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Thread: crawling through the retirement Jungle ~ lets help each other

  1. #31
    Princess of Paying Less katie333's Avatar
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    The Money Sense e-book associated with the cut/paste above is or at least was, available for free on ibooks. At any rate, I think it's totally possible to live on govt pensions alone IF your retirement budget allows for it.

    Figure out what you will need to spend each month, then annually. Once you have your budget figured out, determine whether or not, the govt pensions are enough. If they are not, then you will need to supplement with some form of savings. I am working towards retirement at ages 50-52 depending on the performance of my portfolio. We live frugally now and plan to continue. We are also travelling now so that we won't feel compelled to catch up on this during retirement. I am not planning an extravagant retirement. We will be selling our home and downsizing into a rental, where our monthly costs will have less variation.

    Ultimately this is a very personal situation. The conventional wisdom around needing a fixed amount of savings or a defined benefit pension plan has been largely debunked. What you do need to do is plan well and make educated decisions.
    Kate

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  2. #32
    CaNewbie secret aging man's Avatar
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    Quote Originally Posted by endi2000 View Post
    You also might want to talk to an investment counsellor for the RRIF and how that impacts the CPP and OAS. I think the OAS will be affected when you have other income. The RRIF will not be taxable if it comes out of the RRSP - but it is still an income
    The funds that are transferred from your RRSP to your RRIF are not taxable until you cash out all or part of the RRIF - at which point it may impact the amount paid to your CPP/OAS.

    There is an advantage to withdrawing at least $2000 from your RRIF after age 65, however (whether or not you actually need the money). This is because you receive a tax credit under present tax rules where you essentially pay no tax on a $2000 RRIF withdrawal per year over 6 years.

    http://retirehappy.ca/are-you-taking...f-the-pension/

  3. #33
    Bean bun going offline Ciel's Avatar
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    Saw this item concerning Ontario public healthcare coverage-what it does and does not cover once a person retires at or after age 65: http://www.thestar.com/business/pers...nt-mayers.html

    It’s true that we get very good acute-care coverage. A visit to a doctor’s office is free; if you need surgery and recuperation in a hospital, the bed is there for as long as you need it.
    But the system doesn’t cover things that many Canadians think it does, such as glasses, hearing aids and physiotherapy. An annual SunLife study finds — again — that the misconception gap is wide.

    So for many heading into retirement, it’s a shock to discover they’ll have to pay for many things they need. What to do is a recurring question.
    2021-Bring on the sunshine, sweets & online shopping.

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