How to Get Income Out of Your RRSPs
Posted on:Roger and Linda, like many Canadians, have saved for years for their retirement. They took advantage of RRSPs and now have a substantial amount of savings. As Roger will turn age 71 this year, they need to decide on the best strategy for using their RRSPs for their retirement income needs. Until now, Roger and Linda have been relying on their non-RRSP investments and government benefits so their…
Read MoreTips and Traps for Handling Estates
Posted on:Here are some common TIPS Canadians should consider when assisting family members with handling their financial affairs while alive. And some common TRAPS that may occur once an Executor is working on distributing the Estate assets to the heirs. It is a common practice to have all of Mom's or Dad's bank accounts set up in joint name with an adult child. This allows the child to clear out the…
Read MoreFinancial Resilience
Posted on:You've likely heard the term "financial resilience". You may even know it refers to a household's ability to navigate and overcome financial stress and hardships that life inevitably throws at you. But did you know that financial resilience can be measured? This calculation is based upon key indicators that include household savings, stress levels around current and future financial obligations…
Read MoreRetirement Income Planning: Simplified
Posted on:Retirement is a significant life event that requires careful planning and preparation. One of the most important aspects of retirement planning is figuring out how to generate income during your post-work years. In this article, we will discuss how to make the most of your retirement income possibilities. Build a Diverse Portfolio A key financial success principle is building a diversified…
Read MoreAvoid These Financial Mistakes
Posted on:Managing personal finances effectively is crucial for long-term financial stability and security. However, many consumers often fall prey to common financial mistakes that can hinder their progress and lead to unnecessary stress. By understanding these pitfalls and taking proactive steps to avoid them, individuals can make smarter financial decisions and pave the way for a more prosperous future…
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