Decumulation is a trending topic in the pension and broader financial services industries. A Google search on decumulation (and variants) and retirement filtered on Canadian domains yields about 65,000 results! Notwithstanding the discourse, recent experiences of my 80-year-old mother with her retirement portfolio demonstrate that the financial services industry currently does a very poor job when it comes to decumulation.
CARP is calling on the federal government to fight seniors’ poverty by eliminating mandatory minimum withdrawals from RRIFs, relaxing GIS rules and introducing measures to counteract the OAS changes for the most needy.
Many retirees face dramatic erosion of their savings due to outdated government rules, according to a report.