Investment changes in retirement

Preparing for life after work. RRSPs, RRIFs, TFSAs, annuities and meeting future financial and psychological needs.
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Sensei
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Investment changes in retirement

Post by Sensei »

Hi,

I did a quick search for similar topics, but found none. Moderators?

I've got less than two years to 65 and therefore CPP, OAS and a Japanese pension will kick in. All told, not much, so the bulk of my retirement will be funded by my investments. At the moment I have two adult dependents.

I wonder if FWFers would like to share:
1. to what extent they repositioned their portfolios nearing or after retirement
2. if it was planned or just ad hoc
3. how they are financing their lifestyles if completely retired

At the moment I have a very low 7 figure net worth, a recent event which I haven't quite grasped yet. About 60% is in cash, 25% in TDDI Canadian and US stock portfolios, and 15% in funds offshore. I plan to work part time after 65 which could be nearly enough to live on including pensions. However, I think I'll be fully retired by 68 - 70 depending on health. Where should I be by then??? :?:
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Re: Investment changes in retirement

Post by longinvest »

I'm not retired, but here's my plan.

I have no intention to ever change my balanced portfolio which is composed of 50% stocks (half domestic, half international) and 50% bonds (half nominal, half inflation-indexed), where each of the four parts is invested into a market-capped index ETF.

During retirement:
1- I'll get QPP and OAS, which I will delay until age 70. I'll fill the gap between retirement and the start of payments using a riskless non-rolling GIC ladder. See: Delay OAS to 70, spend 8.8% more at 65!
2- I'll get a work pension. (Not inflation-indexed).
3- I'll take yearly withdrawals out of my portfolio based on the Variable Percentage WIthdrawal (VPW) method. See: finiki: Variable percentage withdrawal
4- At age 80, I'll consider increasing my lifelong inflation-indexed non-portfolio income to provide a sufficient comfortable income floor by converting part of my portfolio into an inflation-indexed (or, if not available, a 2% indexed) Single Premium Immediate Annuity (SPIA). The objective is that OAS + CPP + inflation-indexed SPIA comfortably covers our lifestyle, even after the death of one spouse, independently from any portfolio withdrawal. Call this longevity insurance.

The thing not to forget is that VPW targets full portfolio depletion by age 100, so we definitely need longevity insurance. Luckily, inflation-indexed SPIAs are competitive with VPW withdrawals at age 80. For example, in April 2017, a joint 2% indexed SPIA had a 7.0% payout (see: https://lifeannuities.com/annuity-rates ... joint.html) while VPW's percentage at age 80 for a 50/50 portfolio is 6.8%, which is lower (see: http://www.finiki.org/wiki/Variable_per ... preadsheet).

It's a very simple plan, using a very simple portfolio. It's part of the design, because I want my wife to be able to manage it if anything was to happen to me. I already make sure that she manages her portfolio, buying (and selling, to rebalance) ETFs using limit orders during market hours on our infrequent investment (and rebalance) schedule. That's just a few transactions each year.

Good luck!
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Wallace
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Re: Investment changes in retirement

Post by Wallace »

It all depends on your investment style. I invest completely in equities, almost always blue chip dividend stocks. Always have, and I'm quite comfortable continuing this forever as long as I keep my neurological marbles. But you have to be comfortable enough with market downturns - significant ones - to do this. I have no pension apart from OAS which is almost all clawed back and CPP.
I use the VPW method described by longinvest to calculate my yearly budget too. Although it's designed to "run out" at age 100, as he suggests, that is only if you withdraw the maximum each year and so far I haven't needed to do that. So I don't feel I need the insurance that he describes.
I don't worry about how much I will leave my children. Only 0.006 percent of us reach 100 years of age, and most of us will be on the one way magical mystery tour long before that, so I will just let nature and fate decide.

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kcowan
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Re: Investment changes in retirement

Post by kcowan »

I moved my portfolio from growth and speculative stocks to high paying convertible debentures, dividend paying blue chip stocks and funds to cover geography outside Canada-US.
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Re: Investment changes in retirement

Post by JaydoubleU »

I began last year shifting emphasis away from smallcap stocks, high yield stocks with static dividends, and like Keith, towards blue chip dividend growth stocks. I am still attracted to a relatively high level of current yield, and though it may sound illogical, I can't get too excited by a 1-2% yield even if the growth rate is 10% or more. I need a high level of income RIGHT NOW, maybe even more so than in 10 years time when I expect pensions and other things to come in. I look for a sweet-spot of relatively high current yield coupled with higher than average expected growth in that yield.

