Latest news with #withdrawals
National Post
6 days ago
- Sport
- National Post
Canada's Felix Auger-Aliassime says National Bank Open withdrawals 'unfortunate'
Felix Auger-Aliassime feels for Canadian tennis fans who are disappointed by the withdrawals of big-name players from the National Bank Open. Article content Top ranked Jannik Sinner, world No. 2 Carlos Alcaraz and former world No. 1 Novak Djokovic have all pulled out from the tennis tournament in the past two days. Auger-Aliassime said he understood why they pulled out, but that he understood how it would disappoint Canada's tennis community. Article content Article content Article content 'Wimbledon was not long ago, so the guys like Sinner and Alcaraz both played in the finals, and maybe other guys either picked up an injury, or were playing with an injury, they're going to want to break at some point,' said Auger-Aliassime on Tuesday. Article content 'Toronto or Montreal is always the first tournament of the North American swing, leading to the U.S. Open, and obviously guys are trying to peak at the U.S. Open, so every year there's always some withdrawals. Article content 'It's unfortunate for the tournament, for the tournament director, the fans, because you want to see the best players play each other.' Article content The National Bank Open is the only ATP Tour and WTA Tour event in Canada, with Toronto hosting the men this year and Montreal welcoming the women. Article content Auger-Aliassime, from Montreal, is the highest-ranked Canadian on the ATP Tour's standings, sitting 27th. Denis Shapovalov of Richmond Hill, Ont., is one notch below him at 28th. Article content Jack Draper (fifth), Sebastian Korda (33rd), Jordan Thompson (36th) and Hubert Hurkacz (38th) have also withdrawn from the tournament since Sunday. This year's edition of the National Bank Open features an expanded 12-day, 96-player format. Article content The withdrawals could make Auger-Aliassime's path to a National Bank Open championship easier. No Canadian male has won on home soil since Robert Bedard of Saint-Hyacinthe, Que., won his third title in 1958. Milos Raonic of Thornhill, Ont., came closest when he lost to Spain's Rafael Nadal in the 2013 final. Article content 'It won't change much at the beginning of the tournament,' said Auger-Aliassime. 'I think if I do get to the later stages of tournament, the quarterfinal stage, then you may have a better draw than if you're playing Alcaraz, Sinner or Djokovic at that stage. Article content 'Hopefully, you know, the draw opens up in a good way, and I play well and I go all the way.' Article content Bianca Andreescu of Mississauga, Ont., won the women's title in 2019. Article content The 24-year-old Auger-Aliassime threw out the opening pitch at Rogers Centre before the Toronto Blue Jays hosted the New York Yankees in a critical American League East matchup. Article content Auger-Aliassime was impressed by the size of Rogers Centre and the number of fans it could fit as he stood outside the home dugout, waiting for a photo op with Blue Jays outfielder George Springer. Article content 'I've been on centre court in all the biggest stadiums in tennis, but obviously they're much smaller, you don't have a whole field,' he said. 'From the outside, obviously the stadium is impressive, but from the inside on the field, (…) it's like, wow, this is great.
RNZ News
6 days ago
- Business
- RNZ News
iwiSaver hardship withdrawals boom
Photo: RNZ More than 50,000 people made withdrawals from their KiwiSaver accounts on the basis of hardship in the year to June - compared to about 18,000 five years ago. KiwiSaver provider Simplicity chief economist Shamubeel Eaqub said the increase started in 2023 and the reasons were easy to understand - the recession and cost-of-living crisis were putting ongoing pressure on people's budgets. "But some context - the number of hardship withdrawals were 1.6 percent members, and 0.3 percent of savings. The hardship, as is true for the wider society, is concentrated pain among a few," Eaqub said. Sorted's personal finance lead Tom Hartmann told Nine to Noon, it was likely the ability to withdraw from KiwiSaver was giving people "peace of mind" that if their situation worsened they could draw on their savings. Kiwisaver hardship withdrawals data from Simplicity. Photo: SIMPLICITY / SUPPLIED He said the average withdrawal was $8800. For someone in their 30s, earning $75,000 a year, a withdrawal of that size in a year could reduce their not-inflation-adjusted final balance by about $40,000. Hartmann said there had not been an increase in savings suspensions, which indicated that the withdrawal was a temporary stop gap for people who would get back to making contributions. Sorted's personal finance lead Tom Hartmann. Photo: Supplied People can opt to stop contributing to KiwiSaver for a year at a time, and can renew the suspension at the end of the 12 months. The number of people on a savings suspension had dropped from 89,000 a year ago to 85,000. Hartmann said the key thing for people considering a withdrawal was to make it a last resort. "Typically there are other sources of support that need to be explored first." Financial helpline MoneyTalks was one option, he said. "The team there have reporting seeing an increase in even middle-income people exploring their options." Eaqub said for people making a withdrawal, it was often a choice between "certain hardship today versus more savings later in life". "Many low-income people do not contribute to KiwiSaver, because the employee contribution lowers their take home pay. But they also miss out on the employer contribution and government subsidies. It means when non-contributors face hardship, they do not have this fallback." But Rupert Carlyon, founder of Koura KiwiSaver, said people on lower incomes could build up good balances. "Someone earning $60,000 contributing 3 percent will end be putting in [about] $3500 per year, so over 10 years plus returns that really adds up. "You can easily see a $60,000 salary becoming a $45,000 balance over 10 years. That is the power of KiwiSaver, we are often encouraging people to save that would not otherwise do it." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
