Good afternoon! Retirement money doesn't usually disappear all at once. It leaks out through a few cracks most people don't see coming: a withdrawal rule working against you, a budget quietly getting smaller, and a stranger at the door who knows exactly who to target. Today's issue is about spotting each one before it costs you.
On The Money Today:
Why your RRSP withdrawals could trigger a bigger tax bill than you expect
Why more retired homeowners are tightening their budgets this year
The $500K scam pattern you need to recognize before answering the door
Let’s dive in.
RETIREMENT
If you're not paying attention to how your RRSP is set up, mandatory withdrawals later on could push you into a higher tax bracket than you'd planned for. Here's the fix, and why it's worth checking now instead of waiting until 71.
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RETIREMENT
Rising costs and family support duties are forcing older homeowners to trim their budgets ahead of retirement, according to a new survey — here's where Canadians are cutting first, why it's catching even careful savers off guard, and what it says about your own plan.
FEATURE
Waterloo police arrested 3 men connected to a scam that stole more than $500K from Canadians, many of them seniors targeted at their own front door after a knock and a convincing pitch. Here's how the con actually unfolds, what the warning signs look like in the moment, and what to do before you ever hand over a deposit.
MONEY IQ
Roughly what share of Canada's total consumer debt is now held by households aged 65 and older?
ALSO MAKING THE ROUNDS TODAY
MONEY IQ: HOW'D YOU DO?
Answer: C) 1 in 5 — Roughly 1 in 5 Canadian consumer debt dollars is now held by households 65 and older, a share that's been climbing as more retirees carry mortgages, lines of credit and even car loans later in life. It's part of why so many are trimming budgets before the bills catch up to fixed incomes.
That's a wrap for today! Before you go, we'd love to know what you thought of today's newsletter. Hit REPLY if you have more to share — we read every reply.
