Retirement

Old Age Security (OAS) was originally intended to be a universal program to provide income support payments to Canadian seniors. It is one of the cornerstones of Canada’s retirement income system. It is not a pension plan. You don’t make contributions. OAS is a government benefit program that is financed out of general revenue. Employment…

Q. I am 73 years old with a modest income consisting of a small pension and government benefits. I need a new vehicle and I’m considering leasing instead of dipping into my retirement savings to buy another car outright. Is this a good idea? One-off expenses such as a replacement vehicle should be part of…

“Will I have enough savings for my retirement years?” This question is asked a lot. There’s no one “retirement number.” It depends on multiple factors including age of retirement, where you’ll live, your health, lifestyle, whether you have a company pension plan and how much you will receive from government benefits. Many people become concerned…

Q. I have received notice that my employer is switching my Defined Benefit Pension Plan to a Defined Contribution Plan. What are the implications to my future retirement? You are not alone. More and more companies are replacing defined benefit plans with defined contribution plans. This is primarily due to the rising expenses and long-term…

Many workers have missed years of service in their employment history. Years away from work to raise children, recover from an illness or injury, go back to school, or other absence can reduce future pension payments. If you are enrolled in a defined benefit pension plan you may be allowed to buyback those periods during…

Retirees, or those close to retirement, might have several buckets from which to withdraw income in retirement. There may be assets in RRSPs, taxable or non-registered investment accounts, TFSAs, and possibly corporate or small business assets. At retirement you need to consider which of these accounts to tap into first. To further complicate matters you might also…

When my mother-in-law passed away I had to sift through all of her possessions and dispose of them so we could sell her house. A couple of years later, I went through the same process when my own parents moved into a retirement home. Then I was at it again when my husband and I…

Many people approaching retirement may be delaying those plans due to their debt loads. Boomers are not known for thrifty living. They have earned the title of the “most indebted generation.” According to a Statistics Canada 2012 Survey of Financial Security, 70% of people aged 55 to 64 are carrying some debt. One-third still have…