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VIDEO: Is The Dream Retirement Of Living On An Island Like Royalty Even Possible?

So, you want to retire and go live on an island like royalty, but can you?

You can live on your savings if you live like a rat.

You always control your own spending. So, spend less.

There are 3 options for most people leaving a defined benefit pension plan

  1. Take the company pension when you retire.
  2. Take the commuted value, which is the cash to pay that pension. Most companies allow the commute.
  3. Buy a copycat annuity with the commuted value money, if the plan allows.

There are often restrictions to the commute option such as age and plan design.

The same restrictions may apply for the copycat annuity option. That must be allowed by your plan.

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Can you unlock a LIRA?

Yes, in 2 ways.

First, 50% can be unlocked when you convert to a LIF and start withdrawing.

Secondly, if you LIRA amount is small or you are VERY ill, you may be able to unlock.

What is the advantage of investing via funds rather than buying stock directly?

Short answer: you get a professional to buy those stocks for you.

Example: U.S. mid cap. Are you able to buy and manage smaller U.S. companies from your arm chair? Likely not.

Prescribed Annuities

Lastly, a prescribed annuity pays a level tax amount rather than front ending the taxable portion.

 

 

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Book a no-obligation 15-minute virtual Zoom consultation call with a Certified Financial Planner who can answer your pension and retirement questions and inform you of all your options!

Retiring in 2022? Book A 15-Minute Virtual Consultation!

Chat with Certified Financial Planner, Bruce Youngblud. He can advise you on pensions, retirement planning, tax planning and estate planning. Plan to enjoy retirement to the fullest!

Retiring in 2022? Book A 15-Minute Virtual Consultation!

Chat with Certified Financial Planner, Bruce Youngblud. He can advise you on pensions, retirement planning, tax planning and estate planning. Plan to enjoy retirement to the fullest!