Focus on Income Layering in New Retirement Course

This fall, learn an important skill that’s in demand. Retirement income planning is a skillset in high demand by the baby boomer demographic—the most affluent generation in our history. 

They seek credible, trusted, and expert solutions to their complex retirement needs, but they want more: tax efficiency.

Knowledge Bureau’s newly revised TERIP (Tax-Efficient Retirement Income Planning) course addresses that need by preparing professionals with the cutting-edge knowledge, skills and tools to do so.

This course provides structure and process for specializing in tax-efficient retirement income planning. The objective is to marry tax and financial planning competencies to help clients adequately fund tax-efficient income requirements by accumulating, growing, preserving and transitioning wealth through three phases of retirement: pre-retirement, in-retirement and post-retirement.

“Getting adequate and consistent market returns has been difficult; but keeping savings away from tax erosion is an even bigger threat, yet one that can be managed,” says Evelyn Jacks, author of the course and 52 books on personal tax planning and family wealth management. “In fact, with a new high-income tax bracket, tax efficiency is a primary skillset for astute advisors.”

Students appreciate the integration of recent changes to OAS, CPP and private retirement funding in a true-to-life case-study approach. “I have been pleased to work with Walter Harder, DFA-Tax Services Specialist^TM and Knowledge Bureau Master Instructor, who has developed new skills-based, practical case studies on outstanding calculator tools, immediately implementable in advisors’ work with clients,” said Jacks.

This course teaches a consistent process for multi-generational planning that looks at tax efficiency of both retirement income and the capital remaining for spouses and heirs. It provides cutting-edge projection tools to predict savings levels and what can be done to add tax efficiency through income averaging, income splitting and tax deferral.

CERTIFIED SKILLSETS: This course covers a holistic retirement-income planning process, which will result in the student acquiring the skills to do the following:

• Proficiently use a financial assessment tool around which to structure the client’s pre- and post-tax retirement income needs and monitor ongoing results on a projected Net Worth Statement.
• Do a proper assessment of client vision and goals for retirement, and engage them in a consistent process for addressing the three trigger questions that cause financial decision-making: life events, financial events and economic events.
• Establish a strategic “real wealth management plan” based on client needs for tax-efficient income as well as after-tax capital preservation, growth and transition.
• Establish action plans for a long-term, tax-efficient retirement income planning approach around the three specific phases of retirement planning.
• Be conversant with recent tax changes relating to personal taxation, in particular related to public pension planning options, the integration of work life into retirement life, and planning to avoid clawback zones.
• Plan with pre-retiring employees in negotiating severance, to maximize RRSP rollover opportunities and properly plan income splitting with the spouse.
• Develop a 20-year retirement income plan that minimizes capital encroachment in order to preserve as much savings as possible for uncertain futures, and in addition averages down taxes on many layers of income sources that will be earned by a couple in retirement.
• Through a variety of “Advisor Think Tanks” and case studies, demonstrate the customization of a retirement income plan and provide responses to specific questions pre-retirees have, like “Do I have enough?” “When should I take my CPP pension benefit?” “What should I do with my severance package?”
• Provide post-retirement guidance to survivors and plan for the most advantageous asset transfer opportunities.

Pre-registration is now available for this course, which will be available September 20. For more information click here.

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