Retirement planning getting you down? There are always smart ways to plan the financial aspects of your retirement.
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How much of a pension does a survivor receive? + MORE Jun 27th
Ask MoneySense
When my husband dies, do I still receive his or a portion of his pension, and if so, how do I find out what it is?
–Donna
Pensions can make up a significant portion of a someone’s income in retirement. As a result, it is important to understand what happens if a spouse—or.... More »
Single, no pension? Here’s how to plan for retirement in Canada Jul 4th
Being single in retirement has some financial obstacles. Some people are single as they enter retirement. Others become single due to divorce or death prior to or after retiring. Here are some considerations for planning your retirement as a singleton, especially if you have no defined benefit (DB) .... More »
Should you collect CPP and OAS while working in your 60s? Dec 7th
I have lived in Canada for 24 years and I’m 65 years old now. I am still working at a company making a $78,000 salary. Since my health condition is OK, I am going to continue to work for two to four years. My question is: In my situation, it is better for me to apply for OAS and CPP now or delay t.... More »
TFSA vs RRSP: How to decide between the two + MORE Mar 30th
One of the most common questions out there is whether to invest in a registered retirement savings plan (RRSP) or a tax-free savings account (TFSA). Both will help you save, and save on taxes, but each works in a different way. Understanding how these accounts work will help you decide which is best.... More »
Contribute to RRSP or pay off mortgage? Oct 12th
Ask MoneySense
We have a small mortgage, only $80,000, coming up for renewal. We have some money (approximately $25,000) that we can either put on the mortgage or invest or put into our RRSP. What is the best way to go?
—Linda
Which should Canadians prioritize: RRSP or mortgage?
Most of .... More »
Mel would also like to save enough for retirement, at least $1 million each for him and his wife, and also purchase a second real estate property to rent out.How to make the most of your TFSAs in retirement
– moneysense.ca
Unlike your Registered Retirement Savings Plan (RRSP), which must start winding down the end of the year you turn 71, you can keep contributing to your tax-free savings account (TFSA) for as long as you live. Even if you make it past age 100, you can keep adding $6,000 (plus any future inflation adjustments) every year.
Also unlike RRSPs, contributions to tax-free savings accounts are not calculated based on previous (or current) year’s earned income, says Adrian Mastracci, portfolio manager for Vancouver-based Lycos Asset Management Inc. Any Canadian age 18 or older with a Social Insurance Number (SIN) can contribute to TFSAs.
Most near-retirees will have more investible wealth in RRSPs, since they’ve been around since 1957, while TFSAs started much more recently, in 2009. Once you turn 71, there are three options for collapsing an RRSP, although most people think only of the one offering the most continuity with an RRSP: the registered retirement income fund, or RRIF (more on this below)…
Also unlike RRSPs, contributions to tax-free savings accounts are not calculated based on previous (or current) year’s earned income, says Adrian Mastracci, portfolio manager for Vancouver-based Lycos Asset Management Inc. Any Canadian age 18 or older with a Social Insurance Number (SIN) can contribute to TFSAs.
Most near-retirees will have more investible wealth in RRSPs, since they’ve been around since 1957, while TFSAs started much more recently, in 2009. Once you turn 71, there are three options for collapsing an RRSP, although most people think only of the one offering the most continuity with an RRSP: the registered retirement income fund, or RRIF (more on this below)…
