Learn » 6.5 Filling the Gap with Your Personal Savings

6.5 Filling the Gap with Your Personal Savings

For most people, personal savings bridge the gap between fixed income and the lifestyle they want in retirement.

This video outlines the role of different accounts and how using them strategically can maximize the value of your savings.

RRSPs convert to RRIFs by age 71, with withdrawals starting by 72
TFSAs provide tax-free withdrawals without affecting benefits
Non-registered accounts help bridge shortfalls or defer CPP/OAS
Withdrawal order matters – it can reduce taxes and extend your savings

Next Lesson: 6.6 Taxes in Retirement: What Changes & What You Can Do

Module 6: Preparing for Retirement Income

6.1 Shifting from Saving to Spending
6.2 Understanding Retirement Income Sources
6.3 When to Start Your Retirement Income
6.4 Pensions, Annuities, and Other Income Sources
6.5 Filling the Gap with Your Personal Savings
6.6 Taxes in Retirement: What Changes & What You Can Do

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6.5 Filling the Gap with Your Personal Savings

Module 6: Preparing for Retirement Income

Related content

6.6 Taxes in Retirement: What Changes & What You Can Do

6.4 Pensions, Annuities, and Other Income Sources

6.3 When to Start Your Retirement Income

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