Financial planning in your 70s Feb 12th

How to go about securing the best policy for your insurance in Canada.
Latest News
 home insurance

COVID-19, Loss of Employee Benefits & Conversion Health Insurance Plans + MORE Feb 28th

Unfortunately many Canadians have now found themselves without employee benefits due to job loss as a result of the COVID-19 pandemic. Not having health insurance coverage can be a source of worry for many of these unemployed Canadians. The good news is that there are specialized health and dental .... More »

Accident benefits have you covered—but for what, exactly? + MORE Feb 16th

Accident benefits are likely the last thing on your mind when you’re buckling up in a new ride and tuning into your ultimate road-trip playlist. But it’s important to know that this kind of car insurance is mandatory across Canada, and it plays a very important role if an accident happens and so.... More »

What is term life insurance and how, exactly, does It work? Feb 24th

When it comes to conversation-starters, life insurance generally doesn’t rank in the top 10. We get it—who wants to think about the end of their own life? But it’s important to know the ins and outs of life insurance coverage so you leave your loved ones financially secure in the event of your.... More »
When most people think about financial planning, they think about saving and investing for retirement. That is a part of it, but financial planning is much more holistic.
Here are a few financial planning strategies for those approaching or into their 70s. If you’re not there yet, bookmark this for Future You, or share with older family members. 
RRSPs
An account holder can only have a Registered Retirement Savings Plan (RRSP) until December 31 of the year they turn 71. By that time, they must either convert their RRSP to a registered retirement income fund (RRIF) or purchase an annuity that provides a regular payment for life from an insurance company. 
The conversion age used to be 69, but was increased to the current age 71 in 2007. (I find in the course of my work as a Certified Financial Planner that some people still think it is 69.) It often makes sense to take RRSP withdrawals prior to age 72, and even convert your RRSP to a RRIF as early as age 65. 
Minimum RRIF withdrawals at age 72 are 5…

Continue Reading On moneysense.ca »

Share

PinIt
Compare insurance quotes through Kanetix.ca - save time and money!