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Written by Julie Cazin and Brenda Hiscock
Q: I am a 68 year old retired teacher with a pension that is small. My assets include $69,000 in a Registered Retirement Savings Plan (RRSP) and $34,000 in a Tax Exempt family savings (TFSA), mostly cash. Also, from a property that is recent, we now need to invest $150,000. It is held in cash in an investment account that is unregistered. My income that is monthly includes800 from my teacher’s pension, $780 from Canada Pension Plan (CPP), and $642 from Old Age Security (OAS).
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Article contentYou need about $3,500 a to live comfortably month. I own half a flat using my daughter Madeleine and then have no mortgage. The condo will probably be worth her $450,000 (mine is half hers $225,000) so we intend to live here together after retirement. Just how do I replace with any additional $1,278 Now I need each to live comfortably month? And how do I invest my RRSP, TFSA, and other funds to get the money I need without running out? can you
— Thanks, Kari
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Article contentFP Answer:
Kari, you currently earn $26,664 annually in taxable income including OAS. I don’t know what state you live in, but you pay the lowest tax that is possible to suit your income level.Guaranteed Income Grant (GIS)Based on these figures,
present or future. To be eligible for GIS, you should be single, widowed, or divorced and earn not as much as $20,208, excluding OAS. This benefit is income-proportioned, tax-free, and paid monthly to seniors that are low-income. You must verify your eligibility each