The RRSP strategies every investor in their 60s should know
During RRSP season, the attention is focused on long-term retirement savings accumulation for young and middle-aged savers. It is not surprising given these are the best clients for banks and investment firms to target — people who will be accumulating investments for many years to come.
Retirement savers in their 60s who are approaching or who have already begun decumulating their savings tend to be ignored this time of year. But there are strategies that people in that age group who still have Registered Retirement Savings Plans should be considering.
Treat CPP like an RRSP
Many people take the wrong approach with their Canada Pension Plan (CPP) retirement pension. For some, CPP is an arbitrary decision. Service Canada mails them an application form prior to their 65th birthday, and they complete the paperwork, sign on the dotted line, and start their pension.