CPP Revisions a Good Reason to Learn Professional Tax Efficient Retirement Income Planning

There are lots of changes coming to retirement income planning, together with a whole new focus on how much is enough. . . a question being asked by all generations in the family.  That’s why retirement planning is really about multi-generational planning.

The government say 60% of pre-retirement income in introducing recent CPP reforms, others estimate 65 – 87% depending on your anticipated lifestyle.  The most recent surveys and trends are discussed in Knowledge Bureau’s newly released Tax Efficient Retirement Income Planning Course, available now online.  It’s a must-do for today’s cutting edge tax and financial advisors.

While planning tax-efficient retirement income is a skillset in great demand by the baby boomer demographic—the most affluent generation in our history—Gen-Xers also seek credible, trusted and expert solutions to their complex retirement planning requirements. Both demographics are starting to view tax erosion as the biggest threat to their wealth – and with good reason.

This leading edge certification program is part of the prestigious MFA-Retirement and Estate Services Specialist program. The courses provide not only the most current tax and retirement planning information, but it is designed to provide a strategic structure and process for advisors interested in gaining the skills necessary to marry tax and financial planning competencies with tax-efficient income requirements by their clients.

Certify now to specialize and provide this new value-added service with the newly revised Tax-Efficient Retirement Income Planning Course.  Because it’s available online, you can start today. However, in-class embellishment is also possible through the Distinguished Advisor Workshops, now forming with a focus on year end tax planning.

“A consistent process for multi-generational planning that looks not only at tax efficiency of income, but also at the tax efficiency of the capital left for spouses and heirs is critical with the introduction of the new 33% federal tax rate on high income earners,” says Evelyn Jacks, President of Knowledge Bureau and co-author of the course.  “Using cutting-edge tools to predict how sustainable savings will be, and what can be done through income averaging, income splitting and tax deferral is a hallmark of this course which we are proud of.  Students will learn immediately implementable, practical skills.”

Participants in this course will have a sound working knowledge of the principles of retirement income planning process which include following:

• 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 clients in a consistent process for addressing the three trigger issues 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, including savings and withdrawal strategies, for a long-term, tax-efficient retirement income planning approach around the three specific phases of retirement planning—pre-retirement, in-retirement and post-retirement.
• Be conversant with recent tax changes relating to personal taxation, in particular those 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, maximizing RRSP rollover opportunities and taking advantage of income splitting with the spouse.
• Plan a 20-year retirement income plan that minimizes capital encroachment in order to preserve as much savings as possible for an uncertain future and, in addition, averages down taxes on the 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 responses to specific questions pre-retirees have, such as, “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.

Knowledge Bureau’s Tax-Efficient Retirement Income Planning Course is a component of the Retirement and Estate Services Specialist – Master Financial Advisor program. Click here to find out more about this program.

What our students say:

“The detailed approach to the tax efficient retirement income planning thought process, as well as the online tools were easily understood and very effective.” Joan M., ON

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