The purpose of going through a planning process is to discover what is possible by playing out “what if” scenarios. Once you see a path that leads you…
Read more We’re 10 years apart. Can we retire together?Financial planner Robb Engen recently tackled this puzzle in his Boomer & Echo blog, “Why Canadians avoid one of retirement’s most misunderstood tools.” Engen notes that experts like Finance professor…
Read more Unlocking the Annuity Puzzle: Why Canadians avoid what seems to be the perfect retirement vehicle – MoneySenseI had originally planned to focus exclusively on that book but ended up on a related project on my own site, which involved asking more than a dozen…
Read more The 4% rule, revisited: A more flexible approach to retirement income – MoneySenseLet’s dig into this by first understanding what will happen if your dad continues doing what he is doing and he doesn’t add money to his TFSA. If…
Read more What’s more important: your wealth or your legacy? – MoneySenseWhen should you keep contributing to your RRSP? If you have a group RRSP with matching contributions from your employer, this provides a significant boost to your savings.…
Read more Why late-career savers need to be careful with RRSPs – MoneySenseAs a starting point, I like to look at the big picture to see where you are headed. This involves modelling all your current and future financial resources,…
Read more “We’re well off in retirement. How can we pay less tax?” – MoneySenseA Canadian retiree’s main decision with this Sun Life product is the age they want the funds to last until (the maturity age). They can choose from 85,…
Read more What is Sun Life’s new decumulation product? – MoneySenseBut just because you’re on a tight budget doesn’t mean you’re stuck with your dated décor and dysfunctional layout. There are options, even for those who can’t tap…
Read more How to renovate your home on a fixed income – MoneySenseThe impact of your marginal tax rate It’s important to clarify, Ken, that if you have a minimum RRIF withdrawal with no tax withheld, that does not mean…
Read more How to plan for taxes in retirement in Canada – MoneySenseRESP contributions and withdrawals Registered education savings plans (RESPs) are used to save for a child’s post-secondary education. Contributing to an RESP can give you access to government…
Read more Year-end tax and financial planning considerations – MoneySenseIf the RRIF is not set up this way, there will be immediate tax consequences, and the estate wishes of your husband may not play out as intended.…
Read more What happens to a RRIF when the account owner dies? – MoneySenseMany Canadian employers see DB plans, where retirees receive a guaranteed payout every month (sometimes indexed to inflation), as too expensive. And while the average time spent working…
Read more What to do with a small pension in Canada – MoneySenseThere is a spousal attribution rule with spousal RRSPs that applies if you take withdrawals within three years of your spouse contributing. This may result in the withdrawals…
Read more How to consolidate your registered accounts for retirement income in Canada – MoneySenseThe difficulties facing newcomers to Canada with respect to retirement planning are particularly acute. Given how Canada’s immigration points system works, economic immigrants are usually in their late…
Read more New to Canada and no pension: How to save for your retirement – MoneySenseRetirement OAS payment dates in 2024, and more to know about Old Age Security Here’s how Canada’s Old Age Security pension program works, who’s eligible for OAS, when…
Read more How to plan for retirement when you have no pension – MoneySense“If someone’s not lucky enough to have a company pension, it’s that much more crucial for them to be building up savings on their own,” says Millie Gormely,…
Read more How to manage as a single parent with no pension – MoneySenseWorking as a financial planner, I am often asked, “What is the most tax-efficient way to draw down on investments?” From the outset, I question if a decumulation…
Read more Which savings should retirees draw down first? – MoneySenseFor example, for income year 2023, the threshold amount is $86,912. If your income in 2023 was $120,000, then your repayment would be 15% of $33,088 (the difference…
Read more OAS payment dates in 2024, and more to know about Old Age Security – MoneySenseIt’s not as big a problem as you might think. The key is to try to mimic the pay-yourself-first approach by setting up an automatic contribution to your…
Read more 40 and no pension: What do you do? – MoneySense“This leaves a total outstanding now of $204,939, with the interest owing being 25% of the balance owing after only five years,” says Ardrey. “As time goes on,…
Read more Why a reverse mortgage should be a last resort for Canadian retirees – MoneySense
