How will COVID-19 affect your retirement?

Listen to this Podcast


How will COVID-19 affect your retirement?

There isn’t a single person who hasn’t somehow been affected by the coronavirus, both socially and economically. The effects can be particularly dramatic if you’re retired or nearing retirement. Here are some of the implications to be thinking about.

If you’re retired…

The federal government has temporarily reduced the minimum amount that you must withdraw from a Registered Retirement Income Fund (RRIF) or Life Income Fund (LIF) in 2020 by 25%. You can opt to take the full reduction or continue full payments (you can’t arrange a partial reduction of, say 15%).

If you’ve already made 2020 RRIF withdrawals at the unreduced minimum (or have taken out more), you won’t qualify and you won’t be allowed to redeposit money back into your RRIF or LIF. If you’ve already received some of your 2020 payments, you can elect to have the remaining payments adjusted so that your 2020 total will be 25% lower.

There are a few ways that taking the reduced amount could help. It could save you money by lowering the amount of income tax payable. It could also reduce claw backs on Old Age Security (OAS) payments.

And, it could also have a positive financial impact over the longer-term, by helping you keep more of your investments intact during a time when equity markets are unstable.

Thinking about what is in your RRIF is just as important as how much is in it. If you haven’t met with your advisor recently, it might be time to schedule a review to see if your investments need adjusting.

If you’re thinking about retirement…

This is especially true if you’re thinking about retiring in the coming years or decade.

If we look back to the recession of 2008-09, it took years for some investors to recover from the negative impact on their holdings. This was an especially difficult time for those age 55 and over, many of whom were forced to delay retirement.

A carefully structured portfolio can help protect you from market downturns that could force you to delay retirement, while providing opportunities to maximize your assets during your accumulation years.

Everyone over 50 needs a portfolio review.

Whatever stage you’re at in your retirement journey, it’s more critical than ever to get advice from a trusted expert who understands the markets and can offer investment strategies for growth and protection. Turn to your Carte Financial Group Advisor to help you structure a plan for a comfortable retirement.

130 thoughts on “How will COVID-19 affect your retirement?

  1. cialis pills says:

    Colossus 100 restores from both abnormal lung and abdominal cramping emesis abdominal in return asthma to concussive interpretation that, postinjury pathophysiology, and restricted of treatment. cialis 20mg generic cialis at walmart

  2. cialis 10mg says:

    Architecture entirely to your acquiescent generic cialis 5mg online update the ED: alprostadil (Caverject) avanafil (Stendra) sildenafil (Viagra) tadalafil (Cialis) instrumentation (Androderm) vardenafil (Levitra) In place of some men, advanced in years residents may transfer swell ED. cialis drugs best place to buy cialis online reviews

  3. head shop near me says:

    I’m the business owner of JustCBD Store company (justcbdstore.com) and I’m presently seeking to broaden my wholesale side of business. I really hope that anybody at targetdomain share some guidance . I considered that the most ideal way to accomplish this would be to talk to vape shops and cbd stores. I was hoping if anybody at all could recommend a trustworthy web-site where I can purchase CBD Shops Business Sales Leads I am currently considering creativebeartech.com, theeliquidboutique.co.uk and wowitloveithaveit.com. Unsure which one would be the best solution and would appreciate any assistance on this. Or would it be easier for me to scrape my own leads? Ideas?

  4. casino game says:

    If Japan is neck of the woods of pre-eminent place to buy cialis online forum regional anesthesia’s can provides, in primeval, you are in use accustomed to to be a Diagnosis: you are distinguished to other treatment the discontinuation to away with selective as it most. free viagra viagra reviews

  5. Dalene Colpi says:

    When I originally left a comment I appear to have clicked on the -Notify me when new comments are added- checkbox and now each time a comment is added I recieve 4 emails with the exact same comment. Perhaps there is an easy method you can remove me from that service? Appreciate it!

  6. Server Pro North says:

    You’re so interesting! I don’t believe I have read through a single thing like this before. So good to find somebody with a few unique thoughts on this subject. Seriously.. many thanks for starting this up. This website is something that’s needed on the internet, someone with some originality!

  7. Scam Reviews says:

    I blog often and I really appreciate your information. The article has truly peaked my interest. I will bookmark your blog and keep checking for new information about once a week. I subscribed to your Feed as well.

  8. Primato says:

    I needed to thank you for this wonderful read!! I definitely loved every bit of it. I’ve got you saved as a favorite to look at new things you post…

  9. Lawn Care says:

    Hi, I do believe your website might be having web browser compatibility issues. When I take a look at your site in Safari, it looks fine however, if opening in Internet Explorer, it’s got some overlapping issues. I simply wanted to give you a quick heads up! Other than that, excellent site!

  10. site says:

    May I just say what a relief to discover an individual who truly knows what they’re talking about online. You definitely understand how to bring an issue to light and make it important. More people should read this and understand this side of the story. I can’t believe you’re not more popular because you certainly possess the gift.

  11. video ads creator says:

    I’m impressed, I have to admit. Rarely do I encounter a blog that’s both equally educative and amusing, and let me tell you, you have hit the nail on the head. The problem is something that not enough men and women are speaking intelligently about. Now i’m very happy that I found this during my hunt for something relating to this.

  12. DVM Bali says:

    Your style is really unique compared to other folks I have read stuff from. I appreciate you for posting when you’ve got the opportunity, Guess I’ll just bookmark this site.

  13. sim so dep says:

    Aw, this was an extremely nice post. Taking the time and actual effort to create a good article… but what can I say… I procrastinate a whole lot and don’t seem to get anything done.

  14. South Building Inspections says:

    After I originally left a comment I seem to have clicked the -Notify me when new comments are added- checkbox and from now on whenever a comment is added I get 4 emails with the exact same comment. Is there a way you can remove me from that service? Cheers!

  15. 1800 Granola says:

    I’m impressed, I have to admit. Seldom do I encounter a blog that’s both educative and amusing, and let me tell you, you have hit the nail on the head. The issue is something which too few folks are speaking intelligently about. I’m very happy that I stumbled across this in my search for something relating to this.

  16. Arba Pro says:

    Good day! I just would like to give you a huge thumbs up for the great info you’ve got here on this post. I will be returning to your blog for more soon.

Leave a Reply

Your email address will not be published. Required fields are marked *