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

There are plenty of retirement plan options in Canada! Stay on top of the best plans right here.
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Should you withdraw from non-registered or TFSA investments in retirement? Mar 8th

Ask MoneySense I have stocks in my TFSA as well as some that are non-registered. I am at the point in my life (retired) now that I’d like to begin selling them and using the money. Do I sell from the TFSA account or just from the non-registered portfolio?—Catherine TFSA versus non-registered.... More »
 retirement planning

Nicholas Hui, P.Eng, Certified Financial Planner + MORE Mar 22nd

Who is Nicholas Hui? Nicholas Hui was an automotive engineer for 20 years before becoming a Certified Financial Planner. He brings the same systematic approach from his engineering background to his practise now as an advice-only planner. Nicholas specializes in helping young families and profess.... More »
 registered retirement savings plan

I’m decades from retirement. Do I really need to contribute to my RRSP? + MORE Mar 15th

The biggest issue with contributing to an RRSP too early is the need down the road to withdraw the money for expenses other than retirement that come along, says experts.... 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.

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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…

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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…

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