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Big Six banks all hold contentious Israeli defence stock, but one Scotiabank-owned investment manager stands above all - The Globe and Mail Sep 2nd
Big Six banks all hold contentious Israeli defence stock, but one Scotiabank-owned investment manager stands above all The Globe and Mail.... More »
Setting expectations important when lending money to loved ones Dec 10th
When a friend or family member asks for money, several thoughts might cross your mind, including whether or not it’s a good idea in the first place. Lending money to close friends or family can be a risky affair. There are chances you may not see that money again, and even worse, it could sour.... More »
Belfast: Thales missile factory to supply 5,000 air defence missiles to Ukraine - BBC.com + MORE Mar 3rd
Belfast: Thales missile factory to supply 5,000 air defence missiles to Ukraine BBC.comEurope wants to broker peace in Ukraine — and between Trump and Kyiv after the White House fiasco CNBCAfter Zelenskyy-Trump row, British PM says allies must increase 'share of the burden' t.... More »
Planning to use your home equity in retirement Jun 3rd
How much of your net worth is wrapped up in your home? According to Statistics Canada, the median net worth for senior families in 2023 was $1,109,700. The most common type of asset for Canadians was a family home, with a median value of $500,000.
Since home equity makes up such a significant all.... More »
Hudson’s Bay to liquidate entire business, still seeking additional capital - Toronto Star Mar 15th
Hudson’s Bay to liquidate entire business, still seeking additional capital Toronto StarHudson’s Bay to start liquidating stores as early as next week CityNews TorontoHudson's Bay Company nearly $1B in debt, with court filings painting dire financial portrait CBC.... More »
How much to take out of your RRSP in your 60s
– moneysense.ca
Many retirees have the bulk of their retirement savings in registered retirement savings plans (RRSPs) or similar tax-deferred registered accounts. RRSPs need to be used to buy an annuity or more commonly converted to a registered retirement income fund (RRIF) by Dec. 31 of the year someone turns 71. Required RRIF withdrawals begin the next year, with each withdrawal based on a percentage of the account value.
Locked-in RRSPs, defined contributions (DC) pensions, and deferred profit sharing plans (DPSPs) all have the same rule requiring conversion at age 71.
The two big questions for a retiree prior to age 71 are: When should I start withdrawals? And how much should I take out each year?
If we take a simplistic approach to the RRSP drawdown, a sustainable withdrawal rate may be 2% to 5% of the account value. That is, between 2% and 5% of the starting account value may be withdrawn each year with subsequent withdrawals increased each year with inflation for life. There are many asterisks depending on age, life expectancy, investment risk tolerance, investment fees and other factors…
