What happens if you retire early? Retiring before age 60 or 65 may create an income gap, especially with Canada Pension Plan (CPP) and Old Age Security (OAS) benefits starting later. Discover a strategy to manage your finances during these bridge years by leveraging your RRSPs, preserving your TFSA, and maximizing government pensions. Learn how to design your income stream and manage taxes for a comfortable retirement.
Are you prepared to make your retirement savings last? With longer life expectancies, it’s vital to rethink your investment management. The traditional approach of shifting everything to fixed-income options may not be effective. Learn how smart asset allocation can help generate cash flow and protect your living standards against rising costs. This article will guide you in making informed decisions for a financially secure retirement. Don’t let your savings dwindle—read on to find out more!
Good question. Many retirement income planning tools use a percentage of income to determine an income need in retirement and then calculate an amount needed to provide that income. People
You might be surprised to learn that every year, thousands of Canadian seniors miss out on government benefits they’re entitled to—sometimes worth thousands of dollars a year. According to recent
Feeling weighed down by debt while trying to save for retirement? You’re not alone. Many Canadians are juggling mortgages, lines of credit, and family expenses while still hoping to retire
Retirement is a milestone many eagerly anticipate – a time to relax and enjoy the fruits of years of labor. However, for some, this dream can turn into a financial
Many Canadians diligently contribute to their Registered Retirement Savings Plans (RRSPs) throughout their working years, aiming for a comfortable retirement. However, when it comes to withdrawing these funds, the strategy
Here’s the thing—many Canadians are great at setting money aside in their workplace retirement plans. But when it comes to actually figuring out how much they’ll need in retirement and
Remember when the government rolled back the age for Old Age Security (OAS) eligibility to 65? A lot of Canadians let out a collective sigh of relief. Even a few
Okay, let’s talk about what happens if you suddenly find yourself a million dollars richer. Imagine an inheritance or maybe you invented the next big thing. It’s a life-changer, right?
In retirement, most people aim for financial security—but rising costs can make that harder than expected. Let’s talk about it. Many seniors prefer to invest in “safe” options, but here’s
More than 65% of Canadians have made deposits to Registered Retirement Savings Plans (RRSPs). Many do so just for the tax savings, but here are some often overlooked tricks you
We all know how easy it is to romanticize our retirement years. Many of us make lengthy lists of things we will do and experience in those golden years. We
By far one of the most crucial financial strategy steps is accurately estimating retirement expenses. Correctly accounting for retirement living expenses is critical to ensuring that retirees do not outlive
Canadians are living longer, healthier lives. According to Statistics Canada (2018), the average life expectancy is 80 years for men and 84 years for women. This means your retirement years
Recent studies * reveal that a large majority of so-called Baby Boomers are uncertain about their preparation for retirement. Arguably, the have it my way generation did not all follow
Bob and Lisa are wondering just how their retirement will turn out. After all that’s happened over the past few years, their RRSP accounts haven’t grown as much as they
As individuals approach retirement, they must decide when to start receiving their Canada Pension Plan (CPP) payments. While the standard age to begin receiving CPP payments is 65, it is
Roger and Linda, like many Canadians, have saved for years for their retirement. They took advantage of RRSPs and now have a substantial amount of savings. As Roger will turn
Retirement is a significant life event that requires careful planning and preparation. One of the most important aspects of retirement planning is figuring out how to generate income during your
Harry and Sally both earned high incomes and liked to live the good life. They leased higher end European cars, took two-week exotic vacations almost every year, and lived in
According to a 2022 survey,1 only 35% of Canadians aged 50 and older feel they’re financially ready to retire. Sixty-two percent report being unprepared or unsure if they have the
Once again, it is that time of year when Canadians turn their attention to make their tax-deductible pension contributions to their RRSP. The word “pension” is used deliberately to emphasize
For many nearing retirement, lifestyle choices become more significant in determining their comfort level for the rest of their lives. They must decide whether it is better to make some
When you’re going on a journey, there are three essential questions to ensure you have a great trip. How will I get there? How much will it cost? How will
During the past several months, a few clients have expressed concerns about world events and the potential impact on their investments. Concerns cited have included the ongoing Russia-Ukraine war, rising
With the turbulent times we have been experiencing in the markets, more people are considering annuities to ensure a certain income in their retirement years. It might not suit everybody
An important retirement planning skill is having the ability to “sniff out” the future direction of various factors, such as inflation and interest rates for their potential impact on future
If you’re in your 50s, and thinking about your financial future makes you anxious, you’re not alone. 70% of Canadians are worried they won’t have enough money to retire1. While
Registered Retirement Income Funds (RRIFs) are one method of drawing an income from Registered Retirement Savings Plans (RRSPs) in retirement. There are a few things to consider to get the
