Piper makes a good buck as a lawyer but still has piles of school debt. Is her dream of owning a downtown Toronto condo realistic? + MORE Jan 25th

All about Retirement Planning in Canada. Learn the ins and outs and get the latest news.
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How to calculate the taxable amount for a cashed-in whole life insurance policy + MORE Apr 19th

Ask MoneySense I cashed in my whole life insurance policy last year and received a T5 suggesting I have to pay tax on the full amount of my cash value. Is this correct? The cash surrender value was $27,000, I paid $28,000 in premiums, and they told me my pure cost of net insurance was $30,000, whate.... More »

30 and no pension: What are your options? Sep 6th

Alexandre Crupi has a lot of expenses. The 31-year-old investment specialist at Steadyhand Investment Funds, along with his fiancee, are paying for a September wedding. Then there’s the cost of their forthcoming honeymoon. They hope some day to buy a house. On top of all that, Crupi doesn’t curr.... More »

What is the CPP Survivor’s Pension? How can Canadians claim this benefit? + MORE Feb 15th

Ask MoneySense My wife passed away, and I heard about the survivor’s pension. Can you tell me more about this benefit and how to receive it?—Kevin What is the CPP Survivor’s Pension? Thanks for your email, Kevin. Losing a spouse or common-law partner is one of the most challenging e.... More »
 retirement savings

Bell Canada’s first quarter results for 2025 + MORE May 9th

BCE Inc. cut its quarterly dividend payment to shareholders and announced a partnership deal with the Public Sector Pension Investment Board to help accelerate the development of fibre infrastructure in the U.S. BCE chief executive Mirko Bibic said Thursday the dividend cut comes as the company face.... More »
 retirement planning

Making sense of the markets: Looking at 2025 + MORE Jan 3rd

Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors. Can we make sense of the 2025 markets? Stock market predictions rarely age well. (As you can read from our look at 2024..... More »
Piper makes a good buck as a lawyer but still has piles of school debt. Is her dream of owning a downtown Toronto condo realistic?Financial adviser Jason Heath says Piper needs to get her debt and expenses under control before even thinking about home ownership and retirement

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I’m 62. Where would you advise that I invest $50,000 for retirement and savings?—Ty

Where to invest a large sum of money when you’re in or nearing retirement

Congratulations on having $50,000 available to invest, Ty. You do not say how you came into that money or describe your current financial situation. For some, it could be considered quite a windfall. Let’s consider a few different situations first and then move on to possible recommendations.

Do you have debts?

Investing a lump sum of $50,000 sounds great. However, receiving an investment return of 5% is not going to do much for you if you are carrying a balance on a credit card that is charging you 20% interest. Paying off high-interest debt will provide you with a greater net return than you are likely to receive from any long-term investment.

What about mortgage debt? A year or two ago, with some mortgage rates available below 2%, I might have advised that you invest rather than aggressively pay down any amounts owing, but with advertised rates at greater than 5%, if your mortgage is up for renewal this year, you would do well to consider reducing the amount you owe…

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