Inflation not only affects the cost of living it could mean your investments don’t grow the way you've hoped. Consider these strategies to keep your nest egg safe.
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How to make the most of your TFSAs in retirement
By Jonathan Chevreau on December 17, 2020
It’s generally better to contribute to a tax-free savings account than an RRSP as you approach your post-employment years. TFSAs can also take some of the sting out of required RRIF withdrawals.
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Unlike your Registered Retirement Savings Plan (RRSP), which must start winding down the end of the year you turn 71, you can keep contributing to your tax-free savings account (TFSA) for as long as you live. Even if you make it past age 100, you can keep adding $6,000 (plus any future inflation adjustments) every year.