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A successful retirement begins with a successful retirement income strategy.
One of the things that investors of all ages fear is that they won’t have a good financial plan in place so that they have enough retirement income to live on once they’ve stopped working.
Here are some ways to ease that anxiety:
In retirement, try to even out (equalize) your income with your spouse’s income, to lower overall taxes. Here’s how:
1.) Have the higher income spouse pay the household bills
The easiest way to even out income between two spouses is to have the higher-income spouse pay the mortgage, grocery bills, medical costs, insurance and other non-deductible costs of family life.
2.) Set up a spousal RRSP
Registered retirement savings plans, or RRSPs, are a form of tax-deferred savings plan designed to help investors save for retirement. RRSP contributions are tax deductible, and the investments grow tax-free.
3.) Pay interest on your spouse’s investment loans
If the lower-income spouse takes out an investment loan from a third party, such as a bank, the higher-income spouse can pay the interest on that loan.
RRIFs are a great long-term retirement income strategy
