Customizing Contributions Post-Retirement

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Regarding Post-Retirement Contributions to RRSPs and TFSAs

Question: Does the Milestones Retirement Insights cease all contributions upon reaching retirement age, despite the possibility of continuing contributions to Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs)?

Answer: Once retired, we assume all RRSPs are converted to Registered Retirement Income Funds (RRIFs). Additionally, whenever there is an opportunity, the TFSA is automatically topped up. If we added the functionality to allow advisors to customize contributions to this level, we feel that fewer advisors would use the tool. Milestones Retirement Insights is designed to be a compass, providing general guidance, rather than a detailed map that accounts for every possible scenario.

Keywords: RRSP contributions, post-retirement planning, TFSA contributions

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For more information or to clarify any questions about using the Milestones Retirement Insights tool for comprehensive retirement income planning, reach out to us at info@milestones-retirement.com.