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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…
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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…
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…
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…
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…
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…