My "model" was working well until recently. I suspect the sudden weakness is due to the sell-off or backlash against stocks and sectors that are interest-rate sensitive and carrying higher levels of debt. In order to balance the risk, so to speak, I have tried to be exposed to something that will benefit by higher rates.

So, for example, I have positions in both AQN and POW: the former had an above-average dividend yield but also a high rate of growth: 10%. It was on a roll but has fallen back quite a bit the last 10 days. POW also had a high yield, and appears to be tracking a growth rate of about 7%. Good enough for me. Both are examples of stocks I regard as well-managed and lower risk.

I've also been more careful than I used to be in answering the question, "is that dividend sustainable?" Whereas in the past I might have taken more risk, approaching semi-retirement I want the answer to be, "extremely low risk of a dividend cut."
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Re: Investment changes in retirement

Post by bpither »

Well I'm nearly 65, zero debt, a condo owner and live primarily off eligible (prov/fed income tax credits) dividends from pipelines, utilities, our banks, an insurer, telecom, BIP, CN rail and some perpetual preferreds purchased in 2009. I've owned most of my portfolio for a very long time and the capital gains are enormous if I ever cash in. I don't need too, and depending on your resident province the taxes can be very very low. An additional bonus is that very year my income goes up - which is what I'm after.

I'll defer OAS since it will be clawed back by more than half anyway and I don't really need it. Some of my preferreds from PWF will probably be called some day so I'll look at it again later on. CPP - I worked only a few years in Canada so it's tiny and I've been collecting since age 61. I also do not have an RRSP but my TFSA is loaded with income producing securities, the proceeds of which I just keep reinvesting.

I see no reason to change any of the above - I'm lazy and it's pretty much on autopilot. I've been investing since the early eighties and have seen a lot of panic. I expect another major decline in overpriced stock values but after decades in the market if I really get canned then we're headed into a deflationary spiral as in the 1930's ... and dividend producing utilities of which I own a lot was one area where the dividends didn't get slaughtered. If I'm wrong I'm about 18% cash ... paranoia in small doses is healthy.

Anyway Sensei - buy the best, not the most - Exxon, Emera, Telus, BCE, TD Bank, Power, Enbridge, Canadian Utilities, Fortis, CN Rail, BIP, Trans Canada, Canadian REIT for starters. They're growing their dividends/distributions. Nothing is cheap ... Power Corp is probably the best value. I've had three dividend cuts - Trans Canada, Telus and Manulife ... but in the case of the first two it was a good decision in the long run.

The other side of the coin is frugality ... are you an incorrigible consumer? The waste in this country is incredible! I moved to a less expensive suburb in the lower mainland and can walk everywhere. I shop at the Salvation Army/thrift stores, never eat out (why should i when my Hungarian wife is 5 star) drive a 10 year old Honda Civic which has never given us a problem and our hobbies are inexpensive - chess, skating, hiking etc.
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kcowan
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Re: Investment changes in retirement

Post by kcowan »

These are my shopping lists:
Cdn Dividend payers
and
US Dividend Aristocrats

One benefits of looking at total return is the ability to trade off taxable income (current yield) and OAS clawback with better capital gains. It also helps with US holdings (less holdbacks and no dividend uplift).
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Re: Investment changes in retirement

Post by deaddog »

Sensei:

I retired in 2000; freedom 55 :) .

Because of the tech wreck shortly after I retired I found that riding the market up and down was too emotionally stressful. I changed my investment strategy from one of buying and holding based of fundamentals to one of trading in and out of the market based on technical analysis and price action.

My objectives changed from accumulating wealth to preserving capital. I changed from buying good companies to buying good stocks. (Good stocks like good dogs or children behave like you expect then to)

I never diversified by asset class. History shows that stocks outperform other classes so I invested only in stocks. Why invest in underperforming assets? My thinking didn’t change when I retired. Since changing to a market timing strategy I have found that as the market drops I go to cash and when the market turns I have cash to reinvest.

Income comes from CCP, OAS, Dividends, and Capital gains. We try and keep income under the claw back limits. Any cash goes into High Interest Savings accounts. I have no trouble moving cash around to pick up an additional 50 basis points.

The strategy is not for everyone. It has worked well for me. I sat out the 2008 meltdown and have been whipsawed a couple of times since then but my capital keeps growing and I’m able to maintain a satisfactory lifestyle doing what I want, when I want.

