How much money do you need to retire in Canada? Is it really $1.7 million?  + MORE Mar 1st

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How to model retirement income in Canada Feb 15th

Ask MoneySense I am retired early at 58 years old. My wife is 56 years old. We live on a Christmas tree farm, which was paid for years ago.  I have a work pension, and my wife was bought out for her pension.  We have considerable RRSPs, farm income, and farm property. Where do w.... More »

Reducing risk in an RESP: How to invest as your kid approaches college or university + MORE Oct 5th

If you’ve opened a registered education savings plan (RESP) for your child or grandchild, congratulations. You’ve taken the first step towards financing their future college, university or trade school education. And now your family can start benefiting from generous government grants worth thou.... More »

Canada’s income tax brackets for 2023, plus the maximum tax you’ll pay based on income + MORE Dec 7th

Taxes are an inescapable fact of life in Canada. Despite this, many of us don’t think too hard about the specific federal and provincial tax brackets that govern our taxable income. Nonetheless, understanding what bracket we fall into is key to accurately estimating the amount of tax we owe on our.... More »

Financial hardship withdrawal exceptions and increasing income in retirement + MORE Apr 4th

Ask MoneySense I am in B.C., Canada. I moved my LIRA into a LIF two years ago. I have taken the maximum annual withdrawals for each year. I thought it’d be smart to start taking it. How can I get more out of it? I need the funds to help deal with bill payments. All my monthly i.... More »
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Can you survive on Canada’s government pension alone in retirement? Experts say you might be surprised + MORE May 10th

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..... More »
Hands down, this is your most powerful retirement savings tool — and the deadline is sneaking upThe tax savings offered through RRSPs can be a huge boost to your retirement plans, Lesley-Anne Scorgie writes.

Continue Reading On thestar.com »

What should you do with your RRIF right now? With talk of a recession, investors who self-manage their registered retirement income fund (RRIF) accounts may be wondering how best to protect their investment portfolios while still meeting their annual spending needs.

In general, for investors who already have a risk-appropriate portfolio in place, it’s often best to stay the course—even through a recession. That’s because it’s perfectly normal to experience poor market returns from time to time, and research shows that constantly switching up your investment strategy can lead to more harm than good.

That said, if the current environment of high interest rates, elevated inflation and volatile markets is giving you anxiety, maybe it’s time for an overhaul of your retirement savings. Here are three ideas that may help to protect your investment portfolio and generate income during tough economic times.

What is a RRIF?
A registered retirement income fund (RRIF) is an account designed to hold investments transferred from registered retirement savings plans (RRSPs) and certain other registered accounts…

Continue Reading On moneysense.ca »

How much money do you need to retire in Canada? Is it really $1.7 million? Retired Money highlights
Canadians think they need $1.7 million to retire, according to a BMO pollHow to save $1.7 million in RRSPsOther factors for determining how much you need to save for retirement

If you’re just starting out on the long road to saving for retirement, you may have heard about BMO’s recent poll, which found that Canadians say they will need $1.7 million to retire.

Because of inflation, according to the press release, that number is 20% higher than it was in 2020, when it was $1.4 million. I wrote my initial take on the poll on my own site, citing the Canadian Press article in the Financial Post as my main source. I wrote that you’d have to put away $42,400 every year in a registered retirement savings plan (RRSP) for 40 years (between the ages of 25 and 65) to reach $1.7 million. That’s more than double what even top earners are allowed to contribute. But, as you can see below, if you start saving in an RRSP early enough, you won’t need to save nearly that much each year…

Continue Reading On moneysense.ca »

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