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The Sources of Retirement Income

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The Sources of Retirement Income Clients want to know: “Where Will the Money Come From?” After reading this, you should understand: The sources of retirement income The Sources of Retirement Income There are four broad sources of retirement income: 1. Personal, non-registered savings; 2. Registered savings plans; Registered 3. Registered pension plans; Pension Plans 4. Government retirement pensions. (RPPs) A registered pension plan is a Personal, Non-registered Savings plan set up by an employer to As you will see in this section, contributions to registered savings plans, private provide a retirement pension plans, and government retirement pensions are all limited. The personal income for its savings plan will be the form in which people save funds in excess of these plans employees. since there is no limit to the amount that can be saved and invested. + FILE See File 50 Guaranteed Investment Certificates (GICs) are a popular savings vehicle for for an illustration of retirement and during retirement, due to their low risk. a GIC in practice. Life insurance with cash value, segregated funds, and annuities are investments to which funds can be directed that provide for the tax-deferred growth and can supplement retirement income. Life Insurance Policy Cash Surrender Values as a Source of Income + FILE It is not improbable to find a person with a life policy struggling to find ways to See File 51 for an supplement retirement income. illustration of life policies used for A policy with a cash value — that is, whole life or universal life — can help to retirement provide the policy owner or his or her spouse with an income during retirement. purposes. Copyright © 2011 Oliver Publishing Inc. All rights reserved. 323 LLQP Options include: On the death of the life insured, using the face amount of the policy to buy a life annuity for the survivor. A life annuity will provide an income, until death. The cash surrender value (CSV) could be taken, and the proceeds used to buy a life annuity. A policy loan for 90% of the CSV could be taken and, although the death benefit would be reduced by the amount of the loan, a beneficiary would receive some funds at settlement, perhaps to assist with last expenses. If a universal life policy is in place, a cash withdrawal could be made, which, while reducing the amount of death benefit, does not require the policy to be sacrificed. While each option has benefits and drawbacks, they are useful to bear in mind + FILE See File 52 for on should the need for retirement income take precedence over estate-planning uses use of life insurance for final expenses. (such as the payment of capital-gains tax). Personal savings can also include the equity that has been built in a home via mortgage payments. Such equity can be accessed by a reverse mortgage: an option that is beyond the scope of the LLQP course. Which of the following statements is correct? A Policy CSVs can create an income stream via the purchase of an annuity. B A variable annuity will create a stable income. C Insurance policy loans exceed 90% of CSVs when they are used to purchase an annuity. D There are no drawbacks to utilizing accumulated cash surrender value as retirement income. Tax-Free Savings Accounts (TFSA) Earlier in this book we referred to the new savings plan, the Tax-Free Savings Account, and its use to fund the costs of higher education. The TFSA will also be very useful in the context of planning for retirement income. 324 Copyright © 2011 Oliver Publishing Inc. All rights reserved. Sources of Income Like RRSPs, the TFSA has a limit to the amount that can be contributed; in 2010 and 2011 the amount will be $5,000. That figure will be indexed for future years at the inflation rate, in $500 increments. Unused contribution room can be carried forward, as with an RRSP. The investments in the TFSA can be held in the same investments as an RRSP. On the death of the plan owner, plan assets can be transferred to the TFSA of the owner’s spouse or common-law partner. Unlike RRSPs, the TFSA contribution is not tax-deductible, and withdrawals are not taxed. The TSFA provides a valuable opportunity for tax-free investment growth, while providing retirees with a source of income that will not affect their OAS benefit (because withdrawals are not taxable income). Withdrawals from the TFSA are unlimited. Comparison of RRSPs/RRIFs and TFSAs RRSPs/RRIFs TFSAs Contribution limit $22,450 $5,000 (2011) Tax deductibility of yes no contributions Tax on withdrawals yes no Tax on investment no no growth while in the account Registered Savings Plans A registered savings plan is initiated by the client. There is no requirement to have such a plan. It is simply an excellent idea to have one to take advantage of the tax savings that such a plan provides. Registered Retirement Savings Plans A Registered Retirement Savings Plan (RRSP), as provided for by the Income Tax Act, is a plan designed to help people save for their retirement. The plan permits individuals to receive a tax deduction for their contributions to the RRSP, and then defers tax on growth within the plan until withdrawals are made. A RRSP can help an individual attain a higher standard of living during retirement by supplementing their government or private pension with additional funds. Copyright © 2011 Oliver Publishing Inc. All rights reserved. 