Financial Resources and Information for Canadians

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What is a Locked-In Retirement Fund (LIF)?

A LIF, or Locked-In Retirement Fund, is a result of participating in a pension plan in Canada and then transferring your pension value to a LIRA, and then convert to a LIF when you want to start drawing an income during your retirement years.

Am I too young to start saving for retirement?

It's never too early to start saving for retirement. In fact, the sooner you start, the better. The earlier you begin saving, the more time your money has to grow. And the more money you have when you retire, the more comfortable your retirement will be.

Am I too old to start saving for retirement?

If you're starting to think about retirement, you may wonder if you're already too old to start saving. The answer is that it's never too late to start saving for retirement, but the sooner you start, the better.

The best retirement planning tips for Canadians

If you're like most Canadians, you're probably not saving enough for retirement. In fact, a recent study found that almost half of Canadians have less than $10,000 saved for retirement. Here are a few tips to help you get started on your retirement planning.

How to make the most of your retirement savings

If you're like many Canadians, you've been diligently saving for retirement, and it's finally time to enjoy the fruits of your labour. But even if you have a healthy retirement nest egg, it's important to make sure you don't outlive your savings. Here are a few tips to help make the most of your retirement savings.

Is Canada Pension Plan (CPP) safe?

As Canada's population ages and life expectancy increases, more and more people are asking the question: is the Canada Pension Plan (CPP) safe?

Can I rely on Canada Pension Plan (CPP) in retirement?

The Canada Pension Plan (CPP) is a retirement pension plan that you contribute to while you work. The CPP retirement pension is a lifetime benefit that you can receive as early as age 60 or as late as age 70. The amount of your pension is based on your earnings and how long you have been contributing to the Plan.

What do I need to know about Canada Pension Plan (CPP)?

The Canada Pension Plan (CPP) is a social insurance program that provides retirement, disability, and survivor benefits to eligible Canadians. The CPP is funded by contributions from employees, employers, and the self-employed, and is managed by the federal government.

What do I need to know about Canada's Old Age Security (OAS)?

As we age, we all face the challenge of how to make our money last throughout retirement. For most of us, that will include some form of government pension like Old Age Security (OAS). If you're getting ready to retire, or are already retired, here's what you need to know about OAS.

What do I need to know about Canada's Guaranteed Income Supplement (GIS)?

As you approach retirement, you may start to wonder what, exactly, you need to do to ensure a comfortable lifestyle. One of the key questions on many peopleâ€™s minds is whether or not they will be eligible for Canadaâ€™s Guaranteed Income Supplement (GIS).

Will Canada's Old Age Security (OAS) still be around when I retire?

As we all know, retirement is something that we all have to face at some point in our lives. For some of us, it's a far-off event that we don't need to think about for years, but for others, it's right around the corner. No matter when you plan on retiring, it's important to know what your options are and how to plan for a comfortable retirement.

Are annuities a good choice for my retirement?

When it comes time to think about retirement, there are a lot of things to consider. One of the biggest questions is how you will generate income during retirement.

What is an annuity?

An annuity is an insurance product that provides income in retirement. There are two types of annuities: immediate and deferred. Immediate annuities provide income right away, while deferred annuities allow you to grow your money over time and then receive income later on.

At what age should I apply for an annuity?

An annuity is an insurance policy that provides a guaranteed income stream for a specified period of time, usually for the rest of your life. You can purchase an annuity with a lump sum of money, or with periodic payments.

Can I retire on 50% of my salary?

It's a question many of us ask ourselves as we approach retirement age: can I retire on half my salary? The answer, unfortunately, is not a simple one.

Can I split my retirement income with my spouse to save taxes?

Many Canadians wonder if they can pay less tax in retirement by splitting their income with their spouse. The basic answer is yes, and here's how it works.

Is a TFSA or RRSP better?

There are a lot of variables to consider when thinking about whether a TFSA or an RRSP is better for you. It depends on your employment situation, your age, your tax bracket, and your investment goals.

What do I need to know about Locked-In Retirement Funds (LIFs)?

Locked-In Retirement Funds (LIFs) are a type of retirement savings account that is offered by financial institutions in Canada. They are similar to Registered Retirement Savings Plans (RRSPs), but have some key differences.

Should I contribute to a defined contribution (DC) pension plan?

Many employers in Canada offer their employees a defined benefit (DB) pension plan, where the size of their pension benefit is determined by a formula that takes into account their years of service and their salary or wage.

If I am changing jobs, should I consider working for an employer with a pension plan?

If you are changing jobs, you should definitely consider working for an employer with a pension plan. A pension plan is a retirement savings plan that is sponsored by an employer. There are many benefits to having a pension plan that we'll explore here.

Where Can I Save my Money?

The federal government has legislated several tax-effective programs for saving for the future, for yourself or your children.

