Quote:
Originally Posted by Slava
How often is this actually happening though? As a professional in the field I'm going to say virtually never. Who is sitting with a $2M RRSP and decides instead to subside on $24k/yr plus TFSA's (which at most have $40k as of this year)? Basing your entire system on this type of thing is just not sensible.
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Maybe $2M is a bit extreme. How about a $750K RRSP? I would do exactly that. At 65, your house and kids are paid off and you don't save for retirement so $40 K should be enough for a lot of senior couples to live on. The median family income is only $50K before tax which is less than $40K net of tax.
If you do need an extra $20K, borrow it from the bank at this interest rate the interest will be less than $1000 per year, far less than the $24K OAS and GIS benefits you are entitled to.