There are many unknowns in this income forecast. Read on
Family Finance asked Derek Moran, head of Smarter Financial Planning Ltd. in Kelowna, B.C., to work with Rick. There are problems, he explains, in transitioning to retirement. Rick’s house is 63 per cent of his total assets and 73 per cent of his net worth. That’s not only a big commitment to one asset class — it is also an illiquid asset.Rick thinks he might make a permanent move to Mexico, where the cost of living is approximately half of what it is in Canada.
Rick moved to Canada at age 38, so at 65 he will be able to draw 27/40ths or 68 per cent of the maximum OAS of $8,000 per year which would work out to $5,440 annually. It is worth noting that if Rick works to 65 and has gross income over $81,761, the current clawback trigger point, he would be wise to defer starting OAS. OAS has a two-year look-back, so he would do well to defer the start to age 67. If he does that and gets the 7.
Rick’s RRSP, including his job-based defined-contribution pension, has a current balance of $324,000. He has $39,080 of contribution space. While working, he should make the most of the space, even if he has to take that sum out of his $130,000 taxable assets for a short period before replacing it.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Investors should read this before making a decision on UNIUniswap (UNI) recently outperformed every other crypto in the top-20 list in terms of market capitalization by registering figures of over 8% in seven-day gains. Interestingly, Messari’s data revealed that Uniswap has also consistently maintained a DEX market share of 75% throughout Q3. This, in many ways, is good news for the ecosystem. However, while […]
Read more »
Lakehead University welcomes new board chairRead the full story and comment on Tbnewswatch.com
Read more »
Lakehead stuns Wisconsin in OTRead the full story and comment on Tbnewswatch.com
Read more »
Meet the candidates (Current River): Duff StewartRead the full story and comment on Tbnewswatch.com
Read more »