Making retirement income last

Managing income streams tax efficiently

Many people on the cusp of retirement are wondering whether they’ll outlive their retirement nest egg. Even those with hefty savings tucked away in Registered Retirement Savings Plans and Tax-Free Savings Accounts have expressed their concerns to me about becoming destitute in advanced old age and have thus decided to delay CPP and OAS payments while putting off RRSP maturity until the very last possible day of the year in which they turn 71. Is this really necessary? When should you turn on the retirement income taps, and how long will your money really last? READ MORE

What to do with the kids in the basement

The failure-to-launch syndrome

More than one in three Canadians aged 20 to 34 are living with their parents according to the most recent census results from Statistics Canada. Worse yet, parents are still financially supporting them. That can lead to a series of problems, including threatening parents’ retirement nest eggs. READ MORE

Money Makeover: No plan and a high-risk portfolio threaten their retirement security

Robyn Thompson is regularly featured in The Toronto Star’s “Money Makeover” series by Deanne Gage. This month, Money Makeover takes a look at Victor and Shelly, who hope to retire next year, but have a risky investment portfolio and no plan. Read Robyn Thompson’s advice on how this couple can use their substantial pension income along with a sizable inheritance to ensure a financially secure future.

Money Makeover: Will Charlotte run out of money in retirement?

Robyn Thompson is regularly featured in The Toronto Star’s “Money Makeover” series by Deanne Gage. This month, Money Makeover takes a look at Charlotte, a single public relations professional in her mid-forties who is planning on retiring in 20 years.

She says she needs $65,000 a year in retirement income and wants to know if she’s on the right track to meet her goals.

$1 million in assets, but concerned about cash

Robyn Thompson is regularly featured in The Toronto Star’s “Money Makeover” series by Deanne Gage. Money Makeover takes a look at Mary Lou, a 65-year-old widow with a portfolio valued at more than $1 million.

She is uncertain about how much income to withdraw from her investments to meet her lifestyle expenses, but also last her through her golden years.

Important information about RRSP maturity options

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You must act by Dec. 31!

If you turned 71 this year, and you still have an RRSP, you have until Dec. 31 this year to convert it into another type of tax-sheltered plan. If you don’t, the Canada Revenue Agency can take away up to half of whatever is in your RRSP. Here’s what you absolutely need to know about RRSP maturity options. READ MORE

Individual Pension Plan can boost your nest egg

Ideal for professionals, executives, business owners

Looking for ways to enhance your retirement savings beyond a Registered Retirement Savings Plan (RRSP)? If you don’t already have a pension plan through your employer, and you’re a business owner or executive, or an incorporated professional (physician, dentist, lawyer, accountant, and so on), you might consider the benefits of setting up an Individual Pension Plan (IPP). In this era of financial uncertainty, with many businesses increasingly unable to fulfill their group pension funding obligations, and with defined benefit pension plans going the way of the dodo, an IPP can make a lot of sense. READ MORE

Divorced and ready to start over

Robyn Thompson is regularly featured in The Toronto Star’s “Money Makeover” series by Deanne Gage. Money Makeover takes a look at Joanne, divorced with 4 children. Joanne has limited savings and some leftover debt, but with her children leaving the nest, she can start saving for retirement.

Don’t neglect your RRSP!

Here’s what you can contribute to get a tax deduction

We’ve heard much about the Trudeau Liberal government’s rollback of Tax-Free Savings Account contribution limits. We’ve haven’t heard so much about Registered Retirement Savings Plans (RRSPs). And that’s a good thing. Thankfully, the RRSP rules are one thing the government hasn’t changed. But don’t neglect your RRSP. It’s still one of the best tax shelters we have, and a great way to save for retirement. So with RRSP season now upon us, here’s a refresher on how much you can contribute, and a summary of qualified investments. READ MORE

They’ve handled one surprise. Could they handle another?

Robyn Thompson is regularly featured in The Toronto Star’s “Money Makeover” series by Deanne Gage. Money Makeover takes a look at Zachary and Diana, both 50; and five years ago, Diana was diagnosed with multiple sclerosis. The couple worries about their future once they turn 65.

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