New Options with Forced Minimum RRIF Withdrawals:
The Government of Canada has announced a decrease in the required minimum withdrawal amount for retirees forced to take minimums from their RRIF.
Financial organization are urging the government to consider lifting the required minimum all together but as it stands it is being reduced by 25%
***The is allowing fewer assets to be sold while your investment portfolio is potentially down.
*** If you are experiencing a drastic decrease, here are 3 other ways to decrease the hit you might be facing:
1. Decreasing your current spending and thus your retirement income.
2. Consider borrowing for your income temporarily (if this suits you).
We are seeing record-low borrowing levels and paying 2% or 3% borrowing rates locking in a loss.3.
Consider using other savings such as from an emergency fund.
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