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Pension Transfer Options When You Leave Your Employer

In this article, we’re going to talk about pension transfer, how it works in Canada, and what your options are. Within 30 days after you resign from a job or your employment termination, your pension plan provider or administrator should provide you with a written statement of benefits. This statement outlines your rights and options …

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What Is Mortgage Protection Insurance and How Does It Work?

Mortgage protection insurance is one of the most important types of insurance that you can buy to protect your loved ones against losing their home. It provides financial protection in the event that you are unable to make your mortgage payments due to illness, injury, or death. In this article, we will discuss what mortgage …

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Life Insurance for International Students in Canada

International students in Canada can usually get up to $250,000.00 of life insurance coverage and can get up to $300,000.00 with Industrial Alliance under their no-medical, simplified issue plan called Access Life as long as you can answer “no” to all 15 health and lifestyle questions in their life insurance application form. As an international …

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Insured Retirement Plan: What is IRP and Do You Need One?

An insured retirement plan is a retirement planning strategy where the life insured or policy owner leverages a permanent life insurance policy and uses its tax-friendly wealth accumulation features to invest money into the policy to earn a tax-free or tax-deferred return on his or her investment to build wealth in a compounding fashion to …

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Whole Life Insurance Explained (Canada)

What Is Whole Life Insurance Whole life insurance is a type of permanent life insurance that provides coverage throughout the lifetime of the life insured. It offers protection and equity, guaranteeing that you will never lose your death benefit (unless canceled) and allowing you to build tax-deferred wealth (participating) over time. A participating whole life …

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Foresters Life Insurance Canada Review

Foresters Financial is an international fraternal organization dedicated to making life insurance available and affordable for its members. The Independent Order of Foresters provides a full range of term, permanent, and final expense life insurance policies. It distinguishes itself with its large selection of riders and extras, such as financial coaching and legal assistance. Types …

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Is One Million Dollars Enough to Retire in Canada?

Is one million dollars enough to retire in Canada?

The short answer to this question is, of course, a resounding “yes”, but it may not be the kind of retirement that you’re thinking.

Whether or not one million dollars is enough to retire in Canada all depends on your lifestyle, spending habits, and health at retirement.

One million dollars is a huge chunk of money to retire on but in contrast, it isn’t as big of an amount as most Canadians would think.

While not all Canadians have a million dollars of a retirement portfolio, it isn’t something that you could afford to live a lavish lifestyle from. Well, at least if you plan to make it last throughout your lifetime.

When properly managed, a million bucks can provide you with $40,000 per year or around $3,000.00 a month of retirement income. That’s without considering any other income sources like government and/or company pensions (if any).

If not further invested, and at a withdrawal rate of $40,000.00 a year, a million bucks of retirement fund will last you 25-years. So if you’re looking to retire at 65 years old a million dollars, your money should last you until age your tender age of 85, the obvious risk here, of course, is the potential outliving your funds, in case you withdraw too much on a yearly basis.

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