Posts by Robb Engen
Turn Up the Dial: How to Actually Enjoy Spending in Retirement
I spend a lot of time telling people to automate their savings, keep costs low, invest in index funds, and stay the course. But do you know what might be even harder than saving? Spending. I see this all the time with retirees. The math says they can safely spend $120,000 a year, yet their…
Read MoreWeekend Reading: The Perfect Financial Plan Does Not Exi…
You’ve probably seen the meme: “The perfect financial plan does not exi—” But if one did exist, it would probably look something like this. During your working years, make a solemn vow never to carry a cent of credit card debt. That one rule alone will put you ahead of most Canadians. Then follow these…
Read MoreWeekend Reading: When Investors Lose Their Nerve Edition
It was a rough end to the week for markets, with a sharp sell-off on Friday reminding investors just how quickly sentiment can turn. For anyone who sold in late summer anticipating a correction and then bought back in at the start of October, that one-day drop might have felt like confirmation that they…
Read MoreNo, Canada Doesn’t Have a Death Tax: Here’s What Really Happened
A reader sent me a CTV News story that made the rounds this week titled, “Daughter hit with $660,000 tax bill when both parents died in same year.” The reader wondered if this was proof that retirees should drain their RRIFs early to avoid a crushing “estate tax.” It’s the kind of story that spreads…
Read MoreWeekend Reading: Canadian Financial Summit Edition
This week I want to highlight the upcoming Canadian Financial Summit, taking place October 22–25. This annual online event brings together some of the top personal finance experts in the country – and the speaker lineup this year is incredible. You’ll hear new insights from David Chilton, Canada’s Wealthy Barber himself, along with Dr. Preet…
Read MoreWeekend Reading: Why “Alternatives” Are a Trap Edition
A major Canadian bank brokerage recently said that it wants 25 percent of client portfolios in “alts” within five years. Translation: high-fee, hard-to-leave products. What “Alts” Really Are Advisors use “alts” as shorthand for alternative investments, anything outside plain-vanilla stocks, bonds, or cash. Think private mortgage pools, private apartment funds, private credit deals, hedge funds,…
Read MoreDon’t Wait Until 70: The Costly Retirement Planning Trap
A recent Financial Post Family Finance column profiled a 71-year-old woman who found herself in a financial mess. She owned two rental properties, was forced into mandatory RRIF withdrawals, and was receiving CPP and OAS. The result? A giant tax bill and a lot of frustration. Her mistake was waiting until her 70s to get…
Read MoreFinding Financial Clarity After Losing a Spouse
Mary was 62 when her husband passed away suddenly. He had always been the “CFO” of the household, the one who dealt with their investments, pensions, and taxes. Mary was left with a folder of account statements she didn’t understand and an advisor she barely knew. When Mary asked that advisor about withdrawing money to…
Read MoreSo You’re About to Retire: The First-Year Financial Timeline (With Real Numbers)
You’ve handed in your notice and circled your retirement date on the calendar. Congratulations! Now what? The three months or so before retirement and the first six to nine months after are packed with decisions: pension paperwork, government benefit start dates, converting accounts, setting withdrawals, and making sure taxes are handled properly so your new…
Read MoreReframing the CPP Enhancement: A 122% Increase In Benefits
Whenever I write about the timing of Canada Pension Plan benefits, the response is enormous. It’s one of the most popular and polarizing retirement planning topics out there. The usual way this conversation gets framed is around age 65. That’s considered the “normal” starting point, so you’ll often hear people say, “If you wait until…
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