Retirement planning getting you down? There are always smart ways to plan the financial aspects of your retirement.
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Planning for retirement with little or no savings to draw on + MORE Mar 21st
Despite their best intentions, some Canadians, facing a variety of financial challenges throughout their working lives, are not able to save much towards retirement. It can be difficult to know how to manage in these circumstances, especially when so much of the financial planning advice that gets s.... More »
When is the best time to start taking your CPP payments? Apr 13th
For retirees or near-retirees who lack traditional employer-sponsored Defined Benefit pension plans, the federal government’s Canada Pension Plan (CPP) and Old Age Security (OAS) are the closest most of us will get to such a valuable pension.
True, RRSPs and TFSAs do allow you, in a tax-effective .... More »
How retirees can continue living their best life when investments have taken a hit Apr 27th
Modest cuts without great sacrifice can go a long way toward ensuring your retirement lifestyle continues to keep you socially engaged, physically fit, well-nourished and mentally stimulated..... More »
The one thing influencers Steph & Den want you to know about retirement + MORE Apr 26th
Financial influencer couple Steph Gordon and Dennis Mathu (@Steph & Den) started making YouTube videos about personal finance for Canadians in 2019. Once they found their groove on social media, they left their corporate jobs—Steph was in human capital at PricewaterhouseCoopers and Den was a c.... More »
Making sense of the markets this week: December 10, 2023 Dec 14th
Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors.
Interest rates stay the same—bank accounts, not so much
As was widely anticipated, the Bank of Canada (BoC) chose to k.... More »
Monday Makeover looks at a 70-year-old couple wondering how much they can safely spend each year without depleting their savings.Your Defined Contribution Pension Plan at Retirement: Evaluate Your Options for that Lump Sum Payout
– rhondasherwood.com
When you are a member of a Defined Contribution (DC) pension plan, the amount you contribute, along with your employer’s contribution, is placed in an individual savings account. This type of arrangement gives you the freedom to make decisions about how your money is invested. If you have been keeping track of how your fund has been performing over the years and making adjustments which reflect your willingness to accept risk, it should have grown over time.Options for Your Defined Contribution Pension at Retirement
At retirement, you have the choice of transferring the DC Plan funds to a locked-in RRSP, a Life Income Fund (LIF) or an annuity. Basically, your retirement income will depend on the option(s) chosen. Your financial advisor can help you with your decision.
Transferring Funds into a Life Income Fund (LIF)
A Locked-in Income Fund is for funds which had previously been held in a locked-in RSP or an employer pension plan. Like your DC or LRSP, you still would have control over your investments and would be able to choose to hold more than one type of investment within your plan if you wish…
Video: Let's Talk Investing: Comparing RRSPs and TFSAs
– theglobeandmail.com
For the newly employed, which makes more sense: an RRSP or TFSA? Rob Carrick takes a look
