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How to Maximize Retirement Income with Part-Time Work

cash flow financial planning retirement planning tax planning May 04, 2023

Are you nearing retirement and unsure whether to fully or partially retire?

Let's break down how partial retirement income works and how you can draw down some of your retirement funds while also working part-time.

There are two reasons to consider this in your retirement strategy:

  1. You may not be able to afford to fully retire but are ready to scale back to some extent.
  2. Many people who enter retirement have a difficult time adjusting, having lost the purpose of a job. Going from 100% to 0% may not be the ideal solution for you. Scaling back while still having some income and keeping connections can be a great way to transition.

Watch our video below that includes two different scenarios along with tax strategy around part-time work during retirement to see if this might be a good option for you.

  • Will working part-time for a few extra years help you reach your goals for the go-go phase of your retirement and beyond?
  • How does the RRSP drawdown and tax strategy work if employed part-time?
  • Does laddering income still make sense?
  • How does bumping up your TFSA before retirement benefit this strategy?

Based in beautiful Langley, British Columbia and with offices in St. Catharines, ON & Calgary, AB we proudly serve Canadians from across the country and living abroad.

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