Retirement planning is a crucial phase of our financial lives. While it’s never too early to begin saving for retirement, many Canadians truly put a major focus on this towards the end of their careers. This is another time of our financial lives where knowing about and understanding CDIC deposit protection is important. Canadians age 50 and older count for the largest portion of personal deposits in the country. As people grow older, there’s a tendency to move away from riskier investments like stocks and bonds and start keeping money in CDIC-protected products like GICs (of 5 years or less) or high-interest savings accounts.
It’s also the time when Canadians are most likely to exceed the $100,000 deposit insurance limit, making it important to understand how to maximize your coverage. By placing funds in different categories of accounts or even different CDIC member institutions, you can have much more than $100,000 of protection.
Below are some useful retirement planning tools, videos and articles that help explain how deposit protection plays a role in retirement planning.
- Boomers need to consider savings protection
- Liquidating home equity by downsizing?
- CDIC reminds Canadians to check their RRSP balance
- Boomer to Boomer Online is a helpful resource for baby boomers. Here, information has been made available regarding how deposit insurance can factor into retirement planning. With a strong plan in place, retirees can feel secure that their savings at the bank are safe and protected.
- Can Canadian banks fail?
- Do you know if your money is safe?
- CDIC on the streets – What’s your dream retirement?
- Why deposit insurance is important to older Canadians
- For Your Life: Protecting your inheritance
- For Your Life: Retirement planning
- CDIC: Retirement planning with Gail Vaz-Oxlade
- 2016-2017 APM – Financial life stages panel discussion
- 2015 APM – Financial literacy panel discussion
- Estimate your coverage
- See if your financial institution is a member
- Check out this retirement planning infographic
- Awareness of CDIC by demographic and province
- Play CDIC’s online game and test your knowledge of deposit protection
- Protecting Your Deposits – CDIC brochure (PDF, 323 KB)
- Follow CDIC on social media
- Look for us in your bank branch