Retirement

You’ve spent years saving for your retirement. Now it’s time to enjoy the benefits of these savings. One option is to convert your savings from an RRSP to a RRIF. What is a RRIF? A RRIF is an extension of an RRSP. While your RRSP was used to save for your retirement, a RRIF is…

I recently attended a birthday party for a group of ladies who had reached the ages of 78, 84, 86, and 104. These ladies are residents of a retirement home. This is not a nursing home, but an assisted living facility. Even though the topic of conversation often leans towards aches and pains and other…

One of our readers, Joy, commented on the decision to downsize from their large home to a small rental bungalow.  She states, “At this point we don’t expect to own a home again – we plan on being renters…the whole concept of being a renter is very freeing.” Joy mentioned that their lawyer told them…

Marcus says: “I’m 54 years old and I have a total of $1.8 million dollars in both registered and non-registered accounts.  My house is mortgage free and worth about $650,000 and I own a rental property worth about $400,000.  Can I afford to retire?” Well…yeah! Many people spend their whole lives diligently saving and working…

Saving outside of my defined benefit pension plan will give me several options to consider when it comes to retirement.  To me, options mean freedom, even though I’ll be faced with some tough choices.  Here’s why: Related: Why I save outside my defined benefit pension plan According to my plan provider, I should be able…

A big decision as we get older is whether to downsize the family home.  Typically people downsize when they no longer need the larger space, or are not willing to deal with the financial and physical maintenance required of a bigger home. Financial experts suggest that the large tax-exempt equity on the sale of their…

One of the core tenets of financial planning is to pay yourself first.  Automating your savings is a painless way to save for retirement and, in all likelihood, you’ll barely notice that you’re living on less. Most experts suggest putting away 10 percent of your income for retirement, but that number might seem out of…

I regularly watch a program on BBC-Canada called “Escape to the Country.” The show features couples and/or families that want to leave the grind of big city life to live in the country. Although the show is based in England, I find myself fascinated by the idea of country living. I have lived in the city all my life…

Let me introduce you to my three imaginary friends: Rory, Amy, and Rose. Earning only $35,000 a year at most, each has managed to sock away 5% of that income every year, and by age 67 have each accumulated $210,000 in savings. At retirement, all three will have the same income: $6,624 in Old Age…

Current popular opinion is to put off retirement savings until later years when all debts are paid off and family responsibilities are reduced.  Then, when you reach your prime earning years between ages 45 and 65 you can start seriously saving and catch up. What do you see in your crystal ball? The prime earning…