I am in my 91st year and for my age, in reasonably good health. I drew down a significant extra sum in 2025 from my RRIF. Fortunately, due to some good earlier decisions, my RRIF remains with a very strong market value. I use this drawdown for two purposes: to reinvest in my non-registered accounts, […]
There’s a common belief that homeownership guarantees financial security, but a new study from the University of Calgary challenges that idea. The March 2025 Social Policy Trends study surveyed 715 Albertan seniors—both homeowners and renters—about their financial situations. While the study examined housing insecurity more broadly, the top concern wasn’t rent—it was the cost of […]
Ask MoneySense Hello Allan. I’ve been reading your advice in Moneysense, the Financial Post, and many other media outlets for a while now. My accountant is unable to help me with my query, which is: Is there anyone or any software out there that can help me calculate how to “die with nothing?” I’m looking to start […]
Despite best intentions, many Canadians are not financially prepared for retirement. This reality is driven by a combination of factors: rising costs of living, growing debt levels, insufficient personal savings, and a lack of proper planning. Unexpected life events such as health challenges, job loss, or forced early retirement, can further derail even the most […]
For Canadians relocating to the United States, one retirement question surfaces repeatedly: what happens to a locked-in RRSP? Locked-in retirement accounts, commonly known as LIRAs, are designed to preserve pension money for retirement. But under certain circumstances, leaving Canada can create an opportunity to access those funds earlier than expected. The key is understanding that […]
As a semi-retired investor who recently started a registered retirement income fund (RRIF), I regard exchange-traded funds (ETFs) from Vanguard Group as a major part of my core portfolio, along with low-volatility ETFs from BMO ETFs, and income-oriented ETFs from various other vendors. After the Liberation Day craziness of April 2025, I became increasingly defensive, […]
As parents grow older, managing daily tasks can become increasingly difficult. Chores such as meal preparation, personal care, home maintenance, and medication management may start to require extra support. This shift often places added pressure on adult children, who are already balancing careers, families, and their own busy lives. Without open discussion and planning, feelings […]
Ask MoneySense My wife and I plan to retire at the end of 2027. I am 63 and my wife is 53. All our investments are split 50/50 between RRSPs and LIRAs for a total of about $1,450,000. We anticipate needing about $110,000 a year after tax in retirement. We have a line of credit, […]
This story is part 3 in a series on financial caregiving for seniors. Read others in this series: 3 signs you need to take control of your parents’ finances Caring for a parent? Get a power of attorney Before my father was diagnosed with dementia, I had a 30,000-foot awareness of my father and my […]
A US traditional individual retirement account (IRA) is a bit like a Canadian registered retirement savings plan (RRSP). A 401(k) is like a defined contribution (DC) pension plan. In both cases, tax-deductible contributions can be made by a retirement saver with future withdrawals generally subject to tax. Spousal beneficiary When a spouse inherits an IRA […]
