Finance
We’re 10 years apart. Can we retire together?
[ad_1] The purpose of going through a planning process is to discover what is possible by playing out “what if” scenarios. Once you see…
Tag: retirement income
Finance
Unlocking the Annuity Puzzle: Why Canadians avoid what seems to be the perfect retirement vehicle – MoneySense
[ad_1] 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…
Finance
The 4% rule, revisited: A more flexible approach to retirement income – MoneySense
[ad_1] I had originally planned to focus exclusively on that book but ended up on a related project on my own site, which involved…
Finance
What’s more important: your wealth or your legacy? – MoneySense
[ad_1] Let’s dig into this by first understanding what will happen if your dad continues doing what he is doing and he doesn’t add…
Finance
Why late-career savers need to be careful with RRSPs – MoneySense
[ad_1] When should you keep contributing to your RRSP? If you have a group RRSP with matching contributions from your employer, this provides a…
Finance
“We’re well off in retirement. How can we pay less tax?” – MoneySense
[ad_1] As a starting point, I like to look at the big picture to see where you are headed. This involves modelling all your…
Finance
What is Sun Life’s new decumulation product? – MoneySense
[ad_1] A Canadian retiree’s main decision with this Sun Life product is the age they want the funds to last until (the maturity age).…
Finance
How to renovate your home on a fixed income – MoneySense
[ad_1] But 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…
Finance
How to plan for taxes in retirement in Canada – MoneySense
[ad_1] The impact of your marginal tax rate It’s important to clarify, Ken, that if you have a minimum RRIF withdrawal with no tax…
Finance
Year-end tax and financial planning considerations – MoneySense
[ad_1] RESP contributions and withdrawals Registered education savings plans (RESPs) are used to save for a child’s post-secondary education. Contributing to an RESP can…
Finance
What happens to a RRIF when the account owner dies? – MoneySense
[ad_1] If the RRIF is not set up this way, there will be immediate tax consequences, and the estate wishes of your husband may…
Finance
What to do with a small pension in Canada – MoneySense
[ad_1] Many Canadian employers see DB plans, where retirees receive a guaranteed payout every month (sometimes indexed to inflation), as too expensive. And while…
Finance
How to consolidate your registered accounts for retirement income in Canada – MoneySense
[ad_1] There is a spousal attribution rule with spousal RRSPs that applies if you take withdrawals within three years of your spouse contributing. This…
Finance
New to Canada and no pension: How to save for your retirement – MoneySense
[ad_1] The difficulties facing newcomers to Canada with respect to retirement planning are particularly acute. Given how Canada’s immigration points system works, economic immigrants…
Finance
How to plan for retirement when you have no pension – MoneySense
[ad_1] Retirement OAS payment dates in 2024, and more to know about Old Age Security Here’s how Canada’s Old Age Security pension program works,…
Finance
How to manage as a single parent with no pension – MoneySense
[ad_1] “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…
Finance
Which savings should retirees draw down first? – MoneySense
[ad_1] Working as a financial planner, I am often asked, “What is the most tax-efficient way to draw down on investments?” From the outset,…
Finance
OAS payment dates in 2024, and more to know about Old Age Security – MoneySense
[ad_1] For example, for income year 2023, the threshold amount is $86,912. If your income in 2023 was $120,000, then your repayment would be…
Finance
40 and no pension: What do you do? – MoneySense
[ad_1] It’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…
Finance
Why a reverse mortgage should be a last resort for Canadian retirees – MoneySense
[ad_1] “This leaves a total outstanding now of $204,939, with the interest owing being 25% of the balance owing after only five years,” says…