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

maxed out rrsp tfsa

Maxed out RRSP and TFSA – Now What?

By FT October 7, 2023

I recently received an email from a reader with a bright financial future.  They have a maxed out TFSA and has recently maxed out her…

Accounts For Retired Canadians

Withdrawing From RRSP and TFSA For Retired Canadians in 2023

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

Fund Early Retirement

Withdrawing From RRSP/TFSA to Fund Early Retirement

By FT November 18, 2023

As I transition into early retirement (after reaching financial independence) I find myself having to shift from an accumulation mindset to a spending or decumulation…

wealth management companies

Wealth Management Companies in Canada 2023

By Kyle Prevost November 8, 2023

My article on the best financial advisors in Canada appears to have triggered a bit of a backlash from Canada’s wealth management companies.   If you’re…

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EQ Bank Review 2023

By Kornel October 26, 2023

EQ Bank Account Options and Interest Rates Account Type Interest Rate Best For Daily High Interest Account 2.50%* (Plus 0.50% if you direct deposit your…

Tangerine Logo

Tangerine Bank Review 2023

By Kornel October 26, 2023

While our EQ Bank Review details why it is our top pick for Canada’s best online bank and high interest savings account, Tangerine is our…

financial advisors canada

Best Financial Advisors in Canada

By Kyle Prevost October 15, 2023

When looking for the best financial advisors in Canada (or best financial planners in Canada) you’re inevitably going to encounter a lot of confusion and…

maxed out rrsp tfsa

Maxed out RRSP and TFSA – Now What?

By FT October 7, 2023

I recently received an email from a reader with a bright financial future.  They have a maxed out TFSA and has recently maxed out her…

worry free retirement logo

4 Steps for a Worry Free Retirement Course Review by Frugal Trader

By FT September 23, 2023

It’s not every day that one of your co-writers pens the first online course for retirement in Canada. Naturally, it only felt right that the…

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4 Steps to a Worry-Free Retirement in Canada

By Kyle Prevost September 17, 2023

I’ve been writing about personal finance in Canada for 15 years now. This week I launched the project that was by far the best resource…

Seniors Bank Account

Best Bank Account for Seniors in Canada

By Yang July 6, 2023

So, you’ve endured 60 years of ups and downs, booms and busts, triumphs and challenges, now it’s time to kick up your feet, relax, and…

Bond ETFs vs GICs vs High Interest Savings Accounts

By FT June 4, 2023

The Best Online Banks in Canada 2023

By FT May 9, 2023

TFSA vs RRSP- Which One is Better?

By Marc April 20, 2023

13 Top Tax Breaks for Seniors in Canada

By Kyle Prevost April 9, 2023

Working After Retirement in Canada

By Kyle Prevost April 2, 2023

The Best Countries for Canadians to Retire Abroad

By Kyle Prevost March 12, 2023

Life Insurance for Seniors in Canada

By Kyle Prevost February 19, 2023

Long-Term Care Insurance In Canada: Do I Need It?

By Kyle Prevost February 12, 2023

Investing in Annuities in Canada – Buying a Pension for Life

By Kyle Prevost February 4, 2023

The Best Investments for Canadian Retirees: Stocks vs ETFs vs Robo Advisors

By FT January 28, 2023

How to Become a Millionaire in Canada

By FT January 25, 2023

RRSP vs RRIF: Conversion, Ages, Penalties, Withdrawal Minimums

By Kyle Prevost December 10, 2022

Withdrawing From RRSP and TFSA For Retired Canadians in 2023

By Kyle Prevost December 3, 2022

Safe Retirement Withdrawal Rate Strategies in Canada

By Kyle Prevost November 27, 2022

Retiring With a Mortgage or Other Debt in Canada

By Kyle Prevost November 19, 2022

Canada Personal Pensions: Defined Benefit vs Defined Contribution Plans

By Kyle Prevost November 6, 2022

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

By Kyle Prevost October 30, 2022

OAS in Canada: Clawbacks, Eligibility and Payment Dates

By Kyle Prevost October 16, 2022

How Much Do Canadians Spend In Retirement?

By Kyle Prevost September 17, 2022

How To Retire Early in Canada

By Meg March 10, 2022

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

By FT November 5, 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

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

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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