Case Study: Savings & Investments

It is never too early to start a savings program, for many purposes. Whether it is for buying a home, or buying a car or for travel, or for longer-term retirement, it is important to figure out how much is reasonable to save, for how long, and where to invest your savings. Using our calculators and resources can help you make the right decisions to maximize your savings.

Case Study: Retirement Planning

Learn how to avoid some common mistakes when planning for your retirement with MFHA calculators.

Investments & Financial Institutions

In planning for your retirement, you will need to make decisions about your investments and where to invest your retirement savings so that you can enjoy a comfortable lifestyle throughout retirement.

Saving for Assisting a Family Member

About the MFHA Retirement Readiness Calculator (MyPRIM)

The starting point for any retirement planning is to know how you stand right now. MFHA’s calculator will help you do just that. We call it the My Personal Retirement Index Measure (MyPRIM) report. Created by our actuary, it’s a proprietary calculator that will get you started on your retirement planning journey.

MFHA Group Savings Plan

Information about the MFHA Group Savings Plan for Members

Create a Savings Strategy that Works!

Learn how to avoid common savings mistakes by becoming a My Financial Health Advice member.

Learn how to save for a home

Learn some tips to get you on your way to saving for a home.

Learn how to save for a car

Learn some tips to help you get started with a successful saving strategy to buy a car.

Learn how to save for a child's education

Learn some tips and tricks to get you started on a successful savings strategy for your children's education.

Learn how to save for a vacation

A few tips on how to save for a vacation.

What should I know before converting my RRSP into a RRIF?

When you retire, you will likely want to access the money you have saved in your Registered Retirement Savings Plan (RRSP). The most common way to do this is to convert your RRSP into a Registered Retirement Income Fund (RRIF).

The top retirement mistakes Canadians make

One of the biggest mistakes Canadians make is not saving enough for retirement. According to a recent study, more than a quarter of generation Xers have saved nothing for retirement.

The best retirement savings plans for Canadians

As a Canadian, you have a few different options when it comes to saving for retirement. The best retirement savings plan for you will depend on your individual circumstances and financial goals.

Welcome to your Financial Planning Journey

Learn how My Financial Health can help you at all stages of your financial planning journey.

Why MFH retirement calculators are unique

Learn how My Financial Health calculators are a unique online savings planning tool.

You have to start somewhere!

Learn about our calculators for starting your financial planning journey.

Making Progress - Financial planning at the beginning of career and family

Learn how RAC can help you plan for the future at the start of your career and/or family.

Planning for retirement in mid to late career

MFHA calculators offer sophisticated financial analysis in mid to late career.

What you should know about the commuted value of your pension

Learn about the commuted value of your defined benefit pension.

When should I start CPP?

When it comes to financial planning, one of the key questions is when to start taking Canada Pension Plan (CPP) benefits.

How to create a retirement budget that works for you

If you're like most Canadians, you're probably not saving enough for retirement.

How much money you need to retire in Canada?

If you're like most people, you probably have a retirement savings plan. But how much do you actually need to retire in Canada?

The benefits of retirement planning

When it comes to retirement planning, there are a lot of benefits to consider.

The importance of saving for retirement

As a Canadian, you know that saving for retirement is important. But do you know how important it is?

The best retirement income sources for Canadians

There are a lot of different ways to plan for retirement, and the best approach depends on your individual circumstances. But there are some basic principles that apply to most people. Here are the best retirement income sources for Canadians.

At what age should I convert my RRSP into a RRIF?

You may have heard that you should convert your Registered Retirement Savings Plan (RRSP) into a Registered Retirement Income Fund (RRIF) when you retire. But what you may not know is that there is no set age for this conversion.

How much can I withdraw from my RRIF?

As you approach retirement, you will likely start thinking about how you will receive your income. For many people, this will come from a Registered Retirement Income Fund (RRIF). But how much can you actually withdraw from your RRIF?

What age is best to retire at?

There is no easy answer when it comes to deciding what age is best to retire at. It is a difficult decision that depends on many factors, including your financial situation, your health, your work situation, and your personal preferences.

Which is better: pay down my mortgage or save in an RRSP?

When it comes to deciding whether to pay down your mortgage or save in an RRSP, there are a few things to consider

Which is better: a TFSA or RRSP?

There are a lot of factors to consider when trying to decide whether a TFSA or an RRSP is the better choice for your retirement savings. Here are a few things to think about.

Where can I go to get a good retirement plan?

If you're like most people, you've probably thought about retirement and have some questions about the best way to plan for it. There are a lot of factors to consider when planning for retirement, including how much money you'll need to have saved, when you want to retire, and what you'll do in retirement.

Are pension plans expensive?

Pensions in Canada are among the lowest cost retirement options available. A recent study by the C.D. Howe Institute found that the median cost of a pension plan was just 1.07% of assets.

How much do I need to save to retire comfortably?

If you're like most Canadians, you're probably wondering how much you need to save to retire comfortably. The answer, unfortunately, is not as simple as a set dollar amount. It depends on a number of factors, including your age, lifestyle, and health.