Market volatility is unsettling for any investor, especially plan members who may be entering retirement as a potential market downturn looms. However, historical data shows that markets often rebound quicker than anticipated and that remaining invested may result in the greatest opportunity for long-term success. Key takeaways: Plan members invested in a diversified portfolio, such…
By Brenda Spiering and Sun Life Staff If your employer offers a pension plan with matching contributions and you’re not participating, you’re essentially saying no to free money. With so many things to spend your money on, do you need to join your employee pension plan? Agreeing to have money withheld from your paycheque each month may not sound enticing. But passing up…
If you’ve been living and working in the United States, you’ve likely accumulated retirement savings while employed. Now that you’ve returned to Canada, you’re probably considering transferring the retirement savings you accumulated abroad to a Canadian registered retirement savings plan (RRSP) but are concerned about the tax implications and the logistics associated with such a…
Wealth planning doesn’t retire when you do—it just changes. Now financial life is largely about making the most of the wealth you’ve accumulated. You’ll be learning about new rules, products and strategies that involve a broad range of financial considerations. Fortunately, your expanding financial literacy doesn’t have to happen all at once. You can acquire…
When retirement is on the horizon or you’re already retired, you may start to think about downsizing. Often, it’s a difficult decision that involves considering a variety of financial, psychological and practical factors. Selling versus staying Homeowners are commonly motivated to sell when their home represents a sizable proportion of their net worth and they…
By Jennifer Murphy and Anne Levy-Ward You’ve worked hard to build up your business. You’re proud of what you’ve accomplished. And one day, it will be time to step away from it. Here’s how you can start to get ready. If you’re a business owner, retirement might be the last thing on your mind. Instead,…
Last summer, Old Age Security (OAS) benefits permanently increased for the first time in almost 50 years. The payment increase is 10% and applies to seniors aged 75 and older. This increase gets a further boost when seniors delay starting their OAS benefits. Monthly payments increase by 0.6% for each month you delay payments beyond…
Each year, you’re required to make a minimum Registered Retirement Income Fund (RRIF) withdrawal, calculated as a percentage of your RRIF assets. The percentage is based on your age, and it increases each year. Every withdrawal is taxed as regular income, but several strategies can help reduce the impact of the tax liability. Use your…
With changes to pension limits and the ability to include an individual pension plan (IPP) in a succession plan, IPPs have become the registered retirement savings plan (RRSP) alternative for many business owners. Normally, on the death of the surviving spouse,¹ registered assets create a tax liability in the estate. An IPP for a family…
Do you know as much as you think you do about your retirement finances? You may be surprised. In 30 or 40 years on the job, you’ve probably become knowledgeable in your field. Maybe you know a lot about teaching. Or plumbing. Or project management. But you’ve never retired before, so how much do you know about that?…