Top critical review
8 of 9 people found this helpful
too complex for the average retiree to implement
on January 15, 2013
There are two parts to retirement: the accumulation years where you build up financial assets through contributions and the later, income years where you receive income from the various government, pension and personal sources. From the title, this book obviously focuses on the less frequently discussed income years vs. the accumulation years (which tend to be driven by the selling of investment "products" such as mutual funds, GICs, RRSPs etc.). This book is written for Canadians and uses all the familiar Canadian acronyms and taxation terminology.
This book is very heavy going particularly in the various tax implications. That's because it's written by a financial expert who advises clients on how to structure their various retirement income sources most efficiently from a tax and estate planning perspective. It's just too technical for the average reader to absorb but it does give potential retirees some idea of what they need to consider and what to discuss with their advisers. This book could have used more baby steps in explaining the various tax terms and concepts to laymen.
To me, the subtitle (A Six-Step Plan to Design and Build a Secure Retirement) would indicate this book is a participatory workbook or planner where it actually leads you step-by-step through a process to come up with a plan. Beware: it does NOT do this even though there is a PDF form on the associated website that could theoretically help.
After reading this book I have come to one conclusion: The withdrawal of income from the many available retirement assets, in the most tax efficient manner possible, is far too complex to be done by the average person. This is unlike the accumulation years where things like asset allocation within a RRSP are much easier to grasp and could be done by anyone who's interested.
Just find yourself a good adviser in these matters.