Outdated RRIF regime puts seniors at risk of running out of money before their time, warns study
The formula has been updated several times over the years and the government temporarily reduced mandatory withdrawals twice, in response to the 2008 financial crisis and during the COVID-19 pandemic, but these short-term fixes just highlighted a chronic problem, said the report.
Investment returns on Canadian government bonds have also fallen to 0.65 per cent, compared to returns near six per cent in years past. “Nowadays, about one in eight men age 71 and one in five women age 71 can expect to reach age 94 — and of course, those who live past that age see the purchasing power of their withdrawals drop precipitously,” said the authors.
Though this would delay tax revenue and clawbacks from other benefits for the government, the fiscal impact would likely be small, it said.
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