One of the key challenges retirees face when they shift from “wealth-accumulation mode” to “drawdown mode” is in the timing and optimization of multiple income sources.
These may include employer and government pensions, registered and non-registered investment income, annuities, any continuing earned income or business income, rental income and many more.
There may be as many as 26 distinct sources of income a retired couple may encounter, estimates Ian Moyer, a 40-year veteran of the financial industry. And it’s not as simple as merely maximizing each stream of income because tax brackets, clawbacks of government benefits and other considerations all interact in complex ways.
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