325 LLQP An RRSP is available as a managed or self-directed plan. In both types of plans, the plan holder chooses from a variety of investments, though the self- directed plan holder has options not available to the managed plan holder. A managed plan is one in which the plan holder’s contribution is invested in products held in trust under the plan. Managed plans offer a wide range of investment options, including Guaranteed Investment Certificates (GICs), index- linked GICs, retirement savings deposits, mutual funds, and segregated funds. In a self-directed plan, also called a self-administered RRSP, the plan holder’s contributions are administered by a bank, trust company, or investment dealer. All investment decisions are made by the plan holder. Investment options, such as some stocks, are available to the self-directed plan holder that are not available to the managed plan holder. Qualified investments for self-directed RRSPs include: Money on deposit in banks or similar institutions; Bonds, debentures, and similar obligations guaranteed by the government of Canada, a province, municipality, or crown corporation (including Canada Savings Bond issues); Shares and debt obligations of Canadian public companies; Shares of foreign public corporations listed on a stock exchange outside Canada; GICs issued by a Canadian trust company; Certain annuities issued by Canadian companies; Shares of a utility company can be purchased within a self-directed RRSP. In a managed plan, such shares would be acquired through the holdings of a mutual fund. 326 Copyright © 2011 Oliver Publishing Inc. All rights reserved. Sources of Income Units of a mutual-trust or an insurance-company pooled fund; Rights or warrants related to securities that qualify for a RRSP; The purchase of call options on Canadian equities or Canadian debt instruments on a recognized Canadian exchange and the writing of covered calls on Canadian equities on a recognized Canadian exchange; A mortgage, or interest in a mortgage, or a pool of mortgages secured by real property located in Canada. Interest in Mortgage-Backed Securities (MBS) (i.e., pools of first mortgages on Canadian residential properties guaranteed by Canada Mortgage and Housing Corporation) and shares in most Canadian mortgage investment companies; Shares, bonds, debentures, or similar obligations issued by certain cooperatives or credit unions, and shares of certain investment corporations; Certain life insurance policies; Bankers’ acceptances; Limited partnership units listed on a Canadian stock exchange; Capital stock of a small business corporation (SBC), qualified venture capital corporation, or specified cooperative corporation; Gold and silver bullion of acceptable purity. Investments that do not qualify for self-directed RRSPs include: Precious metal bars and coins with fair market value above their stated value as legal tender; Shares and debt obligations of private corporations subject to some conditions being met; Commodity futures contracts; Works of art, jewellery, or antiques. Which of the following do not qualify as investments for self-administered RRSPs? A Gold, and silver bullion B Diamonds, emeralds, and rubies C Certain life insurance policies D Mortgage-backed securities Copyright © 2011 Oliver Publishing Inc. All rights reserved. 327 LLQP Making Contributions to a Registered Plan All individuals who have eligible earned income (including non-residents with Canadian earned income) may contribute to an RRSP up to December 31 of the year in which they reach age 71. Although individuals may own as many RRSPs as desired, they may retain ownership of their plans only up to the end of the calendar year in which they turn 71. At that point, the plan is said to have ―matured,‖ and it must be cashed out (and tax paid accordingly), or converted to a Registered Retirement Income Fund (RRIF) or annuity. Each year, the Canada Revenue Agency mails taxpayers a statement that confirms their maximum RRSP contribution limit for that year. Contributions to an RRSP for a calendar year may be made during that specific calendar year or up to 60 days after the end of the calendar year, unless the contributor has turned 71 that year. In that case, the contributor must contribute by year-end. The issuers of RRSPs are required to provide plan owners with official tax receipts for their contributions by March 31 of the following year.
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