How to go about securing the best policy for your insurance in Canada.
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Compare auto insurance in Calgary Mar 13th
If you’re buying a new or used car, SUV or pickup truck to drive the streets of Calgary, you’ll also need to shop for auto insurance—it’s required in Canada.
Alberta drivers pay the second-highest car insurance rates in Canada (after Ontario), according to the Automobile Insurance R.... More »
Do retirees need life insurance?
– moneysense.ca
Ask MoneySense
My wife and I are both retired office workers from a large manufacturing firm. She retired at 60 and I did at 61. We are both 67 now. We have good retirement income between our pensions, LIF, OAS and max CCP, as well as about $12,000 per year in dividend income. The issue is our RRSPs. We have around $900,000 combined, despite drawing down anywhere from $30,000 to $50,000 each year combined. Market returns have been good so it keeps growing despite the withdrawals. We don’t need the income but have drawn down some to take our income to just below OAS clawback level.
My wife and I are both retired office workers from a large manufacturing firm. She retired at 60 and I did at 61. We are both 67 now. We have good retirement income between our pensions, LIF, OAS and max CCP, as well as about $12,000 per year in dividend income. The issue is our RRSPs. We have around $900,000 combined, despite drawing down anywhere from $30,000 to $50,000 each year combined. Market returns have been good so it keeps growing despite the withdrawals. We don’t need the income but have drawn down some to take our income to just below OAS clawback level.
We recognize this is a good problem to have, but trying to determine if there is a software program to determine best withdrawals to make each year especially before we turn 71 and convert to RIF.
Trying to balance the issue of pulling even more money out now and paying more tax and OAS clawback versus our kids losing 50% of our RIF to tax when we pass.
—Mike
How to save taxes on an estate
Hi Mike, I will work backward to make some assumptions about your current investments and pension and then give you some things to think about, including life insurance…
