in retirement.
Get Started with Your Retirement Income Plan
Planning for retirement can seem overwhelming, but the sooner you start, the more time you have to build a secure financial future. Whether you’re just starting your career or are already thinking about retirement, it’s never too early—or too late—to begin planning.
Trusted experts at your service.
Speak with Mount Columbia Private Wealth to discover a deeper understanding of your financial landscape and more.
