These are the eight sources of retirement income you need to know about
When preparing to retire, you need to be aware of your available options to cover your expenses, as well as how much money you will owe in taxes based on these options. There are up to eight different sources of funds. Some people may not have considered all of them, and others may not apply to all retirees. They include: government pensions, investment portfolios, defined pension benefit plan, corporate investment account, annuities, your home, insurance policies, and your kids (or other family). Each of these income sources requires planning to maximize your cash flow without paying out too much in taxes.
“Remember that your retirement income is about much more than simply an RRSP or RRIF. There are hopefully many sources of income for you, but the more sources of income, the more complex some of the tax and planning issues become.”