Depending on your expenses you should be fine. I started with about less that 1/2 of your net worth, spend 100k a year and have tripled my liquid net worth over the last 17 years. All in all retirement is the best job I've had.
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Re: Investment changes in retirement

Post by AltaRed »

1. I keep 1-2 years of expenses in HISA or equivalents to help mitigate the effects of a severe bond and/or equity market because I no longer have employment income coming in.
2. I have increased my holdings in income producing equities, namely Prefs and REITs. I am now about 7-10% in each of those two categories but I have decreased my FI (5 year GIC ladder) slightly as a result as well. Given the performance of my 5-7 year bond/GIC/debenture ladder is only about 3% yield these days, I see no point of having much in that type of asset.... about 15% (BUT I also have a DB pension that pays the essential bills).
3. I subscribe in principle to the VPW methodology though I don't necessarily actually draw on the full amount each year that the methodology suggests.

Added for context: I retired 11.5 years ago so have seen how my portfolio responds to a complete? business cycle. I thus have some confidence in positioning my portfolio per 3 points above. FWIW, I am okay with only getting 1.2-1.7% on my HISA and equivalents. It's akin to paying a bit of an insurance premium in a less than perfect world.
Last edited by AltaRed on 09 Jul 2017 13:09, edited 1 time in total.
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Re: Investment changes in retirement

Post by JaydoubleU »

Some great comments above.

--Quite a few are invested exclusively in equities, as am I. Everyone here is aware of the tax advantages of Canadian dividend stocks in a non-registered account in Canada. Completely agree with bpither to focus on quality at this stage.

--I might have mentioned that I keep about a year's living expenses in cash. It's tempting to invest this, but more prudent to have it available in the event of market meltdown, as Altared says.

--My wife also has assets, but I encourage her NOT to follow me into the market but to diversify in other ways (GICs, rental property). She doesn't know this, but I think of her as our "backup plan B." :) Still, we may sit down soon and discuss ways to combine assets if we think we can make better or more efficient use of them.

--your situation is going to be different if you don't reside in Canada. The situation and rules are different in Japan, as you know.
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Re: Investment changes in retirement

Post by Descartes »

I started adjusting things for retirement a couple of years ago.
I've got about 7 years to a revised retirement target of 60 when I will stop work completely.

I got out of all energy related stocks except for Interpipe, Pembina, and Altagas.
I got out of all materials except for Chemtrade.
I have narrowed my buying focus to just proven dividend growth stocks and the S&P 500 index.

I have a year of expenses in cash and 5 years of expenses in a 60 rung (i.e. monthly) GIC ladder:
this is intended to be protection against needing to sell stock into a downmarket for cash.
All the rest is ear-marked for stocks and bonds.

I won't have a work pension.
Prior to 65, when I will start collecting CPP, my income will be solely from my investments.
The RRIF is projected to be large enough to last beyond age 100 while the non-registered equity, cash,
and GICs (and the house) will be our inheritance to our kids.
If we live beyond 100 that inheritance will probably slowly erode
..or the kids will put us both on an ice flow somewhere (presuming the poles haven't all melted by then).

Anyway, that's the plan.
But life has a way of messing up the best of plans.
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Re: Investment changes in retirement

Post by longinvest »

JaydoubleU wrote: 09 Jul 2017 07:14 --Quite a few are invested exclusively in equities, as am I. Everyone here is aware of the tax advantages of Canadian dividend stocks in a non-registered account in Canada. Completely agree with bpither to focus on quality at this stage.

--I might have mentioned that I keep about a year's living expenses in cash. It's tempting to invest this, but more prudent to have it available in the event of market meltdown, as Altared says.

--My wife also has assets, but I encourage her NOT to follow me into the market but to diversify in other ways (GICs, rental property). She doesn't know this, but I think of her as our "backup plan B." :) Still, we may sit down soon and discuss ways to combine assets if we think we can make better or more efficient use of them.
So, if we take into account total family assets, including cash and GICs, it's not far from 60/40 stocks/(cash & fixed-income), except that if markets do well, the husband will get much richer than his wife, and if they crash, the wife will have to bail out the husband.

Did I get this right? :wink:
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Re: Investment changes in retirement

Post by JaydoubleU »

So, if we take into account total family assets, including cash and GICs, it's not far from 60/40 stocks/(cash & fixed-income), except that if markets do well, the husband will get much richer than his wife, and if they crash, the wife will have to bail out the husband.

