After writing a deep dive article on whether the 4% safe withdrawal rate still works for retirement at various ages, I received a lot of questions basically asking: “Ok, so 4% is a good rule of thumb, but when I actually go to withdraw money from my various investment accounts, to put into my chequing account & high interest savings account in order to pay for day-to-day expenses, what is the best way to avoid taxes?” Upon reading many of these types of questions, I realized that I wasn...| Million Dollar Journey
The concept of a safe withdrawal rate (and the 4% rule) is a key planning tool for Canadians of all ages. After all, if you don’t have a general withdrawal plan, how can you know how much you need to save in the first place? If you have been reading MDJ for years, you already have an idea of how to use a Canadian online broker account to DIY-invest your way to a solid nest egg. Now you’re planning for retirement (whether it’s 20+ years away or next year) and you’re wondering how to ...| Million Dollar Journey
Most Canadians know the Canada Pension Plan as a government account they pay money into every month when they are working, and then when they retire, CPP means a cheque or automated deposit that arrives every month. Sounds simple enough right? Well… There are many layers to CPP! It’s one of those topics in Canadian personal finance where you might be just fine with the broad outline for now, and then come back to you when you need specific details. When I first set out to write about...| Million Dollar Journey
Old Age Security - better known as OAS - is one of the least understood aspects of Canadian retirement planning that I’ve come across. In order to full wrap your head around OAS and how you can get the most out of it for your particular situation, this deep dive is going to cover: (use the table of contents below to jump to the section that pertains to you) OAS Eligibility (Who gets full or partial OAS) What is the OAS Clawback? (How Do I Keep My Whole OAS Cheque?) How Much OAS Will I Get? ...| Million Dollar Journey