Costco Flyer - 07/01-07/31/2023 (Page 18)

visit canada.ca and search "canadian retirement income calculator" to calculate your needed retirement income by lana sanichar topic that keeps coming across my desk is the changing face of retirement income in canada what types of income should the average canadian plan to receive in the sources of retirement income an employer-sponsored plan and the responsibility for the individual as the number of employer-sponsored plans is on the decline found that 55% of canadians plan to could affect eligibility for income-tested government plans like old age security go into the income test for oas as canadians keep working in retire- thereby reducing oas and you must either withdraw the funds roll them into a registered retirement annuity or use some combination of and rrifs and annuity payments are according to canada.ca the government of canada's of an annuity can vary among providers taxable and are included in the income ket volatility and longevity have made annuities more attractive than rrifs annuities can offer income for a guar- protection and liquidity canadians could also receive pas- or withdrawals from non-registered plans or tax-free savings accounts while neither of the latter two is inclu- important sources of retirement fund- employer-sponsored plan petrera notes that every retiree is unique and will need personal advice on how to determine what types of income to expect and how to optimize that income from a tax perspective speak to a financial professional to help you optimize your retirement income strategy please do your own due diligence when making informational purposes only and may not apply ing about their finances; it is not meant to be used in lieu of advice from a professional sure you understand the con- penalties and administrative future proofing how to stay financially solvent after retirement kind of annuity you are pare similar products from several providers."-ls financial connection courtesy of lana sanichar lana sanichar is president and editor-in-chief of canadian money- saver magazine through an exclu- sive arrangement canadian money- saver's experts partner with the costco connection to share advice about relevant financial topics email topic sugges- tions to moneyinfo@ canadianmoney saver.ca costco members are offered a one-year special introductory price with online canadianmoney saver.ca and click on "subscribe," or call use "costco" for the discount code at the bottom of the page