Did I get this right? :wink:
Nah, yer way off. First of all, it is the income from "the husband's portfolio" that pays the bills. We all depend on MY income, though I don't think of it as mine, I think of it as OURS. If the markets do well, which to me means regular and significant dividend increases, the family as a whole celebrates. Maybe I get to drink craft microbrewery beer instead of cheap lager. Second, the wife inherits 100% of the assets, so it is really all hers anyway, and I'm just a poorly paid and underappreciated manager :)

All I had tried to say was that I don't think it wise that ALL the family assets be invested in the same class.
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Re: Investment changes in retirement

Post by longinvest »

JaydoubleU wrote: 09 Jul 2017 11:18 All I had tried to say was that I don't think it wise that ALL the family assets be invested in the same class.
Yes, that's wise. The thing is that people like to claim that they're 100% invested in equities; there's apparently some badge of honor attached to it. But when taking into account the entire financial picture, one discovers lots of non-equities wealth.
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Re: Investment changes in retirement

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Sensei wrote: 08 Jul 2017 05:34...
I wonder if FWFers would like to share:
1. to what extent they repositioned their portfolios nearing or after retirement
2. if it was planned or just ad hoc
3. how they are financing their lifestyles if completely retired
1. We actually tilted towards more equity as we neared and began early retirement. It became clear that we could 'afford' to (had enough assets, incl FI) and clear that we were heavy on FI.
2. aa
3. We live off of CPP plus maturing strips in un-reg jt acc. But our annual spending is matched by dividend income which is drip'd so in theory our acc bal remains flat - actually it has grown w/ cg's and div increases but intent is to liquidate and gift what remains of this acc between now and age 71. Will take sufficient rrsp for pension credit at 65, don't anticipate any OAS. At age 71, FI-invested RRSPs/RRIF's will take over till death do us part. TSFA's and princ residdence are surplus.
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Re: Investment changes in retirement

Post by JaydoubleU »

Yes, that's wise. The thing is that people like to claim that they're 100% invested in equities; there's apparently some badge of honor attached to it. But when taking into account the entire financial picture, one discovers lots of non-equities wealth.
OK, fair enough. So for the purposes of family/estate management, we'll combine assets, but for the sake of independence and marriage stability, we'll keep some accounts separate and not subject to the scrutiny or judgement of the other.
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Re: Investment changes in retirement

Post by Taggart »

Sensei wrote: 08 Jul 2017 05:34
I wonder if FWFers would like to share:
1. to what extent they repositioned their portfolios nearing or after retirement
During retirement:

Emergency cash funds in a HISA. Global index portfolio in the RRSP's (40% Canadian bonds, 20% Canadian equities, 20% U.S. equities, 20% International equities). Mix of HISA and global index portfolio in the TFSA's (10% Canadian bonds, 30% Canadian equities, 30% U.S. equities, 30% International equities). All Canadian individual dividend growth equities with sector target diversification in the non-registered account.
Sensei wrote: 08 Jul 2017 05:34 2. if it was planned or just ad hoc
A bit of both. I try to keep investing simple and not make big changes. I'm also flexible when necessary.
Sensei wrote: 08 Jul 2017 05:34 3. how they are financing their lifestyles if completely retired
Pensions, CPP, OAS. Dividends from the taxable portfolio are re-invested into our TFSA's yearly limit. Any savings each year after expenses are either used to top up the emergency fund or get re-invested into the taxable equities. My wife and I have always been debt averse and live within our means.
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Re: Investment changes in retirement

Post by AltaRed »

Taggart wrote: 09 Jul 2017 18:34 Pensions, CPP, OAS. Dividends from the taxable portfolio are re-invested into our TFSA's yearly limit. Any savings each year after expenses are either used to top up the emergency fund or get re-invested into the taxable equities. My wife and I have always been debt averse and live within our means.
By deduction, that suggests to me you do not spend all your cash flow..... And that your capital continues to grow from both capital apprecation plus some re-investment? if so, and at the risk of derailing this thread, why? I would think retirees would have a plan to mitigate increases in 'net worth' by giving excesses away regularly to pet causes. Nice problem to have of course.
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Re: Investment changes in retirement

Post by Taggart »

