Retirement

Everything you need to know on preparing for your retirement and retiring in Canada. Can you have too much RRSP? What are the contribution limits? How and when to withdraw from RRSPs and TFSAs? How to retire early, and what are the risks in that? How to use the Saskatchewan Pension Plan? Learn everything relating to pensions and retirement plans and read recommended bank reviews, on Million Dollar Journey, one of Canada’s oldest and most detailed Personal Finance blogs.

Most Popular

Accounts For Retired Canadians

Withdrawing From RRSP and TFSA For Retired Canadians in 2022

By Kyle Prevost December 3, 2022

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…

Ultimate Guide To Safe Withdrawal Rates In Canada

Safe Retirement Withdrawal Rate Strategies in Canada

By Kyle Prevost November 27, 2022

So you have been reading MDJ for years, have used your Canadian online broker account to DIY-invest your way to a solid nest egg. You’ve…

Low-Cost Countries for Canadians to Retire Early In

Low-Cost Countries for Canadians to Retire Early In

By Kyle Prevost March 29, 2020

**Editor’s Note: With everyone obsessed over the tragedy enveloping our world and/or the stock market gyrations that it is causing, we decided to give readers…

Building A $1,000,000 Rrsp

Building a $1,000,000 RRSP Starting in your 30’s, 40’s, and 50’s.

By FT July 8, 2019

I recently wrote about how you can build a comfortable retirement lifestyle even if you start a little late.  The article included a couple of…

How Much Do You Need To Retire Calculator

Retirement Calculators – How Much Do You Need to Retire?

By FT June 2, 2019

This popular article was originally written in 2017, but since then, a couple of the calculators have gone offline.  I have updated this article with…

Most Recent

Accounts For Retired Canadians

Withdrawing From RRSP and TFSA For Retired Canadians in 2022

By Kyle Prevost December 3, 2022

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…

Eqbank Logo

EQ Bank Review 2022 – Best Rates in Canada

By Kornel November 28, 2022

EQ Bank Account Options and Interest Rates Account Type Interest Rate Best For Daily High Interest Account 2.50%* People who want the highest consistent interest…

Ultimate Guide To Safe Withdrawal Rates In Canada

Safe Retirement Withdrawal Rate Strategies in Canada

By Kyle Prevost November 27, 2022

So you have been reading MDJ for years, have used your Canadian online broker account to DIY-invest your way to a solid nest egg. You’ve…

retire with debt canada

Retiring With a Mortgage or Other Debt in Canada

By Kyle Prevost November 19, 2022

How much debt is OK in retirement? Do I need to get out of debt before I retire? What percentage of Canadians retire with debt? …

pension plans canada

Canada Personal Pensions: Defined Benefit vs Defined Contribution Plans

By Kyle Prevost November 6, 2022

Now that we’ve covered OAS and CPP, it’s time to move on to the world of personal pensions in Canada.  Generally Canada’s personal pensions are…

cpp guide

CPP Ultimate Guide – Eligibility, Payment Dates, Withdrawals & More

By Kyle Prevost October 30, 2022

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…

oas canada

OAS in Canada: Clawbacks, Eligibility and Payment Dates

By Kyle Prevost October 16, 2022

Old Age Security – better known as OAS – is one of the least understood aspects of Canadian retirement planning that I’ve come across. In…

best online banks

The Best Online Banks in Canada 2022

By Hannah September 23, 2022

Canadian Banks have done a great job keeping up with consumer demand when it comes to online banking. Brick and mortar banks now offer mobile…

canadian spend in retirement

How Much Do Canadians Spend In Retirement?

By Kyle Prevost September 17, 2022

You’d think it’d be a relatively easy quest to answer the question: How much will a Canadian spend in retirement? I started looking into this…

Understanding CPP Payments

By Hannah July 10, 2022

How To Retire Early in Canada

By Meg March 10, 2022

Investing in Annuities in Canada – Buying a Pension for Life

By Kyle Prevost January 15, 2022

Best Bank Account for Seniors in Canada

By Yang December 21, 2021

Tangerine Bank Review 2022

By Kornel November 19, 2021

Bond ETFs vs GICs vs High Interest Savings Accounts

By Kornel November 17, 2021

The Biggest Risk of Early Retirement (FIRE) – Sequence of Returns!

By FT November 5, 2021

How to Become a Millionaire in Canada

By FT October 17, 2021

Buying a House in Canada – Why I Can’t Wait To NOT Be a Homeowner

By Kyle Prevost July 10, 2021

Canada’s Purpose Longevity Pension Fund: Is It a Guaranteed 6.15% Pension for Life?

By Kyle Prevost June 19, 2021

Have I Given Up on the Smith Manoeuvre?

By FT June 12, 2021

Snag Your Free Canadian Expat eBook

By Kyle Prevost March 28, 2021

TFSA vs RRSP- Canada’s Registered Account Faceoff

By Marc January 23, 2021

Low-Cost Countries for Canadians to Retire Early In

By Kyle Prevost March 29, 2020

Can You Have Too Much RRSP?

By FT August 5, 2019

Building a $1,000,000 RRSP Starting in your 30’s, 40’s, and 50’s.

By FT July 8, 2019

Retirement Calculators – How Much Do You Need to Retire?

By FT June 2, 2019

Withdrawing From RRSP/TFSA to Fund Early Retirement

By FT April 22, 2019

Why We Took the Commuted Value of our Defined Benefit Pension

By FT September 25, 2017

RRSP Deadline & Contribution Limit 2018/2019

By FT September 1, 2017

How Much Do You Need to Retire in Canada? Not as Much as You Think!

By FT May 26, 2014

Understanding Early Retirement with Defined Benefit Pensions

By Sean Cooper December 27, 2013

Cashing Out Your Pension: The Small Benefit Rule

By Sean Cooper April 3, 2013

How to Calculate Pension Maximum Transfer Value (MTV)

By Sean Cooper February 21, 2013

7 Steps to Determine Your Optimal RRSP/TFSA Contribution Strategy

By Ed Rempel February 4, 2013

The Optimal RRSP/TFSA Contribution

By Ed Rempel January 21, 2013

Pension Basics: Defined Benefit Pension Plan Payout Formulas

By Sean Cooper January 9, 2013

A Primer on the Pension Benefits Guarantee Fund

By Sean Cooper April 4, 2012

Pension Basics: The Commuted Value

By Sean Cooper September 9, 2011

Should University Students Contribute to an RRSP?

By FT July 27, 2010

Old Age Security and the OAS Clawback

By FT May 19, 2010

Guaranteed Income Supplement (GIS) and GIS Clawback

By FT August 10, 2009

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