I am 65 years old and planning on working another year. I have no debts, $26,000 in my RRSP (it's currently not doing much for me), $2,000 in a TFSA, and a pension. All combined it will net me approx $1000 a month. Any suggestions?
Asked by A.P., Brampton, ON
I am guessing that you are concerned about $1000 a month being enough to live on in retirement? It's going to be tough; this would be a challenging situation for most.
Without knowing too much detail about your situation, I have a few questions and suggestions...
When you speak of pension, is that a company pension? Does that include your CPP benefits?
You are able to collect CPP and earn a salary once you are 65 years of age. This would allow you to save while you are still working. You need to apply for CPP - the benefits are not automatically sent out.
Another possibility: if you own your home, that may be another source of revenue through a reverse mortgage (though there are drawbacks, so do seek professional advice).
I wish you the best of luck in managing your retirement on a limited income. Professional help and planning would be of great value.