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Given all the constraints related to drawing down a LIRA/LIF, I am now 65, living in BC, and have two questions:
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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 »
A TFSA plan to help fund retirement—without losing any sleep
– moneysense.ca
RANDALL BAKER
Age: 65
Location: Winnipeg
Occupation: Worked in manufacturing and safety deficiencies but now retired
TFSA total: $29,632
RANDALL’S TFSA HOLDINGS
iShares Canadian financial monthly ETF (FIE.TO) $29,632
TOTAL: $29,632
Randall Baker recently turned 65 and celebrated with much-deserved retirement party with family and friends. For years, he worked as a specialist in manufacturing and safety delinquencies in Winnipeg while steadily growing an investment portfolio that could give him the comfortable retirement he desired. “I spent years building up my TFSA piecemeal, putting in work bonuses and income tax refunds as they arrived because that was the only way I could find the cash,” says Randall. “I didn’t use systematic investing or dollar cost averaging because with my modest bi-weekly pay I just couldn’t afford it.”
After a few negative investment experiences with a mutual fund company, Randall decided to open a self-directed account…
Age: 65
Location: Winnipeg
Occupation: Worked in manufacturing and safety deficiencies but now retired
TFSA total: $29,632
RANDALL’S TFSA HOLDINGS
iShares Canadian financial monthly ETF (FIE.TO) $29,632
TOTAL: $29,632
Randall Baker recently turned 65 and celebrated with much-deserved retirement party with family and friends. For years, he worked as a specialist in manufacturing and safety delinquencies in Winnipeg while steadily growing an investment portfolio that could give him the comfortable retirement he desired. “I spent years building up my TFSA piecemeal, putting in work bonuses and income tax refunds as they arrived because that was the only way I could find the cash,” says Randall. “I didn’t use systematic investing or dollar cost averaging because with my modest bi-weekly pay I just couldn’t afford it.”
After a few negative investment experiences with a mutual fund company, Randall decided to open a self-directed account…