The Canadian Money Roadmap The bank is ruining their chances at retirement!
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Jul 9, 2025 A couple discovers their bank's advice is holding back their retirement dreams. They struggle with misuse of RRSPs and a conservative investment approach. The host suggests strategic reallocations and cost-efficient alternatives to boost their savings. Actionable steps are introduced for enhanced retirement planning by age 65. Listeners are invited to explore a personalized program for transparent financial planning. This episode is a wake-up call for anyone nearing retirement!
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Optimize RRSP Contributions
- Maximize RRSP contributions in the higher earner's name for better tax benefits.
- Use spousal RRSPs to optimize tax deductions effectively based on income brackets.
Invest Tax Refunds in TFSA
- Invest your RRSP tax refunds into a TFSA to balance tax-free and tax-deferred growth.
- This method builds flexible retirement savings with both RRSP and TFSA benefits.
Increase Equity Allocation
- Adjust asset allocation to include about 80% stocks for higher expected returns near retirement.
- Avoid overly conservative portfolios to improve your retirement savings growth potential.