Retirement

In previous posts I have described how I started working at a major bank when my husband had a serious work place accident. This “temporary” job lasted for almost twenty-five years. I won’t get into the reasons why I left but will continue the story from there. Starting Our Own Business Because of his health,…

This is a guest post from long time reader Gary Daniels. We retired in 2006; I am 66 and my wife Margaret is 63.  We started collecting CPP at 60 and of course OAS at 65. We’re now in our 7th year of retirement and we are very happy (although it took us three years to…

Are you planning to retire soon?  Everyone is concerned about ensuring a good income in retirement, but, according to many surveys, very few are really doing much about it. Here are some popular misconceptions about retirement planning that will give you something to think about. You can get by on government pensions Yes, you probably…

“Because it has become increasingly difficult for individuals to build their own security single-handed, government must now step in and help them lay the foundation stones.” – Franklin Roosevelt You may be worried about your retirement finances – or feeling pretty good about them.  Regardless of your personal situation, you know from ongoing media coverage that…

Why can’t you expect financial prosperity after 40 years of working?  If you’re concerned about your financial future, you’re not alone.  Nearly half of baby boomers fear that their retirement will result in poverty. As company pensions disappear, many boomers must rely on their RRSPs to generate retirement income but they’re uncertain how long their…

A Statistics Canada study indicates that more Canadians are cashing in their RRSP savings long before they reach retirement. The money tucked away in your Retirement Savings Plan can be a tempting source of cash.  But think twice before withdrawing money from your retirement nest egg.  The amount you withdraw is considered income for that…

When you walk out of your place of employment for the last time it can feel kind of scary financially.  You’ll no longer be receiving the income you’re accustomed to.  There’s also the fear of not having enough savings to last the rest of your life. Where will your retirement income come from?  Will you…

RRSPs have been around for several decades enabling investors to save for their retirement while deferring taxes paid.  Everybody knows the rules by now – or do they? Here are some common myths and misconceptions about RRSPs. RRSP Myths Myth #1:  You have to be over the age of 18 to contribute to an RRSP.…

When planning for retirement it’s important to have at least some idea of the income you’ll be receiving.  One source of income that’s often over-estimated is your Canada Pension Plan benefits, or CPP benefits. Financial planning tools always enter the maximum CPP benefits that can be received with corresponding reductions for early payments. The CPP…

You’ve spent decades building up your retirement nest egg, worrying about whether you have enough money and carefully selecting your investments to obtain the best growth.  Now you need a plan to fund your lifestyle and help you get the most out of your assets going forward. This is a time when it’s especially important…