Our top retirement savings stories for 2017 cover topics such as how registered retirement income funds (RRIFs) work, how to make the most out of your employee pension plan and how to use your TFSAs and RRSPs to boost your retirement savings.
How to turn your retirement savings into retirement income
Registered retirement income funds are an excellent way to convert your retirement savings into income. But how exactly do they work? Here are some guidelines on how to put money into your RRIF and take money out of it.
Your RRSP: More than a retirement savings plan
Registered retirement savings plans (RRSPs) are fantastic vehicles for saving tax while saving for retirement. But beyond helping you to save for life after work, your RRSP can also help you reach goals while you’re still working, such as buying your first home and going back to school.
Do you know how much to save for your retirement?
So what’s the magic number you need to save for retirement? Many personal finance experts recommend saving enough to give yourself 40-70% of your pre-retirement income. But everyone’s situation is different, so there’s actually no magic number. Instead, use these tips to help you work out how much to put away towards your retirement.
How to boost your retirement savings - with or without a company pension
If you’ve seen the headlines about the troubled pension plans at some large companies, you may be wondering about your own pension plan – or lack of one. Whether or not you have an employee pension plan, these tips will help you boost your retirement savings.
The truth about RRSPs and TFSAs
RRSPs and tax-free savings accounts (TFSAs) are 2 of the most popular ways Canadians grow their money tax-free. But despite their popularity, there are many misconceptions about them. Here, a financial advisor sets the record straight.