When you imagine the post-secondary education you’ll fund with a Registered Education Savings Plan (RESP), you may first think of a university or college. However, the government lists several hundred institutions beyond traditional universities and colleges that have programs eligible for RESP funding.
How much annual retirement income can you safely withdraw? Which source of savings should you access first? When should you start government benefits? What guidelines can you follow? There is no cookie-cutter approach to withdrawing retirement income. Here are just some of the factors that make one retiree’s income plan different from another’s.
You may think the vast majority of couples retire at the same time. However, the last time Statistics Canada reported on Canadians retiring together or not, only about 30% of couples retired together.1 Also, an Ameriprise Financial survey conducted this year showed that a majority of American couples retire at different times.
Whether the amount is small or large, whether it applies to a couple of years or many, Canadians don’t like their Old Age Security (OAS) pension clawed back.
It’s called the retirement risk zone—the period of several years before your retirement date and the initial years of your retirement. The risk is a severe market downturn and its impact on your retirement savings.
In the early months of 2020, the coronavirus outbreak led to a sudden market meltdown—only to be followed by a surprisingly quick recovery by the summer. Not long after, in 2022, equity markets around the world entered bear market territory. In 2023, the markets rallied.
There’s a myth that surfaces every once in a while. It suggests a Registered Retirement Savings Plan (RRSP) isn’t worthwhile because of the tax on eventual withdrawals.
Many people approaching or in retirement are torn between downsizing and staying in their home. Here are some considerations and how we can help.
Wealth planning in retirement involves new rules, products and strategies—but don’t feel stressed. We’ll keep you informed and help you explore your options.
Whether to delay Canada Pension Plan (CPP) or Quebec Pension Plan (QPP) benefits gets all the attention. But you should also know about delaying your Old Age Security (OAS) payments.
In retirement, every dollar you save in tax is more money to support your lifestyle. We’ve got ways to save tax by strategically making Registered Retirement Income Fund (RRIF) withdrawals.
When retirement arrives, you want to enjoy this new chapter in your life – not start off with a multitude of financial decisions and to-dos. You can have comfort instead of chores by taking care of a few financial matters as retirement is approaching.
It’s always helpful to have a retirement date in mind and imagine how you want to spend your retirement years. But there can be turns in the road.
Have you thought about where you’ll enjoy your retirement? Hundreds of thousands of Canadian retirees believe the best place to spend winter is in the U.S. Sun Belt and other warm destinations.
For most people, investing changes as retirement approaches. The number one concern is usually wealth protection. If markets suffer a severe downturn just before your planned retirement, you want to know your nest egg will remain intact and you’ll still retire on time.
Start government benefits sooner and you collect a smaller monthly benefit, but right away and for a longer time.
Today, to change a retirement plan often means postponing the date, not moving it up. After all, we’re living longer, and early retirement adds even more years to fund.
There’s no minimum age requirement to open a Registered Retirement Income Fund (RRIF). As for the maximum age, retirees who wish to convert their Registered Retirement Savings Plan (RRSP) to a RRIF must do so by the end of the year they turn 71.
For several decades as an investor, there was always a silver lining to a market downturn. That’s when investment managers purchased stocks at value prices so you could enjoy higher returns when the market rebounded.
According to the 2016 census, one in five Canadians aged 65 and over were working, with 30% of this group working full time. Some continued in their regular jobs, while others became consultants, entrepreneurs and new business owners.
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At Endurance Wealth Partners, we’re here to help you simplify your financial journey. Whether you have questions, need advice, or are ready to take the next step, we’d love to hear from you!