JULY 6, 2022
By: Anne Levy-Ward
Read time: 7 minutes
Retirement can be the most rewarding time of your life. The key is to have a strong decumulation plan.
What is decumulation? While the term might not be familiar to you, the concept certainly is. It’s basically the financial term for how you’ll spend your money in retirement. You’ve saved carefully for years. Now’s the time to think about spending your savings to live the life you want.
Converting retirement savings into income will look different for everyone. It all depends on how you’ve saved up during your working years. You may have some money invested in an employee pension plan, RRSPs, TFSAs, or other retirement income plans. Figuring out when and how you’ll use those savings takes careful planning.
Read on to get answers to your questions on decumulation:
- Why do you need a decumulation plan?
- How can a decumulation plan help you pay less tax?
- How can a decumulation plan help your money last?
- How do you make a decumulation plan?
- Which retirement income sources should you tap first and why?
- How can you manage the emotional side of spending your savings?