Andrea Thompson

And you're going, so I just gave you $200,000, and now you're giving me two back.

And that feels like a bad trade in the beginning.

So I think it's, in a way, reconciling the reasoning behind why you're doing it, having a properly constructed retirement withdrawal plan,

and understanding your cash flow, which gives you the empowerment to be able to make that decision.

I agree.

And it's not for everybody.

If you've got great defined benefit pensions, fantastic.

Maybe that's more than enough for you.

It's not a one size fits all solution.

But I think for those who are heavily invested and who are concerned about outliving their money, which this is also a longevity product we're talking about, and who are also concerned about market volatility during retirement, this could be a good option for a portion of your assets to guarantee some of your income.

Well, in a way you can do both, but you're doing both with the same money.

And I have a client who's in this situation right now.

They don't own a home yet and they're living off of one income and they have a desire to own a home.

The savings that have been done and are being done are being done into an RRSP and we're saving up enough so they can access the home buyer's plan.

As well, they're saving into the FHSA accounts, the first home savings account for each of them.

And if you don't use the funds for purchasing a home, they go to retirement.

So the RRSP continues on as it does if you don't access it for the homebuyer's plan.

And if you do use it for the homebuyer's plan, you do have to repay it, which goes to continue to fund your retirement after you buy a home.

The FHSA is cashed out to buy a home if you do, and if you don't, you can actually roll it to your RRSP, not needing contribution room.

This is a really great way, in a way, of saving for two goals at once if you're not sure about which goal you might achieve and when.