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How the Bank of Canada’s rate cut may have added $100,000 to your pension in one day

How the Bank of Canada’s rate cut may have added $100,000 to your pension in one dayYour Pension and Retirement Plan

Sometimes looking back, we can see what the hot buttons and topics of interest to Canadians and their financial management.  I came across this article about our personal pensions, and noted it was one of the top personal financial stories of 2015 published in the Financial Post.  I hope you enjoy the read.

“When the Bank of Canada lowered the overnight interest rate by 0.25% this week, the obvious benefit is for those with variable rate mortgages. They will see an immediate benefit in lower interest payments on their mortgage.

Another group who just received a big win may not even realize it: If you have a pension plan, and especially if you have ever thought about taking the cash value of your plan, you just saw an increase in potential value. In some cases, the rate cut could have added as much as $100,000 in wealth in one day.”

To read the complete article, please go to the Financial Post site:

http://business.financialpost.com/personal-finance/retirement/how-the-bank-of-canadas-rate-cut-may-have-added-100000-to-your-pension-in-one-day

 

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This post has been curated from the Financial Post – Personal Finance Retirement – Retirement. The original post was written by Ted Rechtshaffen | July 17, 2015 .

Canadian Mortgage Life Insurance is not associated with the Financial Post and has provided this information as for the interest and education of our readers.
Please contact the original Author and Publisher regarding the details of this article.

http://business.financialpost.com/personal-finance/retirement/how-the-bank-of-canadas-rate-cut-may-have-added-100000-to-your-pension-in-one-day

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