How Much Canadians Typically Have in a TFSA by Age 50 [Yahoo! Finance Canada]
Toronto Dominion Bank (The) (TD)
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Source: Yahoo! Finance Canada
A Tax-Free Savings Account (TFSA) is one of the most liquid registered savings accounts. It allows you to withdraw your balance partially or completely, tax-free. Canadians have been using this flexibility and treating TFSA as a normal savings account for their immediate cash needs. When you reach 50, retirement savings take priority over other things. Yet the TFSA fair market value of Canadians in the 50-54 age group was only $30,190 in the 2023 tax year, according to Canada Revenue Agency's (CRA) latest TFSA statistics. That is 34% of the cumulative TFSA contributions of $88,000 in 2023. How much Canadians typically have in a TFSA by age 50 The $30,190 TFSA value was for 2023. But if we look at 10 years of data, Canadians typically have a TFSA balance of 35% of cumulative contributions by age 50. A major reason for the lower TFSA balance is probably consistent withdrawals. TFSA Statistics for Age 50-54 Avg Fair Market Value (FMV) Average Contribution Average Withdrawa
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