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Who's the best overall RRIF carrier?
March 20, 2019
3:23 am
JenE
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Thanks, Alta Red. sf-smile

March 20, 2019
5:48 am
Top It Up
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Loonie said

...  and most of us seem to want to maximize how much we can leave for heirs.

Have to say, for me, THIS is absolutely the very last item on my retirement / estate planning check list ... as I age I am driven toward higher annual burn rates.

March 20, 2019
8:09 am
Bill
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I agree, Top It Up, not a priority for me to leave lots to heirs. But inveterate savers throughout their lives always find rationale not to spend and when they get old this is the last reason standing, i.e. I want to maximize money for heirs. That's fine, from what I've seen the heirs will easily find various ways to enjoy it.

March 20, 2019
9:07 am
Londonguy
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Loonie, you make a very good point about the possibility of government tinkering with CPP/OAS. Despite all the political rhetoric, no program is sacred or untouchable, and you can't be sure the rules will remain as they are now.

By the same token, I would expand on your thought and say, nor can anyone be sure that the RIF/LIF/annuity rules will stay the same, or future taxation rates, or that the BoC will introduce negative savings rates at the next downturn, or that some desperate politico might one day start appropriating private pension assets among other personal property of the citizenry in the name of saving the country (oh wait, that IS what negative savings rates will do). I consider these known unknowns, but I try to not think about them too much because it drives me crazy if I do.

Anyway, fair comment on your part that counting on an unabridged CPP/OAS is not a completely risk-free proposition.

Lastly, and perhaps slighty OT -- Funny thing about your comments about the phenomenon of local inflation (I agree, absolutely) and the specific example of Toronto property taxes. I was born and grew up in Toronto but moved away at age 30. Property taxes where I now live are about 1.5% of my house value, enormous compared to Toronto rates. You therefore might not get much sympathy about your property taxes from people outside Toronto LOL

March 20, 2019
10:07 am
AltaRed
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Top It Up said

Loonie said

...  and most of us seem to want to maximize how much we can leave for heirs.

Have to say, for me, THIS is absolutely the very last item on my retirement / estate planning check list ... as I age I am driven toward higher annual burn rates.  

Agreed! My burn rate has approximately tripled from when I retired 13 years ago. It won't be that many more years before my burn rate decreases simply due to age and lack of desire/ability to do the things we do now. There will be enough left after I become frail and senile despite my current spend rate.

March 20, 2019
12:37 pm
Loonie
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FWIW,

I focused on OAS bcause I consider it much more vulnerable than anyof the other unknowns, and thus worth thinking about.
I wasn't looking for sympathy on property taxes, just pointing out how CPI can be manipulated. Another example is pension plans that are supposedly indexed to inflation - until you find out that it's only a percentage of inflation that is indexed.
I wasn't referring to any individual's view of what they want to leave as an inheritance, only that most people who have commented on this forum seem to think this is important to them. It's not particularly important to me. Most of mine will go to charities.

March 20, 2019
12:48 pm
Londonguy
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Loonie said
I wasn't referring to any individual's view of what they want to leave as an inheritance, only that most people who have commented on this forum seem to think this is important to them. It's not particularly important to me. Most of mine will go to charities.  

As someone else once said (can't remember who), the best retirement plan is one where the cheque to the undertaker bounces

March 20, 2019
9:04 pm
Norman1
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Londonguy said

As someone else once said (can't remember who), the best retirement plan is one where the cheque to the undertaker bounces

Might be Stephen Pollan, author of the US book Die Broke: A Radical Four-Part Financial Plan. Sometime around 1998. Mentioned in this December 2008 Mind Your Decisions blog entry.

March 21, 2019
4:16 pm
Bill
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I remember hearing a comedian's joke decades age (or maybe it was a country song lyric) that joked about running out of money and dying at the same time and that next week sounded about right for that.

March 24, 2019
7:19 am
Briguy
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I checked Cannex and saw that Resurrection Parish Credit Union has a good 3 yr RRIF, annual payout rate of 3.4 % . It's quite small, with assets of $133.2 million and membership just over 2,570, and just 2 branches, one at Bloor and Dundas and the other in Mississauga. I guess it's very similar to Parama Credit Union, both started by the Lithuanian community here. I don't live around there so wouldn't bank there, but just throwing it out since it seems like a good rate.

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