Summary
"Our clients are getting older," says Robin Muir, of Hatch & Muir Investment in Victoria B.C., a firm that specializes in advising retirees. "The 69 of today was the 55 of 20 years ago. The concern they have is that they'll exhaust their capital."
"It doesn't make a lot of sense to cash it in an take the money," says Muir, because the whole amount immediately becomes taxable. "If you're taking out $200,000, you could be giving away 44 per cent in taxes.""At one point we couldn't think twice about recommending an annuity," to a senior closing an RRSP. But with life expectancy going up "now I recommend that to people in their late 70s, not their 60s."See the full content of this document
Extract
Make Plans for Longer Retirement
Time is on seniors' side... much more time
By Sharon AdamsSENIORS turning 69 have much more to think about than i...See the full content of this document
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