Are RRSPs enough to generate lasting income in retirement?

There are many factors to consider when looking at a client’s retirement savings, advisors say

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Mr. Ferrier says there are many factors to consider when looking at a client’s retirement savings as it’s a very personal decision. But, it’s important to discuss the client’s ideal retirement age, current spending, ideal retirement spending, and develop a plan to reach those goals. The client can then remove those funds tax-free and delay even further the withdrawals from the RRSP, he adds.Indeed, TFSAs are something many advisors discuss with their clients as a retirement savings option because there are many benefits to this vehicle, says Mike Wilson, senior investment advisor, and portfolio manager with M.R. Wilson and Associates at BMO Nesbitt Burns Inc. in Calgary

But Mr. Wilson says he also warns clients about overcontributing to their TFSAs because the penalties can be steep – about 1 per cent a month. To avoid this issue, he suggests clients consult the Canadian Revenue Agency website to check each year’s TFSA limit and rules surrounding the limits.

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