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Financial planning in your 70s + MORE Oct 12th
When most people think about financial planning, they think about saving and investing for retirement. That is certainly a part of it, but financial planning is much more holistic.
Here are a few financial planning strategies for those approaching or into their 70s. If you are not there yet, bookmar.... More »
What happens at the end of a reverse mortgage? Mar 9th
When you get a reverse mortgage, you tap the equity in your home without having to sell it. There are several advantages to having a reverse mortgage, for those who qualify: For one, you gain access to part of the cash value of your home, increasing your liquidity. Setup and legal fees are rolled in.... More »
Can I withdraw from RRSPs to pay bills? + MORE Apr 20th
What are the cons to withdrawing RRSP savings of $25,000 to pay off some unexpected bills I have incurred?—Anonymous
Withdrawing RRSPs when you’re not retired
Ahh, the unexpected bills.
Anonymous, I’ll give you my initial thoughts first, and then I’ll review the cons of withdrawing .... More »
Maximizing spousal RRSP contributions in your 70s + MORE Mar 23rd
Q. My wife will turn 71 in 2022. She has three spousal RRSPs that we will arrange to mature on the same day: Feb. 8, 2022. On that day, we will convert all the RRSPs into a RRIF.
Between now and then, I wish to take full advantage of my ability to continue making contributions to spousal RRSPs. I am.... More »
Can you change your mind about taking CPP early? Aug 10th
Q. I am 62 years, 10 months of age, and still working but plan to retire (early) at the end of November 2021 with an unreduced employer pension.
I have been collecting CPP for 28 months because I needed the extra money at the time, but I am in a better financial position now.
Can I ask to stop col.... More »
Should you be worried about retirement? If you don’t have a pension, you probably should
– thestar.com
A new survey reveals that many Canadians suffer from an appalling lack of knowledge when it comes to retirement planning, writes Gordon Pape.
The RRSP deadline is coming soon — here’s how to make your contribution work harder this year
– thestar.com
Contributing to an RRSP allows your retirement savings to grow tax-sheltered and can reduce the amount of tax you pay this year, writes Lesley-Anne Scorgie.