AltaRed wrote: 09 Jul 2017 18:44
Taggart wrote: 09 Jul 2017 18:34 Pensions, CPP, OAS. Dividends from the taxable portfolio are re-invested into our TFSA's yearly limit. Any savings each year after expenses are either used to top up the emergency fund or get re-invested into the taxable equities. My wife and I have always been debt averse and live within our means.
By deduction, that suggests to me you do not spend all your cash flow..... And that your capital continues to grow from both capital apprecation plus some re-investment? if so, and at the risk of derailing this thread, why? I would think retirees would have a plan to mitigate increases in 'net worth' by giving excesses away regularly to pet causes. Nice problem to have of course.
We do give yearly to favourite charities. If we live that long, we're also striving to keep out of a retirement/nursing home as long as possible. We're not multi-millionaires, so just doing our best to keep the after tax assets ahead of inflation. I also know enough of stock market history (the 1930's and 70's come to mind) to be wary of what may be coming unseen down the road. Heck, I just have to look at the country where Sensei is living right now. I couldn't have invested in that environment since 1989. It would of been shattering to any retiree Japanese investor at that time.
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Re: Investment changes in retirement

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I do understand having some measure of safety to mitigate several years of getting 'beat up', e.g. health disasters, national economic mismanagement. Always a tough decision on how thick the padding should be.
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Re: Investment changes in retirement

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Very interesting topic -- one we are wrestling with right now.
Spouse and I both have DB pensions; she will start drawing $30K this year at 58. I'm looking at $20K annually starting in four years, when I'm 55.
Our savings outside pensions are currently 50/40/10, equity/FI/cash, with some of the "FI" being in prefs.
We're definitely going to draw on those assets for several years before CPP and OAS kick in -- possibly up to 15 years if we both defer past 65.
Which raises this issue: Sequence of return risk suggests we should be at maximum conservativism right now. However, does the DB base argue against that? In fact, does it argue for more equity?
I've been intending to taper equity leading to retirement, then glide pathing back up after the initial retirement years are over, perhaps in concert with CPP arriving.
But AA at this critical state is not a straightforward nut to crack. At least it isn't to me.
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Re: Investment changes in retirement

Post by ghariton »

The reality for us turned out quite different from the plan, in good ways.

I retired at 53 in 1999, with a portfolio of almost all tech stocks. (My idea of diversification was to spread my money over different technologies.) My wife continued to work for the federal government. I went back to work two years later in 2001, when the value of our portfolios dropped by two thirds. I then decided to draw up a plan.

The plan was to incorporate and work to 65. I would bridge the period from 65 to 70 using the retained earnings in my corporation. From 70 to 75 we would spend down our non-registered portfolios, consisting of 80 per cent equities and 20 per cent private mortgage on an inherited property we sold. Meanwhile, two thirds of our money was in RRSPs, almost all RRBs. We would use these to buy an inflation-indexed annuity at age 75, and sail off into the sunset.

As it turned out, I continued working until age 70, in large part because I like my work now that I'm my own boss, and I'm still working a bit part-time. The retained earnings from the corporation went to pay for the children's college education and toward down-payments on their houses, and a few improvements on our own house. I haven't tapped into our portfolios yet, registered or non-registered, and indeed have added money to our equities. Worse (or better) I had planned with an expected real return of 2 per cent real, but wound up making 5 per cent real. A part of the difference has gone to charity, but the rest has gone to equities. As a result, both the non-registered and registered portions have grown, and fixed income has fallen from roughly two thirds in 2008 to one third now. After the unpleasantness in 2000-2002, I learned to diversify equities as widely as possible, and I now hold VTI, VEA and VWO roughly in line with market caps. (There are also legacy holdings of SPY, MDY, IWM and QQQ). My approach has been strictly buy and hold, and I see no reason to change now.

We live very frugally. With two old dogs, we don't travel much, and we spend a lot of time walking in the woods. We've been in the same house for 40 years and I drive a 2008 Honda (known as the dog-mobile), while my wife drives a 2014 Honda. As a result, OAS, CPP, my wife's pension, my earnings and interest from the private mortgage and dividends from the non-registered account are more than enough. Each year we give the remainder to charity.

Next year, my earnings will end -- I really will retire completely at last -- and the mortgage interest will end as well, but RRIFs will kick in. Some of it will go to replace earnings. I'm not sure what we will do with the rest -- a new car and a new kitchen likely -- and the rest will go toward charity.

