retire
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Guaranteed Income Supplement (GIS) Canada: Eligibility & Benefits
What's the GIS?The Guaranteed Income Supplement, or GIS, is a monthly stipend the Canadian Government provides to top-up Old Age Security for low-income seniors. The GIS is not taxed and only ava
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Understanding the Canada Pension Plan (CPP): Retirement Income & Eligibility
The Canada Pension Plan (CPP for short) is a monthly, taxable benefit that replaces part of your income when you retire. It forms one of the two major components of Canada’s public retirement income s
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Mastering the 50/30/20 Budget Rule: A Simple Guide
If you’re like a lot of people, you find budgets intimidating. Who wants to track every penny in a spreadsheet? Who wants to give up their favorite luxuries? (“Not my Netflix!”)Nevertheless, in order
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Canadian Retirement Income: What to Expect & How to Plan
If you are a Canadian citizen who is retired or planning to retire soon, you probably have some questions when it comes to your income prospects. Knowing more about your income potential in retirement
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Annuities Explained: A Comprehensive Guide for Retirement Income
If you’re in retirement or nearing retirement you might consider an annuity as a source of retirement income. Before we dig into all things annuities—a word of warning, Wealthsimple is not insurance l
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Understanding Retirement Savings Plans in Canada: A 401(k) Alternative
Many employers in the United States offer a retirement plan called a 401(k), which is a defined contribution plan. That means that the retirement benefit available to the plan participant will be a fu
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Life Income Funds (LIF): Understanding Registered Retirement Income Funds
What is a LIFA Life Income Fund is a Registered Retirement Income Fund (RRIF) that was purchased with locked-in funds. If you worked for a company with an employer pension plan, terminated employment
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Your Complete Guide to Retirement Planning: A Step-by-Step Approach
Retirement may be something you’ve been fantasizing about ever since the day whatshisname in accounting swiped that leftover slice of pizza you were saving from the office fridge. You’ve probably alre
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CPP Retirement Dates & 2022 Payments: Calculate Your Pension
The Canada Pension Plan (CPP) is a government-led retirement program that launched in 1965 to help add a little more shine to your golden years. It was originally meant to provide you with 25% of your
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Registered Retirement Income Funds (RRIF): Your Guide to Retirement Income
So, what is it exactly? RRIF stands for Registered Retirement Income Fund. It’s essentially a basket of investments—you can choose from GICs, mutual funds, ETFs, or stocks and bonds—that earns money d
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Understanding LIRAs: Your Locked-In Retirement Account Explained
So, what is it exactly? Say you’re one of the lucky Canadians with a company pension. You’re about to get a new job, but you’re worried about what you’re going to do with your pension. Sounds like you
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RIF vs. RRIF: Understanding Retirement Income Fund Options
There sure are lots of short forms in finance and they can be confusing. Here’s the scoop on RIFs, RRIFs, LRIFs.What is a RIFRIF stands for Retirement Income Fund. In general terms, it refers to any r
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Effective Retirement Strategies: Planning for Your Financial Future
So you’ve been dreaming about the retired life ever since the day whatshisname in accounting swiped that leftover slice of pizza you were saving in the office fridge. You’ve probably already got retir
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Understanding RRIF Withdrawals: A Guide for Canadians
You’ve spent many years carefully putting money aside in your Registered Retirement Savings Plans (RRSPs). Now it’s time to start withdrawing those funds. Here’s what you need to know.RRSPs must be co
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Retirement Planning for Part-Time Workers: A Comprehensive Guide
Work. Even though we know we have to work until we are financially independent, many of us have a love-hate relationship with it. We love the money we earn, but we arent always thrilled with ou
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Prioritizing Your Savings: Which Goals Should Come First?
Youve been working hard to cut expenses and quit living paycheck to paycheck. You negotiated a raise or landed a higher-paying job. Your side gig is creating a buffer in your budget. No matter
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Strategic Investing: Lump Sum vs. Dollar-Cost Averaging
It’s the week your big bonus from work hits your bank account. Or you receive a sizeable cash gift or inheritance from a relative. Perhaps you have proceeds from the sale of your home or cash f
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Retirement Savings Strategies for Sandwich Generation
If you’ve asked yourself how you’ll save for retirement while also financially helping your kids and parents, you’re not alone. A few years ago, the Pew Research Center reported that almost hal
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AgeUp Review: Secure Your Retirement with Financial Planning
This post is sponsored by Haven Life. There’s a good chance you have family or friends who have lived into their 90’s. Or maybe even a few to age 100 or beyond! The Social Security Administr
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SEP IRA Eligibility: Who Can Open One in 2024?
A good part of the working population in the United States has some type of retirement plan investment account. Most individuals contribute to either an employer-sponsored retirement plan like
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- Fixed Annuities: Are They Right for You?
- Record Retirement Savings: Americans Increase Contributions - Bankrate Survey
- SEP IRA: A Simple Retirement Plan for Self-Employed Individuals
- Maximize Your Social Security Benefits: 7 Important Facts
- Retirement Planning: How Far Does $1 Million Really Go?
- IRA Education Savings: Tax-Advantaged Ways to Fund Your Future
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11 Proven Ways to Monetize Your Website in 2024Website owners have abundant options when it come...
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Estate Planning & Vehicle Ownership After a Death: A Comprehensive GuideThere are several factors you need to deal with a car after someone dies. There's a lot to deal with when a loved one passes away. If there's a car involved, the process can be simple...
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Index Funds Explained: A Beginner's Guide to Tracking Market PerformanceIndex funds are mutual fundsMutual FundsA mutual fund is a pool of money collected from many investors for the purpose of investing in stocks, bonds, or other securities. Mutual funds are owned by a g...
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Maximize Your Savings: A Guide to High-Yield Savings AccountsHigh-yield savings accounts offer higher APYs than most traditional savings accounts or money market accounts. (iStock) If there were an easy way to get rich quick, everyone would be doing it. Unfort...