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Réseau FADOQ est le plus important regroupement de personnes de 50 ans et plus de la province et la référence en matière de qualité de vie des aînés québécois. En savoir plus

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It is the largest group of people aged 50 and over in the province and the benchmark for the quality of life of Quebec seniors. More info

To find out about products and offers in your area, please indicate your language and sector.

Pour connaître les produits et les offres dans votre région, veuillez indiquer votre secteur.

To know the products and offers in your region, please indicate your sector.

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Désolé, aucune région n'a été trouvée pour le code postal demandé. Veuillez essayer avec un autre code postal ou faire le choix de votre région manuellement.|Sorry, no region was found for the requested postal code. Please try with a different postal code or choose your region manually.

Close X

Réseau FADOQ est le plus important regroupement de personnes de 50 ans et plus de la province et la référence en matière de qualité de vie des aînés québécois. En savoir plus

Pour connaître les produits et les offres dans votre région, veuillez indiquer votre langue et votre secteur.

It is the largest group of people aged 50 and over in the province and the benchmark for the quality of life of Quebec seniors. More info

To find out about products and offers in your area, please indicate your language and sector.

Pour connaître les produits et les offres dans votre région, veuillez indiquer votre secteur.

To know the products and offers in your region, please indicate your sector.

Choisissez votre langue|Choose your language

Choisissez votre région|Choose your region

ou|or Trouver ma région par code postal|Find your region by postal code

Trouver ma région par code postal|Find your region by postal code

ou|or Choisissez votre région|Select your region in a list

Désolé, aucune région n'a été trouvée pour le code postal demandé. Veuillez essayer avec un autre code postal ou faire le choix de votre région manuellement.|Sorry, no region was found for the requested postal code. Please try with a different postal code or choose your region manually.

Did you know ?

Cashing your money wisely

By SSQ Financial Services Firm

Can I limit the amount of taxes I pay when I withdraw from my savings? Yes, you can! Find out about the best withdrawal strategies. Discuss it with your SSQ financial security advisor.

Many retirees hesitate to withdraw their registered investments for a number of reasons.

1. Hard habit to break

We spend a lifetime saving our money and now we are required do the opposite. But isn’t that precisely why you saved the money in the first place?

2. Personal values

We wish to leave our children an inheritance. But will they need it? How old will they be after their parents die…55?

3. The fear of “not having enough” later

Performing an income projection is simple and allows you to maintain an adequate lifestyle by factoring in projected inflation and RRSP returns.

Cashing your money wisely

Bottom line: It’s better to withdraw from non-registered investments before registered investments (RRSP, TFSA, LIF1, RRIF2). As long as you don’t withdraw from registered investments, they will grow tax-free.

Exception

If you believe that, at age 65, you may be eligible to benefit from the guaranteed income supplement under the federal Old Age Security pension, it would not be to your advantage to withdraw from your RRSP after age 65.

However, when you contribute to a private pension plan (RREGOP, PPMP), you’re in a higher tax bracket and cannot access this additional benefit.

Remember

Withdrawing registered investments hastily in an attempt to save on taxes is not a sound strategy. Subject to the conditions that apply, it is better to pay taxes later rather than sooner.

In short, planning the financial aspect as early as possible is definitely the way to ensure that your retirement is everything you dreamed it would be.

To do so with an SSQ Insurance financial security advisor, call 1 866 225-5050.

1. Locked-in Retirement Account
2. Registered Retirement Income Fund

This document is intended for information purposes only and should not be construed as legal, financial, tax or other advice. The circumstances or factors may vary depending on your individual situation. Before taking action, we encourage you to consult a professional. SSQ Insurance may not be held responsible for any consequences arising from any decision taken based on the content presented in this document.


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See the discount offer

Note: This document is provided for information purposes only. Under any circumstances, it should not be considered as financial, legal or tax advice. For advice on your personal situation, speak to your advisor. SSQ, Life Insurance Company Inc. cannot be held responsible for any decision made as a result of reading this blog post.

Life, health and accident insurance, and investment and retirement products are offered by SSQ Insurance and are distributed by the financial security advisors of SSQ Financial Services Firm, a subsidiary of SSQ Insurance.

Source: SSQ Insurance