Downsizing to eliminate what is left of mortgage to be debt free and a fresh new start in new city and home. Looking forward to it. Best decision I ever made.
Thanks, great video! Pretty well my situation. I'm procrastinating and just keep kicking the can down the road. Bunk buddies is a great idea, but you have to get along Or find love...
Is there a way to get RRIF or LIF money out without paying the taxes up front? We have til March of the next year to pay our taxes...we are not in arrears. By having to withdraw those taxes beforehand, it raises your income level for the year and it can affect OAS clawback and possibly GIS. Not only do I pay taxes on the money I need, I also pay taxes on the tax money that was withheld to pay the taxes!! Before retirement I did not think about that stuff. Sure, take extra taxes off every week so that you don't pay too much at tax time and maybe get a refund. That money was not missed that much.
@@dvdvno I’m starting to take big issue with this stuff and want to talk about changes. The way it’s set up, penalizes retirees. I’ll explain in a video soon.
Thats funny Kent ,my brother in law is 65 ,retired nurse single no kids,i pretty much told him word for word about going for it who cares.Hmmmm i wonder if i have some sort of ability i was'nt aware of.LOL
the majority should pay it off for cash flow reasons and peace of mind,unless like you said your wealthy and actually using it to your advantage,like politicians LOL.
That reverse mortgage part was hilarious!
Downsizing to eliminate what is left of mortgage to be debt free and a fresh new start in new city and home. Looking forward to it. Best decision I ever made.
Thanks, great video! Pretty well my situation.
I'm procrastinating and just keep kicking the can down the road.
Bunk buddies is a great idea, but you have to get along
Or find love...
@@brianbrochet4906 haha, yeah bunk buddies could be a great idea or a really bad idea.
Do not use TFSA unless you have no other options,not sure about that one.! TFSA should be kept till the end for most people,lots of reasons for this.
You made me laugh “I’d be living it up”
Is there a way to get RRIF or LIF money out without paying the taxes up front? We have til March of the next year to pay our taxes...we are not in arrears.
By having to withdraw those taxes beforehand, it raises your income level for the year and it can affect OAS clawback and possibly GIS. Not only do I pay taxes on the money I need, I also pay taxes on the tax money that was withheld to pay the taxes!!
Before retirement I did not think about that stuff. Sure, take extra taxes off every week so that you don't pay too much at tax time and maybe get a refund. That money was not missed that much.
@@dvdvno I’m starting to take big issue with this stuff and want to talk about changes. The way it’s set up, penalizes retirees. I’ll explain in a video soon.
Thats funny Kent ,my brother in law is 65 ,retired nurse single no kids,i pretty much told him word for word about going for it who cares.Hmmmm i wonder if i have some sort of ability i was'nt aware of.LOL
So close to 20K! 😂
the majority should pay it off for cash flow reasons and peace of mind,unless like you said your wealthy and actually using it to your advantage,like politicians LOL.