Tag Archives: Diamond Retirement

When you are going through your working years, your employment income is really your main source of cash flow. When you are retired, you may have 6-8 different sources of income. So which ones should you use first? How do … Continue reading

Posted in Retirement Income Planning | Tagged , , , , , | Leave a comment

Today’s post, we are going to look at RRSPs as the next layer in building the cash flow you need. Granted, the payments from RRSP/RRIF plans are fully taxable, but you do have a greater degree of access to these … Continue reading

Posted in Retirement Income Planning | Tagged , , , , , , , , , , | Leave a comment

Like most things in life, there is always a trade-off choosing one option over another. There are two types of pension income options, being a Life Annuity and Life Income Fund. If you like the guarantees of the annuity option, … Continue reading

Posted in Pensions | Tagged , , , , , | Leave a comment

In addition to having a life annuity as a form of pension income, one can also use a Life Income Fund (LIF). A LIF acts differently than a life annuity because a LIF treats your income as “commuting” its value. … Continue reading

Posted in Retirement Income Planning | Tagged , , , , , , , , , , | Leave a comment

Up until the early 1990s, the life annuity was the most common and to an extent, the only option for commencing income from a pension plan or locked-in asset. A life annuity is a stream of future payments composed of … Continue reading

Posted in Pensions | Tagged , , , , , , | Leave a comment

Compared to a defined Benefit Pension plan, this type is far less complicated. In a defined contribution plan, the employee, employer or both contribute a fixed percentage of income. More often than not the contribution is 50% for both parties. … Continue reading

Posted in Pensions | Tagged , , , , , , , , | Leave a comment

This particular pension plan allows the plan member’s to know their financial benefit at the time of retirement. However, this plan does not know what the long term costs will be in order to achieve their guaranteed benefit. There are … Continue reading

Posted in Pensions | Tagged , , , , , , , , | Leave a comment