Retirement Income Planning
The Simple Rule That’s Not So Simple I came across an article recently entitled “The simple rule that keeps income flowing during retirement “ and thought I would present an alternate solution for the retiree using a life annuity. To ensure that the retiree doesn’t run out of money over their lifespan (from age 65 to age […]
Annuity Payment Estimator This article provides a rough guide on how much an annuity pays based on several factors. Step by step instructions for the annuity payment estimator are provided below the table plus a example. Please note that this information is current as of the date and time posted and is subject to change without notice. […]
The Value of Financial Planning Study I am a member of the Financial Planning Standards Council (FPSC®). It develops, promotes and enforces professional standards in financial planning through the Certified Financial Planner®/CFP® certification, and raises Canadians’ awareness of the importance of financial planning. FPSC’s vision is to see Canadians improve their lives by engaging in financial planning. A study […]
Pros and Cons: Withdrawals from RRSP or RRIF I often get questions about “how to begin payments from an RRSP?” or “when to start a RRIF”? What follows is a high level overview when contemplating withdrawals for either type of plan. RRSP = Registered Retirement Savings Plan (sometimes just called RSP for short) RRIF = […]
Your RRSP Contribution Limit Calculation Your RRSP contribution limit is the lesser of 18% of earned income in a given year to a maximum defined by CRA. There are several adjustments that may apply to your personal situation. Here is a simple example. Jane Doe has earned income of $50,000 for 2012. Her RRSP deduction […]