Posts by AdminRFinc
Ten retirement myths series: Myth #2
It’s surprising, even shocking, that with all of the attention devoted to an aging society and the need to save for retirement, that so few people are inspired to get started; and then save so little. Many do have a doom and gloom attitude about retirement. Myths aren’t helping matters. Retirement myth #2: I’ll never…
Read MoreThe Family Dollar Juggling Act
Remember, You can’t get life insurance once you need it.
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Read MoreTen retirement myths
We are experiencing a silver Tsunami. The leading edge of the Boomers turned 65 four years ago. On average, 1250 Canadians turn age 65 every single day. It’s part of a 20 year trend. But, most of the Boomers weren’t born in 1946-47. Most were born between 1961 -1965. That’s why you feel everyone has been…
Read MoreFinancial Facts 2020 – Quebec
Due to COVID 19 the RRIF minimum withdrawal has been modified down. See the 2020 rates at the end of this article Age 2020 RRIF Factors 55 2.15% 56 2.21% 57 2.27% 58 2.35% 59 2.42% 60 2.50% 61 2.59% 62 2.68% 63 2.78% 64 2.89% Age 2020 RRIF Factors 65 3.00% 66 3.13% 67…
Read MoreIt Pays to Stay Invested…
How much life insurance does my family need?
The answer to this question differs from one person to the next. Consider the following: ► What would be the financial impact on your family if they lost 100% of your income? ► What would be the financial impact on your family if they lost 75% of your income? ► What would be the financial impact on…
Read MoreSchool of Thought
Being aware of cognitive biases can help us make better investment decisions. Every day, we make thousands of decisions; some put that number as high as 35,000.[1] The vast majority are routine and without especially big consequences – but then there are the ones that matter a lot more. Choices about investments generally fall into the…
Read MoreWho Pays for medical expenses in Quebec?
Saving taxes on RRIF withdrawals
Income from a RRIF qualifies for the $2,000 pension credit on your income tax return. You can take out as much as you want from a Registered Retirement Income Fund (RRIF) since there’s no maximum, but keep in mind that every dollar out is considered taxable income in that year. This is why many retirees…
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