“Industry organizations are calling on the federal government to raise the age at which RRSPs must be converted to RRIFs and to reduce the annual RRIF minimum withdrawal rates.” “Industry groups call for changes to RRIF rules,” by Rudy Mezzetta, Advisor’s Edge, March 13, 2023 What is...
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You have been diligently saving for your retirement in your Registered Retirement Savings Plan (RRSP). However, after surveying your finances, needs, and opportunities, you decide that you need to withdraw some money from your RRSP. The RRSP is, as the name indicates, a savings plan. You...
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After a working career of three or four decades or more, you hope you have put away an adequate amount of money in your employer pension plan and/or your RRSP so that you can live an adequate lifestyle in retirement. You are concerned, however. Living...
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What is Longevity Risk? “Nothing is more difficult than retirement income planning.” I have heard or read variations of that phrase multiple times in the last few years. Why is it so difficult? After all, people are retiring every day in Canada. Hasn’t this been figured...
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Employed: Defined Contribution Registered Pension Plan Let’s suppose the following scenario: You are in your mid-40s and have worked for one employer for the entirety of your working career. Throughout, your employer had provided its employees a defined contribution registered pension plan which was based on...
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Year-end lists are ubiquitous but that does not mean they are not useful. If you think you need to do something about your finances before the end of the year but aren’t sure what, maybe something on this list will be of help. Contribute to Your...
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An Introduction to Tax Planning – Part 1 Financial Planning and Taxation As much as we might like to deny it, taxation is an integral part of financial planning. Indeed, taxation can often be a Canadian household’s biggest single expense. Think about all the areas in life...
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Insurance and Risk Management – Part 7 What? There is a risk in living too long? Imagine you are 65 years old. You have been reasonably diligent in saving for retirement. Now is the time to cash in. You are about to start receiving your Canada Pension...
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An Introduction to Insurance and Risk Management – Part 6 Doesn’t this Post Belong Under Investment Planning? While segregated funds are investment products, the fact that they have certain insurance features and can only be bought through someone who is life-insurance-licensed, I have placed this topic under...
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An Introduction to Registered Plans – Part 2 You’ve saved up all that money in your RRSP. Now what? The Registered Retirement Savings Plans, intended to encourage saving for retirement, was introduced by the Government of Canada in 1957. If you have saved inside an RRSP, eventually you...
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