Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

Think Again About Your Retirement Fund

18 Apr 2024 · 1 min

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A speaker recounts how their parents accumulated a large RRSP while in a low tax bracket but later paid much higher taxes (around 50%) when withdrawing funds in retirement. The anecdote motivates rethinking traditional retirement advice and tax-focused planning, and critiques financial advisers who primarily direct money into conventional systems.

Chapters

My father and my mother built up a pretty sizable rrsp, despite them being in their lower income tax bracket. And the taxes they were paying were around 15 to 20%. Now, after in the stages that we needed to use the money for their own reasons to get the money out, they were paying 50% in taxes to get the level of income that they needed to get out. And that made absolutely no sense. And that really bothered me. So this is why I want to use that as sort of the explanation why this process and thinking differently is so important for retirement. Not just to rely on the traditional financial system or all the advice you may hear from the financial entertainers. Their main job is to attract your money to put it into that traditional system.