More Canadians are pressing pause on retirement savings to pay for things now. Just how long should you do that? The answer may surprise you + MORE Jun 1st
Registered vs unregistered accounts: Where retirees should make withdrawals + MORE May 25th
Can you survive on Canada’s government pension alone in retirement? Experts say you might be surprised
– thestar.com
Until fairly recently, CPP replaced a quarter of your average work earnings — but it’s already providing more. We asked experts what to do if CPP and OAS will make up most of your retirement income.I have been with the same employer for nearly 20 years and have participated in the company’s DC RPP for nearly that whole time.
A few years back I consolidated the majority of my different investment accounts—RRSP, TFSA and unregistered—by moving them all to a discount brokerage. While I have no plans to leave my employer, I’d love to find a way to move the RPP funds to save on the fees. I’m looking to maintain the nature of the RPP but move it out into the discount brokerage so that I can take the MER from 1% or more down to 0.2% and save myself a few thousand dollars a year in fees.
—Shawn
It sounds like you are embracing do-it-yourself (DIY) investing, Shawn. It is not for everyone but is easier and more accessible now than ever. Saving on fees is a benefit. There are risks, though, like improper diversification, impulsive buying or selling, and not understanding a particular investment or product.
You can make transfers between retirement accounts on a tax-deferred basis by completing paperwork at the receiving institution…
