Gill and Deshun's Retirement Success with Optiml
How a couple achieved their desired retirement income while increasing their estate value by 19% through strategic tax optimization.
Overview
Gill and Deshun had a clear vision for their retirement. They know they need to be able to spend $45,000 per year in after-tax dollars to live comfortably and achieve their goals. However, what they didn't know was the most tax-efficient way to withdraw from their RRSP, Non-Registered accounts, and, if necessary, their TFSA to meet these needs. Initially, they followed a traditional withdrawal order commonly advised in Canada: Non-Registered first, then their RRSP accounts, and finally TFSAs. While this strategy ensured they could meet their desired annual income throughout their lifetime, it came at a hidden cost—their estate value was being depleted unnecessarily due to inefficient tax strategies.
Financial Profile
Gill
Current Age: 65
•
Retiring at 65
Annual Income
$50,000
TFSA
$10,000
RRSP
$100,000
Non-Registered
$50,000
Total Assets
$160,000
Deshun
Current Age: 63
•
Retiring at 63
Annual Income
$45,000
TFSA
$8,000
RRSP
$80,000
Non-Registered
$40,000
Total Assets
$128,000
The Challenge
While their traditional plan provided income security, it wasn't optimized for minimizing taxes, which led to a significant reduction in their estate value by the end of their lives.
Achieving their desired after-tax annual income throughout retirement
Preserving their estate value for their heirs
Avoiding unnecessary tax burdens from inefficient withdrawal strategies
The Solution: Tax-Optimized Withdrawal Strategy
By switching to Optiml, Gill and Deshun were able to:
Strategy Reassessment
Reassess their retirement strategy with a focus on tax efficiency
Personalized Withdrawal Plan
Implement a personalized withdrawal plan that considered the best order and timing
Estate Optimization
Optimize their estate value while maintaining their desired annual income
The Results
Estate Value Increase
$1,873,149
+19%
Income Goals
100%
Met
Estate Tax
Reduced
12%
Same Desired Annual Income throughout retirement
19% Higher Estate Value compared to traditional approach
Lower Lifetime Tax Burden
CPP & OAS Timing was critical to their success
Key Takeaways
Tax Efficiency Matters
Even if a traditional strategy meets income goals, it may come at the expense of higher taxes and a reduced estate value.
Personalized Plans Deliver More Value
Optimizing withdrawals based on unique circumstances and goals can lead to significant financial gains.
Legacy Preservation
A tax-optimized strategy not only supports your retirement lifestyle but also ensures you can leave behind a meaningful legacy.
Gill and Deshun's story highlights the importance of rethinking traditional financial advice and embracing a personalized, tax-efficient approach to retirement planning. With Optiml, they achieved their retirement dreams while maximizing the value of their estate for future generations.
Learn More About
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