Posts by Robb Engen
3 Reasons To Take CPP At Age 70
It might seem counterintuitive to spend down your own retirement savings while deferring government benefits such as CPP and OAS past age 65. But that’s exactly the type of strategy that can increase your income, save on taxes, and protect against outliving your money. Indeed, the key to more lifetime income for many retirees is…
Read MoreWhy You Shouldn’t Take CPP At Age 65
In previous articles I’ve looked at reasons to delay taking CPP until age 70, along with explanations why you might want to take CPP earlier at age 60. But in this article I’m going to explain why you shouldn’t take CPP at age 65. The most compelling reason to defer CPP is the increase or…
Read More3 Reasons To Take CPP At Age 60
It’s generally not wise to voluntarily take up to a 36% reduction in income, especially if that income is paid for life. But that’s exactly what happens when retirees choose to take CPP at age 60. I’m a big proponent of delaying CPP up to age 70 to help protect against longevity risk and enhance…
Read MorePutting Together Your Retirement Income Puzzle Pieces
One reason why retirement planning is so challenging to think about is because we often go from receiving one income stream (our T4 salary income) to juggling several different income streams throughout retirement. Even more confusing is the fact that those retirement income streams often can (or should) arrive at different times and may have…
Read MoreWeekend Reading: The Power of Simplicity Edition
‘Our life is frittered away by detail… simplify, simplify.’ – Henry David Thoreau I’ve fielded all types of questions from clients and readers over the years looking for that one magic hack or some shortcut to building wealth. Usually these half-baked ideas come from a friend, relative, colleague, or an unscrupulous advisor, or a random…
Read MoreInvestment Returns for 2024
Global stocks continued the positive momentum from a strong performance in 2023 to deliver another banner year for investment returns in 2024. The gap between the NASDAQ and the rest of the market shrank, but technology stocks once again led the charge, with the tech-heavy NASDAQ gaining 24.10% (XQQ). That mark was nearly equalled by…
Read MoreWhat Is Probate, How To Avoid Probate Fees, and Should You Even Try?
Some Canadians will go to great lengths to avoid probate fees and to reduce taxes applied to their estate. Indeed, estate planning strategies such as adding an adult child to the title of primary residence or a cottage, or as a joint owner of a non-registered account, can unknowingly expose you or your child to…
Read MoreTFSA Contribution Limit And Overview
The federal government kept the annual TFSA contribution limit at $7,000 for 2025 – the same limit we had in 2024. It’s still good news for Canadian savers and investors, who as of January 1, 2025, will have a cumulative lifetime TFSA contribution limit of $102,000. The Tax Free Savings Account (TFSA) was introduced in…
Read MoreNet Worth Update: 2024 Year-End Review
Welcome to the end of the year and another net worth update. 2024 has been a banner year for both professional and financial growth. On the business side, we saw revenues increase by an incredible 35%. More and more of you reach out for unbiased financial advice each year, and my wife and I absolutely…
Read MoreYour Ultimate Guide to RRIFs: Strategies, Pitfalls, and the Secret Sauce to Retirement Income
A Registered Retirement Income Fund (RRIF) is like an RRSP’s responsible older sibling. Once you hit retirement, the RRIF takes over where the RRSP leaves off – turning your savings into retirement income. Indeed, if RRSPs are the workhorse of your savings years, RRIFs are your retirement MVP. They take all that tax-deferred money you’ve…
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