RE:RE:RE:RE:RE:Sometimes we overlook thepierrelebel wrote:
tollycraft write ".... and RRSP draws keeps me comfortable."
You are still a young man. By the time you reach 71 RRSP are no longer available. You need to transfer the funds to RRIF where minimum annual withdrawals are required.
My wife and I were in the same boat. Since you do not have an employer's pension, I strongly suggest you convert some (or all) RRSP into a RRIF immediately. Withdrawals from RRSP are fully taxable as are RRIF withdrawals except that you are eligible up to a $2,000 deduction (through tax credit) on RRIF income every year. There is no pension deduction when withdrawing from RRSP.
RRIF (pension) income can also be split with spouse if appropriate.
. Good advise pierre. I closed down my business when I turned 65 but only started drawing on my investments at 67. Yes, we did convert our RRSP's into RRIF's (just used to saying RRSP's) or should I say our investor did prior to any draws, and yes we did the pension split as well, all good advise, thank you. I continue to try to ignore the everyday ups and downs of this stock and others as well, but its more encouraging to see reasonable consistant increases, however, after having said that, I dont see any small caps doing that either. I guess its my nature to look for a decent surge once in a while to give me continued confidence in the stock. I aleady believe its one of the top small caps and thats whyI have the lions share of my oil investment in this one. I own a little GXE but may be looking at changing to Athabaska instead although I dont have a lot of money tied up in that stock (5000.00). Anyways, thanks for passing along your advise and hope someone else picks up on it. Good luck to you.
GLTA