How long can you put off saving for retirement? Surprisingly, waiting until your 50s makes sense for some + MORE Jan 6th

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This 30-year-old freelancer makes $125,000 a year and pays modest rent living with his parents. Should he invest in retirement or buy a home? + MORE Feb 3rd

Jeremy says his main goal is to save for retirement, but after looking at condos online, he’s trying to decide if that will be a worthy investment..... More »

How the coronavirus pandemic could change the way we think about retirement in Canada + MORE May 4th

Over the past few decades, the concept of retirement has grown increasingly more sophisticated. Canadians preparing for retirement have been able to contemplate a variety of highly personalized approaches—from early (or even very early) retirement; to active, phased, or working retirement; and mor.... More »

Mapping out a clear path for your investments at retirement May 11th

Q. I retired last year at age 60 and am fortunate to have defined benefit pension, which I can live off comfortably. I have accumulated some savings, which I am now looking to invest more productively. My risk tolerance is on the low end—a 2 out of 5 based on an online survey I completed. My goal .... More »

How does income from a rental property create RRSP contribution room? + MORE Jan 13th

Q. I understand that net rental income creates RRSP contribution room—so, even as a retiree, I should be able to accumulate additional RRSP room. Does foreign net rental income add to RRSP room? When I do my Canadian taxes using tax preparation software, the reported net foreign rental income does.... More »

Planning for the (potential) costs of long-term care + MORE Feb 17th

According to the Ontario Long Term Care Association’s report This is Long-Term Care 2019, 82% of long-term care residents are 75 years of age or older, and 55% are 85 or older. Residents under 75 are generally those who “have experienced a brain injury, stroke, and other conditions that require .... More »
Q. I am considering deregistering my Registered Retirement Income Fund (RRIF) of $89,000 and taking the tax hit for the 2019 tax year. Doing this would leave me eligible to maximize the Guaranteed Income Supplement (GIS) as well as the Shelter Aid for Elderly Renters (SAFER) in the future.
Right now, I am 73 years old, and my income includes Old Age Security (OAS) and Canada Pension Plan (CPP) at a combined total of $622 per month; a small company pension of $228 per month; and a RRIF payment of $500 per month; for a total of $1,350 a month. Funds from deregistering the RRIF would be used to top up my TFSA, pay medical bills, as well as to pay off a bit of personal debt. I currently also receive GIS benefits of $400 a month, and SAFER benefits of $179 a month. Am I doing the right thing to make the most of my retirement money? Your comments on this strategy would be appreciated.
A. Hi Caroline, I believe you may be correct in that it makes sense to:

withdraw all of the funds from your RRIF account;
forgo your GIS and SAFER income for one year;
deposit your after-tax RRIF proceeds into your TFSA; and
maximize your future GIS and SAFER benefits…

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How long can you put off saving for retirement? Surprisingly, waiting until your 50s makes sense for someIdeally you should draw up a saving plan in your late 30s or early 40s. But it can still be an enormous help if you don’t manage to get to it until your late 40s or 50s or even later.

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