How to go about securing the best Retirement Plan in Canada.
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Downsizing vs reverse mortgage: which option is right for you? Feb 2nd
For many Canadians approaching retirement, their home is by far their largest asset. With detached homes in major cities selling for well above $1 million, it’s not surprising that owners expect to tap into that equity to help fund their golden years, prompting the common refrain: “My home is my.... More »
The best RRSP investments 2022 Jan 11th
A registered retirement savings plan (RRSP) is an investment that is registered with the Canadian federal government. RRSPs are often described as being “tax-advantaged.” That means you don’t pay income tax on the amount you are contributing to an RRSP, in the year you earn that contribution. .... More »
CPP and disability: When should you retire and start your pension? Sep 28th
Ask MoneySense
I have a brain injury and I’m collecting CPP disability of $15,000 a year, along with a workplace disability income of $16,000 a year. I am 61 years old, married, and I can’t figure out if I should retire now and start my pension or wait until I turn 65. My pension projectio.... More »
Planning for retirement with little or no savings to draw on + MORE Mar 21st
Despite their best intentions, some Canadians, facing a variety of financial challenges throughout their working lives, are not able to save much towards retirement. It can be difficult to know how to manage in these circumstances, especially when so much of the financial planning advice that gets s.... More »
DIY investing for busy people—the portfolio management tool you didn’t know you needed + MORE Jul 13th
If you’ve been on the fence about managing a self-directed brokerage account because you think DIY investing is too much of a time commitment, think again. While DIY investing certainly can be an all-consuming “hobby” filled with spreadsheets, calculations and trade activity, it doesn’t have.... More »
How, when and why to save using RESPs
– moneysense.ca
Presented by Assante Wealth Management
Never say no to offers of free money from the government. That’s my motto, or at least one of them. And as far as free money goes, Ottawa’s Registered Education Savings Plan (RESP) is among the most lucrative offers currently available to Canadians with kids.
You have to put some of your own money into an RESP of course, but for every $2,500 you contribute in a year, you will receive a 20% Canada Education Savings Grant (CESG), which means a $500 freebie each year you maximize contributions (within specified limits). As with the RRSP, investment income inside an RESP grows tax-free, although it generates no tax refund apart from the grant.
While there’s no limit on how much you can put into an RESP each year (there is a lifetime maximum contribution amount of $50,000 per child mind you); you’ll only receive the grant on the first $2,500 in contributions per year, or if you carry over unused contribution year from the year before, up to the first $5,000 in contributions…
How to boost your retirement income by 50%
– moneysense.ca
FlickrIf you were told there was a way to boost your income in retirement by 50% it would no doubt get your attention. It certainly got my attention, in a paper in a recent issue of the Journal of Retirement. The paper was co-authored by one of MoneySense’s panelists for the annual ETF All Stars panelists: Mark Yamada, president and CEO of Toronto-based PUR Investing Inc. The co-author is his colleague Ioulia Tretiakova, the firm’s director of quantitative strategies.
You might find the paper is bit too complex but this column aims to explain it in layman’s terms. While the strategy might be hard to replicate, it may at least get you thinking about your nest egg in a different way and lead to some good discussion with your advisor. It’s a new way to look at whether you should target income generation or maximizing returns when you maintain your nest egg in retirement. The paper is called “Autonomous Portfolio: A Decumulation Investment Strategy That Will Get You There…
The earlier you can identify the amount of income you need to live the retirement you want, the easier it is to build your retirement plan.
