Retirement
Which Accounts To Tap First In Retirement?
Retirees, or those close to retirement, might have several buckets from which to withdraw income in retirement. There may be assets in RRSPs, taxable or non-registered investment accounts, TFSAs, and possibly corporate or small business assets. At retirement you need to consider which of these accounts to tap into first. To further complicate matters you might also…
Read MoreIt’s Time To Declutter: Free Your Home Of Unnecessary Junk
When my mother-in-law passed away I had to sift through all of her possessions and dispose of them so we could sell her house. A couple of years later, I went through the same process when my own parents moved into a retirement home. Then I was at it again when my husband and I…
Read MoreDon’t Allow Debt To Derail Your Retirement Plans
Many people approaching retirement may be delaying those plans due to their debt loads. Boomers are not known for thrifty living. They have earned the title of the “most indebted generation.” According to a Statistics Canada 2012 Survey of Financial Security, 70% of people aged 55 to 64 are carrying some debt. One-third still have…
Read MoreBoost Your Retirement Income With Regular Income Streams
Most financial planning is based on the same basic premise – work for several decades while saving a pot of money, which you will spend once you reach retirement. Indeed, this is the path that the financial industry leads you to – all the while earning fees and commissions by managing your growing portfolio. I’m asked…
Read MoreCPP Survivor Benefits Not What You Would Expect
Enhancements to the CPP are always being suggested, largely to address the fact that fewer Canadians now have workplace pensions. The latest deal made by provincial Finance Ministers in June 2016 will boost CPP income from one quarter of pensionable earnings to one-third. The change will phase in slowly from 2019 to 2025 (when the…
Read MoreThe Three Phases Of Retirement
Retirement is often referred to as a single lifetime event. You know, you work for forty or so years, have your retirement party, or other celebration, and then head off into retirement. But your whole retirement is not going to be the same. And, while the retirement you choose will be unique to you –…
Read MoreUsing Monte Carlo Simulations In Your Retirement Planning
Wouldn’t it be nice for our retirement planning purposes if stocks consistently gave us eight to 10 percent returns each year? After all, that’s what stock markets have delivered on average over the very long term. Indeed, between 1935 and 2016 U.S. stocks returned 11.4 percent annually, Canadian stocks returned 9.6 percent annually, and international…
Read More5 Things Missing From Your Retirement Budget
When preparing your retirement budget, it’s sometimes hard to anticipate every expense. One of the biggest mistakes newly retired people make is underestimating how much they will spend to afford a comfortable lifestyle. They end up overspending because they miss some necessary expenses. Underestimating expenses, or having several “one time” expenses can derail your budget and…
Read MoreFinancial Elder Abuse Is On The Rise
I was distressed to read the CBC news report about a 92 year old man who had basically been ripped off by his own children who had been draining his bank account. Even more disturbing is that financial abuse of seniors is on the rise, and the likeliest perpetrators tend to be family members, usually an…
Read MoreFrom The Boomer & Echo Mailbag: Retirement Planning For Single Women
Q. I am a single woman, by choice. So much financial advice is written for couples. How can I invest for my retirement when I have to cover all my living expenses by myself? Women are already at a disadvantage when it comes to saving for retirement. They often face lifestyle and economic issues that…
Read More