Good morning. And happy first week of fall. This week, we are getting into a hot topic for many retirees: RRIF withdrawals. Let’s tuck in.

RRIF season

This year has been a roller coaster for older Canadians’ retirement portfolios. A stock market battered in early April, largely because of the trade war, kicked things off. It was so rough that the Liberals promised to step in to help.

Back in April, the government unveiled plans for a one-year, 25-per-cent cut in mandatory registered retirement income fund withdrawals and a 5-per-cent bump to Guaranteed Income Supplement (GIS) payments. The idea, the Liberals said during the campaign, was to give Canadians some “flexibility to avoid liquidating their retirement savings in a down market.”

Markets have since bounced back, but questions remain: Will the government actually follow through? And even if they do, do we still need these measures?

I spoke with Stephanie McLean, secretary of state for seniors, last month. She said the government still plans to move forward on the policies, though it’s unclear exactly when.

“We want to make sure that these promises that were made, that they come at the right time,” Ms. McLean said. “Markets have been stabilizing, but we’ve seen very recently that stabilization can be thrown away very quickly.”

Financial planners suggest that seniors who haven’t yet made an RRIF withdrawal, and don’t need the money right away, might want to hold off until the government confirms when these changes take effect.

We want to hear from you. How have the government’s plans for RRIF withdrawals affected your retirement and financial planning? Drop me a line at mraman@globeandmail.com and let me know.

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Toronto-area housing is under pressure. Distressed sales are rising, and non-performing mortgages in the GTA have jumped sevenfold in a few years, hitting 0.42 per cent.

The Retirement Receipt

Can Warren, 62, retire in two years while helping his youngest through university?

The numbers: Warren earns about $210,000 a year as an executive and contributes to a defined-contribution pension plan. His wife, Sheena, 59, retired from the health care sector. They own a mortgage-free home in Quebec and about $1.4-million in registered investments. Their after-tax income is about $11,600 a month. They also cover about $12,000 a year in university costs for their youngest child.

The situation: Warren hopes to retire in June, 2027, so they can travel while supporting their child through school until 2028, without risking their lifestyle.

Key steps, from a financial planner: They’re on track to retire as planned with a projected estate of $1.8-million in today’s dollars. Warren should first use his $53,000 in unused RRSP room, then the couple should top up their TFSAs. Warren can boost guaranteed income by deferring Quebec Pension Plan benefits to age 70. Keeping three years of cash needs in readily accessible funds will help manage market swings.

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📝 Add a Letter of Wishes to your will. A will handles the legal details of your estate, but a Letter of Wishes lets your voice, and reasoning, shine through. This informal document can guide executors, trustees and loved ones on everything from funeral plans to who gets sentimental items, explain unequal inheritances, and offer private messages.

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Try This

⚠️ When deciding whether to spend, try the 0.01-per-cent rule. The 0.01-per-cent rule says if a purchase is 0.01 per cent or less of your net worth, it’s basically “free” for your sanity. For example, someone with $500,000 could drop $50 worry-free. It’s a simple daily sanity check for guilt-free splurges without overthinking every minor expense.