6 days ago
- Business
- RNZ News
KiwiSaver hardship withdrawals boom
Photo: RNZ More than 50,000 people made withdrawals from their KiwiSaver accounts on the basis of hardship in the year to June - compared to about 18,000 five years ago. KiwiSaver provider Simplicity chief economist Shamubeel Eaqub said the increase started in 2023 and the reasons were easy to understand - the recession and cost-of-living crisis were putting ongoing pressure on people's budgets. "But some context - the number of hardship withdrawals were 1.6 percent members, and 0.3 percent of savings. The hardship, as is true for the wider society, is concentrated pain among a few," Eaqub said. Sorted's personal finance lead Tom Hartmann told Nine to Noon, it was likely the ability to withdraw from KiwiSaver was giving people "peace of mind" that if their situation worsened they could draw on their savings. Kiwisaver hardship withdrawals data from Simplicity. Photo: SIMPLICITY / SUPPLIED He said the average withdrawal was $8800. For someone in their 30s, earning $75,000 a year, a withdrawal of that size in a year could reduce their not-inflation-adjusted final balance by about $40,000. Hartmann said there had not been an increase in savings suspensions, which indicated that the withdrawal was a temporary stop gap for people who would get back to making contributions. Sorted's personal finance lead Tom Hartmann. Photo: Supplied People can opt to stop contributing to KiwiSaver for a year at a time, and can renew the suspension at the end of the 12 months. The number of people on a savings suspension had dropped from 89,000 a year ago to 85,000. Hartmann said the key thing for people considering a withdrawal was to make it a last resort. "Typically there are other sources of support that need to be explored first." Financial helpline MoneyTalks was one option, he said. "The team there have reporting seeing an increase in even middle-income people exploring their options." Eaqub said for people making a withdrawal, it was often a choice between "certain hardship today versus more savings later in life". But he said the situation was worse for those without KiwiSaver. "Many low-income people do not contribute to KiwiSaver, because the employee contribution lowers their take home pay. But they also miss out on the employer contribution and government subsidies. It means when non-contributors face hardship, they do not have this fallback." But Rupert Carlyon, founder of Koura KiwiSaver, said people on lower incomes could build up good balances. "Someone earning $60,000 contributing 3 percent will end be putting in [about] $3500 per year, so over 10 years plus returns that really adds up. "You can easily see a $60,000 salary becoming a $45,000 balance over 10 years. That is the power of KiwiSaver, we are often encouraging people to save that would not otherwise do it." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Yahoo
26-06-2025
- Business
- Yahoo
Wealth Advisor Jacob Thatcher of Bright Lake Wealth Management Shares Insights on Retirement Withdrawal Strategies in HelloNation
MEDFORD, Ore., June 26, 2025 (GLOBE NEWSWIRE) -- When should I start withdrawing from my retirement accounts? This is a critical question for individuals approaching retirement, and Jacob Thatcher of Bright Lake Wealth Management offers a detailed perspective in HelloNation. As retirement nears, the focus of financial planning shifts from building wealth to preserving and distributing it effectively. Thatcher outlines the importance of coordinating withdrawals in a way that supports income needs while minimizing tax burdens. The article emphasizes that transitioning into the distribution phase requires more than accessing savings. Understanding when and how to draw from various account types—including taxable, tax-deferred, and Roth accounts—can significantly impact portfolio longevity and tax exposure. Strategic planning around required minimum distributions is crucial, as these mandated withdrawals can elevate taxable income, potentially affecting Medicare premiums and Social Security benefits. Thatcher highlights that partial Roth conversions early in retirement can sometimes reduce future liabilities, making them a worthwhile consideration for certain households. Flexibility also plays a key role. Rigid distribution schedules may falter in the face of market downturns or unexpected expenses. A diversified income plan that includes Social Security, pensions, and investment withdrawals offers the adaptability needed for long-term sustainability. According to Thatcher, an adaptable and precisely managed distribution strategy can help extend the life of retirement assets and support financial stability. The full discussion appears in the HelloNation article 'How do required minimum distributions affect taxes?'. About HelloNation HelloNation is a premier media platform that connects readers with trusted professionals and businesses across various industries. Through its innovative 'edvertising' approach that blends educational content and storytelling, HelloNation delivers expert-driven articles that inform, inspire, and empower. Covering topics from home improvement and health to business strategy and lifestyle, HelloNation highlights leaders making a meaningful impact in their communities. Patrick McCabe info@ photo accompanying this announcement is available at in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
RNZ News
12-06-2025
- Business
- RNZ News
Social media videos promoting ways to game the KiwiSaver system
Inland revenue figures show a record number of hardship withdrawals from KiwSaver is the past year. Between July 2024 and April 2025, more than $389 million's been taken out of KiwiSaver for financial hardship reasons. That's up from $300m on the year before. People can access KiwiSaver retirement funds in significant financial hardship, including for example to pay for food, power or palliative care. However a fund manager told Checkpoint there is a multitude of social media videos full of workarounds to help people qualify for a hardship withdrawls and effectively game the system. General Manager for Kiwisaver Fisher Funds, David Boyle spoke to Lisa Owen.