I no longer plan on annuitizing at age 75. I am no longer a great enthusiast of annuities, or of pensions for that matter, in my circumstances. Rather, as the RRBs mature, we will take what we need and rollover the rest. I figure we can go this way until age 90, at which point the equities will start to be gradually cashed. Anything left over will be part of our legacy.

YMMV

George
Last edited by ghariton on 09 Jul 2017 21:28, edited 1 time in total.
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Re: Investment changes in retirement

Post by AltaRed »

fireseeker wrote: 09 Jul 2017 20:54 Spouse and I both have DB pensions; she will start drawing $30K this year at 58. I'm looking at $20K annually starting in four years, when I'm 55.
Our savings outside pensions are currently 50/40/10, equity/FI/cash, with some of the "FI" being in prefs.
We're definitely going to draw on those assets for several years before CPP and OAS kick in -- possibly up to 15 years if we both defer past 65.
Which raises this issue: Sequence of return risk suggests we should be at maximum conservativism right now. However, does the DB base argue against that? In fact, does it argue for more equity?
DB pensions are essentially fixed income, particularly if they are well funded, Depending on whether one or both DB pensions are COLA'd in whole or in part, you could multiply the annual payments by a factor of 15-20 to get a Present Value 'equivalent' to insert into your asset allocation mix. The factor decreases as you collect and grow older towards your 'best before' date.

Essentially, you are looking at $750k-1000k of fixed income to put into your asset allocation model. Personally, with that much fixed income, I would have very little fixed income in the rest of the portfolio and significantly increase your equity component (to a level that still allows you to sleep at night). You can decrease the FI component by preferentially drawing it down pending your CPP and OAS which can also be Present Valued to be part of your FI component when you start drawing on it.

One caveat: I assume your equity component is broad based in ETFs and/or dividend paying blue chips. This is not a time to follow hot tips on speculative stocks.
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Re: Investment changes in retirement

Post by StuBee »

Wow!! Talk about disclosure!! Absolutely impressive!!
Sensei wrote: 08 Jul 2017 05:34 I wonder if FWFers would like to share:
1. to what extent they repositioned their portfolios nearing or after retirement
2. if it was planned or just ad hoc
3. how they are financing their lifestyles if completely retired
I started to reposition about 2009. I closed my practice (MD) in January of 2015. I have continued to work part time in a long term care facility (around a half day a week.) I have discovered that my emotional attachment to my medical licence is stronger than I thought.

Since I stopped working (more or less) at age 53 and I do not anticipate any pensions before age 65 (RRQ, OAS and a small DB) I put in place laddered FI (80% strips/cash/GIC and 20% corporate or high yield) to cover a substantial portion of this bridge phase. My non-registered Canadian dividends are covering the remainder of my cash flow needs (in addition to about 20K$ of earned annual income). All of my planning was based on cessation of employment in 2015. Therefore, I am not currently drawing down my bridge funds to the extent that I had originally anticipated.

The biggest part of my planning was an estimation of future cashflow needs on the one hand as well as an estimation of investment returns on the other hand. There is no point in discussing the former since there are far too many person specific variables for any reasonable comparison to be made with someone else's circumstances. For the latter, I have (at least since 2009) estimated zero real growth in FI and 2% real growth in dividends. As it turns out, since the FI is protected for the most part, I have experienced 1-2% real growth in FI and 3-4% real growth in dividends.

At this time I am in net withdrawal from our TFSA's and RRSP's (and our RESP) and our non-registered accounts. However this has not prevented our overall investment portfolio from growing (i.e. capital gains). The value as of 30 June 2017 was 6% higher than 1 January 2015.
"The term is over: the holidays have begun. The dream is ended: this is the morning."-C.S.Lewis, The Last Battle
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Re: Investment changes in retirement

Post by 2 yen »

Retired at 49 in 2010, went back for 2 years until 53. We live off dividends split between the 2 of us. The dividends are in a non-registered account and TFSA's each.

Future income will consist of these same dividends + small early CPP at 60 (figured it's better to take the small amount early and use it to travel while we can), prorated OAS at 75% of the full amount because we lived outside Canada for quite a long time, smallish Japanese pensions at whatever age they will give them to us, probably 65, and RRSP income.

When the various pensions start to kick in, we'll sell the bonds in the RRSP and buy U.S. dividend stocks to boost the payout. Have 'simplified' the dividend portfolio to lessen the amount of tinkering required. We have no insurance. The income from all these sources will cover private senior's care when we need it.

2 yen
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