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Province Bringing in New Rules for Mortgage Brokers - VOCM + MORE Oct 21st
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A practical guide to investing at every life stage Feb 3rd
Investing is a long journey, not a single decision. So, when planning out your investment strategies, it helps to consider where you’re at in your life and retirement timeline.
As your financial needs change from early career to mid-life to pre-retirement to retirement itself, so, too, should t.... More »
The best GIC rates in Canada for 2024 Sep 3rd
GIC comparison tool
Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
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Stock market news for investors: Transat, Empire and Algoma report earnings + MORE Mar 14th
These companies reported earnings this week
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Should retirees in their early 70s partly annuitize?
– moneysense.ca
If you’re nearing the age when you have to wind up your registered retirement savings plan (RRSP), it’s a natural time to consider annuitizing, at least partly, if you haven’t yet done so. Canadians are required to close their RRSPs at the end of the year they turn 71. Since cashing out and paying tax on the entire lot is not practical, closing the RRSP amounts to either annuitizing or converting to a registered retirement income fund (RRIF), or probably some combination of these two.
Historically, Canadians have tended to avoid annuities, especially all those years when interest rates were so low. But now that rates are closer to 5% than to zero, annuities are being talked about again, especially by those nearing the RRIFing age.
In our family’s case, this decision is still a year or two away (you can use your spouse’s age, which in my case means a one-year deferral of this decision). But, I did consult several experts as to whether they thought the case for annuities—or at least partial annuitization in parallel with setting up a RRIF—is stronger now…
