Retirement planning getting you down? There are always smart ways to plan the financial aspects of your retirement.
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How to boost your retirement income by 50% + MORE Nov 18th
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If 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.... More »
Barbie ready for retirement? Slumping sales again hurt Mattel + MORE Oct 15th
Barbie still looks great after 56 years, but her slumping sales might force her into retirement..... More »
After inheriting a RRIF account, how to know what you owe the taxman Mar 10th
Q: I’m wondering if there is a simple way to calculate the tax liability to named RRIF beneficiaries upon death of the account holder?
My wife’s mother passed away in October 2018. My wife was one of 3 named beneficiaries of a RRIF worth $265,000, and her share was $117,000 (44%). There are no.... More »
TFSA vs RRSP: How to decide between the two + MORE Mar 30th
One of the most common questions out there is whether to invest in a registered retirement savings plan (RRSP) or a tax-free savings account (TFSA). Both will help you save, and save on taxes, but each works in a different way. Understanding how these accounts work will help you decide which is best.... More »
Can you have too much invested inside an RRSP? + MORE Dec 9th
While not quite up there with outliving your money, for many seniors the idea of dying with too large an RRSP (Registered Retirement Savings Plan) or RRIF (Registered Retirement Income Fund) rankles. Handing over nearly half your nest egg to Ottawa after a lifetime of tax-deferred saving seems to ma.... More »
Monday Makeover looks at a 70-year-old couple wondering how much they can safely spend each year without depleting their savings.Your Defined Contribution Pension Plan at Retirement: Evaluate Your Options for that Lump Sum Payout
– rhondasherwood.com
When you are a member of a Defined Contribution (DC) pension plan, the amount you contribute, along with your employer’s contribution, is placed in an individual savings account. This type of arrangement gives you the freedom to make decisions about how your money is invested. If you have been keeping track of how your fund has been performing over the years and making adjustments which reflect your willingness to accept risk, it should have grown over time.Options for Your Defined Contribution Pension at Retirement
At retirement, you have the choice of transferring the DC Plan funds to a locked-in RRSP, a Life Income Fund (LIF) or an annuity. Basically, your retirement income will depend on the option(s) chosen. Your financial advisor can help you with your decision.
Transferring Funds into a Life Income Fund (LIF)
A Locked-in Income Fund is for funds which had previously been held in a locked-in RSP or an employer pension plan. Like your DC or LRSP, you still would have control over your investments and would be able to choose to hold more than one type of investment within your plan if you wish…
Video: Let's Talk Investing: Comparing RRSPs and TFSAs
– theglobeandmail.com
For the newly employed, which makes more sense: an RRSP or TFSA? Rob Carrick takes a look
