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As Emily approaches retirement, how soon should she draw on her RRSP?
Emily, 66, will work full-time until the spring, then continue part-time until mid-2021, at which point she would retire fully. When should she draw on government benefits, what should she use to pay off the remainder of her mortgage and when should she sell her home?
Health-care costs need to be top of mind during retirement planning
Planning financially for retirement requires taking many uncertainties into consideration. One of the greatest is the cost of health care. Although some health-care costs are covered in Canada, there are many – ranging from medications and massages to nursing homes or at-home care – that need to be paid out of pocket.
Should parents pay for their child’s university or college costs?
“Many people are struggling with the decision of how much to pay – and the degree to how that impacts their future,” says Rona Birenbaum, a certified financial planner in Toronto. “This is creating financial tension around education.”
How to pick the right fee-for-service financial planner
Financial planner Rona Birenbaum is so busy that she’s been turning away an average of two clients a day over the past couple of weeks. “We are slammed right now,” said Ms. Birenbaum, whose Toronto-based firm is called Caring for Clients. “There are more people wanting our services than we have capacity. I have a waiting list of 20 fantastic people.”
“Help! My RRSPs are all over the place”
Having multiple retirement savings accounts can make it tough to monitor the mix and returns on all of your investments, and it may be costing you more than you realize. Here’s how to bring them all together.
What’s the best way to generate cash from your investments in retirement?
For most of your adult life, one of the challenges of managing money is slicing off a piece of your paycheque and adding that to investments that will, hopefully, grow your nest egg over time.
Canadians should be making better use of TFSAs
It’s been a little more than a decade since the former federal Conservative government introduced the tax-free savings account (TFSA) as a financial planning tool to help Canadians increase their net worth. However, recent research shows the TFSA has been used more as a piggy bank than a tax-efficient investment vehicle – and financial advisors believe this is a missed opportunity for investors.
Personal Finance in a Low-Interest Era
The Agenda with Steve Paikin welcomes financial planner and tax estate expert Rona Birenbaum about how low interest rates effect personal financial decisions.
Planning ahead financially could help new or expecting parents breathe easy
The financial costs of raising a newborn can easily turn a happy occasion into a great deal of stress for expecting or new parents. For financial advisors who have clients at this stage of their lives, helping them plan their finances early on in the process could set them up well for what’s sure to be a very overwhelming time.
40% of Canadians largely use TFSAs as simple savings accounts: Ipsos poll
The tax-free savings account (TFSA) turned 10 this year — and it has come a long way. More than 40 per cent of Canadian families now have one, according to the latest tally from Statistics Canada.