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 […]
I seldom think about retirement. I rarely, if ever, think about replacing my car tires either—two major Canadian preoccupations that, for most of my life, did not occupy much space in my mind. And yet, as I’ve come to realize, both forms of “re-tirement” are inevitable, expensive, and far easier to manage when you see […]
Canadians are going into this year’s RRSP season in a somewhat pessimistic mood. Two-thirds say it will be more difficult for them to save and invest for their retirement than it was for their parents, according to BMO’s latest Retirement Survey. Canadians expect a tougher retirement than their parents Of all age groups, millennials have […]
A new report says less than half of non-retirees in Canada have a workplace pension plan. IG Wealth Management’s annual retirement study said a generational shift is re-shaping how Canadians approach retirement as 48% of non-retirees have a workplace pension plan, whether it be a defined-benefit or defined-contribution plan. “The decline of defined benefit […]
My family and I moved to Canada in the summer of 2019, bright-eyed and bushy-tailed. We were willing to do everything it took to make the move a success. I knew that finding a job right away was unlikely and also sensed that landing a position at the same level as I had in Dubai […]
The first month of a new year tends to bring a familiar checklist for Canadian investors. There is fresh tax-free savings account (TFSA) contribution room to use. For 2026, that number is $7,000. There is also the annual rush to finish topping up registered retirement savings plan (RRSP) contributions within the first 60 days for […]
Retirement planning seems to involve waging a battle between the extremes of running out of money before you run out of life, or running out of life before you run out of money. The latter possibility rarely seems to occur to people but was aptly described by FIRE blogger Bob Lai of Tawcan in a […]
For better or worse, a sizable group of Canadian investors still screens prospective investments by dividend yield. When that search expands beyond Canadian stocks, it often leads into parts of the U.S. market that look attractive on the surface but are poorly understood. Common examples include American mortgage real estate investment trusts (mREITs) and business […]