Planning for retirement may not be the most fun you’ll ever have, but this trivia will help.
When can you start collecting Old Age Security (OAS) benefits? (Don’t let the name get you down—you look great!)
OAS is a monthly benefit available to most Canadians age 65 or older. So, if you retire early, you will have to wait to receive this income source in retirement. Here are some other income options you can explore.
At what age must you convert your RRSP to RRIF?
You can convert your RRSP to a RRIF at any time. However, your RRSP must be converted to a RRIF, annuity, or paid out in a lump sum by the end of the calendar year that you turn 71. Get more insights from this RRIF guide.
True or False? The money in your RRIF is tax-sheltered (meaning you don’t have to pay taxes on it) until it’s withdrawn.
Just like with your RRSP, you will not pay taxes on any money in your RRIF until you withdraw it. Read more about the Registered Retirement Income Fund.
True or false, unlike your RRSP, you can hold on to your TFSA for life.
Unlike your RRSP, you can hold on to your Tax-Free Savings Account (TFSA) for life. Get the scoop on the TFSA.
When is the earliest you can receive Canada Pension Plan (CPP) or Quebec Pension Plan (QPP)?
The minimum age for taking CPP/QPP is 60. However, you’ll get the full benefit at age 65 or an increased benefit if you hold off until age 70. Know more about CPP/QPP.
Here are two recommended articles to help with your retirement planning.Retirement Planning: Top Things to Consider Retirement Income Planning Guide
See how fast your money can grow within a TFSA vs. an account that can be taxed.
See how putting money regularly in an RRSP can grow your retirement savings.
Have some fun thinking about how you want to spend your retirement.
Explore 20 things every Canadian should consider for retirement.
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