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

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

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 ab.... More »

RRIF withdrawals: What should seniors with million-dollar portfolios do? Nov 16th

Ask MoneySense I have invested well and now I am in my 80s. My RIF is almost $3 million and is going to attract heavy taxes. My other investments are about $2 million, some with capital gains which we are going to donate to charity. Any suggestions on how to reduce the huge tax liability? Should .... More »

What to do with U.S. dollar RRSPs in retirement + MORE Jun 8th

Ask MoneySense I am 70 and have already turned my RSP into a RIF. However, I also have a U.S. RSP which will need to be dealt with next year at the latest. What do I do with it? Roll it into my Canadian RIF within the next year? Leave it as a separate RIF and take the necessary money from each .... More »

Selling stocks at a loss in a TFSA: What it means for your contribution room Apr 12th

Ask MoneySense I lost $20,000 dollars in my TFSA account in the market correction, and my broker sold the losing stocks. Can I put more money in to bring me back up the to the limit the government allows?—Wayne Capital losses in a TFSA A capital loss is when you sell an investment at a lowe.... 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 »
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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