How to go about securing the best Retirement Plan in Canada.
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Timing CPP and OAS with workplace pensions Mar 31st
Q: My husband is retired military and will turn 60 this year. He’s been told by his military buddies that he should apply soon for his CPP as then he can receive it and the bridge for the next five years. I thought he should be delaying on taking his CPP but perhaps it’s the OAS he should dela.... More »
What is RetireMint? The Canadian online platform shows retirement planning isn’t just about finances Sep 27th
I have to admit that when I first heard about RetireMint, it was the clever name that initially got my attention. At first glance, it seems like a misspelling of the ubiquitous term retirement. However, those who follow personal finance news and use the numerous tools and apps devoted to it will pro.... More »
Should you be worried about retirement? If you don’t have a pension, you probably should + MORE Feb 24th
A new survey reveals that many Canadians suffer from an appalling lack of knowledge when it comes to retirement planning, writes Gordon Pape..... More »
What types of Tax-Free Savings Accounts (TFSAs) exist? + MORE Feb 10th
A Tax-Free Savings Account (TFSA) is a fantastic way to earn money on your savings, without having to pay tax on those earnings. Registered by the federal government, TFSAs are available to Canadians aged 18 and older. Unlike a Registered Retirement Savings Plan (RRSP), you cannot deduct contributio.... More »
How women can start investing + MORE May 16th
Maybe you’re making a little more money these days and are curious about where to put it. Or maybe you’ve reached the age where you need to start, seriously, planning for retirement. Either way, we’re happy you’re here. The time for women to start investing is yesterday, or at least, right n.... More »
Do I need to retire my debt, before I retire myself?
– moneysense.ca
Q: So, I’m retiring (single male 65) with $850,000 total in RRSPs and a DCP where I currently work.
I have no debt. I owe $50,000 on a $500,000 home. I pay $730/month. Mortgage is due May 2019. Penalty would be minimal. Should I pay it out in 2018, my first year ‘unemployed’? What are my options?
—Art
A: Retiring debt-free should be a goal for Canadians in their 50s and 60s, but it’s not always possible. And it’s not always bad to retire with debt either. I think yours is a good case study, Art, to illustrate this concept.
With a mortgage that is only 10% of your home value and a net worth of $1.3 million, a $50,000 mortgage doesn’t seem like much, but I understand your dilemma. You’d like to get rid of it and you have this money sitting in your RRSP and your employer defined contribution (DC) pension plan that you could use.
Ask a Planner: Leave your question for Jason Heath »
The problem is, to pay off $50,000 of mortgage debt, you would likely need to take a withdrawal of $65,000 from your investments to be left with $50,000 pre-tax…
