September 20, 2014
Partner Mitch Frazer commented in a Globe and Mail article on the recently introduced federal regulations that allow retirees to remove varying amounts of money each year from their defined contribution pension plans. Below is an excerpt of the article.
Lawyer Mitch Frazer, a pension expert at Torys LLP in Toronto, said the amendments may help some people who need more cash for medical expenses or other costs as they age. But he fears many people will take out their maximum withdrawals too early to fund discretionary purchases and end up with less in their final years.
"From a societal perspective, you've taken away a steady stream of income from people who may not necessarily be excellent at managing their money," he said.
To read the full article, click here.