If you’re a Canadian living in the United States and planning to retire within the next 12 months, there are several important decisions worth making before you leave work.
Cross-border retirement planning can be more complicated than a typical U.S. retirement because you may be coordinating CPP, OAS, RRSPs, RRIFs, Social Security, Medicare or ACA coverage, U.S. retirement accounts, and tax rules in both Canada and the United States.
In this video, Bryan Haggard, CFP®, CFA, explains the five areas he would focus on today if retirement were coming in the next year:
- Understanding how much you actually spend and what retirement will cost
- Deciding when to start CPP and OAS
- Determining whether it makes sense to convert an RRSP to a RRIF
- Creating a plan for health insurance and Medicare
- Building a multi-year retirement tax strategy
The year before retirement can be one of the most important planning periods because decisions around withdrawals, government benefits, healthcare, and taxes can affect your retirement income for years to come.
If you are a Canadian living in the U.S. and want help coordinating your retirement income, investments, Canadian retirement accounts, and tax strategy, RetireMitten Financial Planning specializes in helping Canadians navigate retirement on both sides of the border.
Watch the video here:
If you’re a Canadian living in the U.S. and you’re getting close to retirement, you can learn more about working with us or schedule a meeting here: