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Retirement Planning for the "Rest of Us" | This Web-site is designed to give Retirement Planning advice for those half of Canadians who do not have an employer pension plan and will not save hundreds of thousands in their RRSP. General Points:
Income will reduce that amount you get from these programs; assets will not. Withdrawing money from an RRSP will reduce your benefits (due to clawbacks), spending money you cashed in before you turned 65 will not affect your benefits. To get these benefits you should be careful how you use your savings. This will mean you'll want to cash out any money from your RRSP before you turn 65, (before 60 if you are a widow/widower). You'll probably be better off taking early CPP. | ||||
| For more information: click the button |
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| Why listen to me? For information on why I'm doing this... |
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| What is wrong with most Financial Advice: Financial advice usually tells you to maximize your RRSPs but that's wrong for you because RRSP withdrawals will make you ineligible for government supports. Most of their 'cookie-cutter' advice ignores income-tested government supports that are there for lower-income retirees. |
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| Recommended Reading: Most advice, and books giving advice, is designed for affluent Canadians with RRSPs, for the "Rest of Us" it's wrong. The books listed here are better for the "Rest of Us". |
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Are you GIS Destined? By the time you are in your 50's, you should have some idea of what your income at retirement will look like. This web-site will help you decide if you are likely going to be eligible for GIS, (and/or Spouses and Widows Allowance). |
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GIS: What you need to know about GIS (and Spouses and Widows Allowance). |
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| RRSP: RRSPs don't work well for you. Get out before you start getting income-tested benefits. |
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| Early CPP: Why you should probably take early CPP. |
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| Early CPP: Individual Calculator How much will you get to spend if you take early CPP as compared to CPP at age 65. This section is not 'final' yet... I'd really appreciate your comments so it's available - for now. To use the sheet you'll need to use the password 'test'. |
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| Credit Cards: Don't put a penny in an RRSP if you're carrying a credit card balance; pay off the card |
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| Home Ownership: For the "Rest of us" home ownership is very useful. So, instead of putting money in an RRSP, pay down your mortgage. If you can afford it, own a home rather than rent. |
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Your income at retirement: How much income can you expect at retirement? This section is not 'final' yet... I'd really appreciate your comments so it's available - for now. To use the sheet you'll need to use the password 'test'. |
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