Make Sure to Include Income Laddering in Your Retirement Plan for Defined Benefit Pension Plans!

Learn more about our services: If you have a defined benefit plan, it'll be important to create a plan for a laddered income in retirement. You should spend more earlier in retirement than later, so despite a defined benefit plan, your TFSA and RRSP are still going to be important tools to for your retirements savings. If you have any further questions about this video's topic or any financial planning questions in general, I encourage you to find a certified financial planner in your area or book a consultation with us to get your savings plan on track.  You can learn more about our services at or email Info@Parallelwealth.com ----------------------------------------- DISCLAIMER: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Adam Bornn is not registered to provide investment advice and as such does not provide recommendations - those looking for investment advice should seek out a registered professional. Adam is not responsible for investment actions taken by viewers and his content should not be used as a basis for investment trades. Take our Retirement Ready Assessment My daily read to stay connected Book recommendation: ...(read more)

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Defined Benefit Pension Plans: DO NOT Forget About Laddering Your Income In Retirement! Defined benefit pension plans are a popular option for retirees looking to secure a steady stream of income after retirement. These plans are essentially retirement savings accounts where the employer contributes and manages the funds on behalf of the employee. While these pension plans offer a reliable source of income, it is important not to forget about "laddering" your income in retirement. What is laddering? Laddering is a technique used to ensure a reliable and consistent income stream for retirees. The technique involves structuring withdrawals from various sources of retirement income to create a predictable and steady income stream over time. For example, a retiree may have sources of income from multiple streams, such as defined benefit pension plans, Social Security, and personal savings. Instead of just relying on one source, the retiree can strategically withdraw from each stream to create the desired income level. Why is laddering important? Laddering is important because it helps retirees avoid the risk of relying on a single source of retirement income. If that source fails or underperforms, it could lead to financial instability in retirement. For instance, if a retiree puts all of their retirement savings into a single annuity product and that company goes bankrupt, the retiree could lose their entire retirement income. With laddering, retirees can ensure they have a steady stream of income even if one source fails or underperforms. It also provides flexibility to adjust the income stream over time, as life circumstances change. How to ladder your income in retirement? To ladder your income in retirement, retirees should first identify all sources of income, including pensions, Social Security, and personal savings. Once you have a clear understanding of all your income streams, you can create a list of prioritized withdrawals based on your income needs. For instance, you may want to prioritize withdrawals from your defined benefit plan in the early years of retirement while delaying withdrawals from personal savings until later when the value has had more time to grow. Similarly, you may want to delay withdrawals from Social Security to maximize the benefit amount. In conclusion, while defined benefit pension plans are a great option for securing a retirement income, it is important to not forget about laddering your income in retirement. This technique can help ensure a steady stream of income, especially when relying on multiple sources of income. By prioritizing the withdrawal sources, you can create a predictable and resilient income stream post-retirement. https://inflationprotection.org/make-sure-to-include-income-laddering-in-your-retirement-plan-for-defined-benefit-pension-plans/?feed_id=98421&_unique_id=646485e9d665b #Inflation #Retirement #GoldIRA #Wealth #Investing #definedbenefitpensionplans #FinancialPlanning #ladderedincomeapproach #ParallelWealth #passiveincome #Retirement #retirementplanning #RRSP #savings #TaxPlanning #TFSA #wealth #whatisadefinedbenefitplan #RetirementPension #definedbenefitpensionplans #FinancialPlanning #ladderedincomeapproach #ParallelWealth #passiveincome #Retirement #retirementplanning #RRSP #savings #TaxPlanning #TFSA #wealth #whatisadefinedbenefitplan