Retirement
5 Ways To Stretch Your Retirement Dollars
The latest StatsCanada income trend shows that 6.2% of seniors living in a family, and 28.5% of those living alone are classified as low income. Okay, these 2012 figures are somewhat dated, but there is no denying that many retirees are living paycheque to paycheque. For those with little savings and no company pension and…
Read More5 Things You Shouldn’t Put Off Until Retirement
We’ve all had times when we’ve dreamed about our eventual retirement when we’ll have all the free time available to pursue whatever we want to do. We don’t have the time to do everything while working full-time, so we have a long list of things we’d like to do later on. But why wait until…
Read MoreCreating Retirement Income: A Fixed Payment Strategy
Once you stop working you may want to simplify your investment strategy. Your objective shifts from growing your investment portfolio to generating income. Flat and unpredictable markets, combined with historically low interest rates, can make this a challenging time in terms of creating retirement income. One idea for creating a reasonably consistent level of monthly…
Read MoreRRIF Or Annuity? Which One Is Right For You?
We all know that in the year you turn 71 you will have until December 31 to convert your RRSP into a RRIF or an annuity. Which do you choose? First, let’s recap the basics. RRIF option The year after you set up your RRIF you will have to start withdrawing a mandatory minimum amount.…
Read MoreAn Automated Solution For Generating Retirement Income
We’re often our own worst enemies when it comes to investing, which is why taking away the human element and automating decisions such as timing of purchases and regularly rebalancing will likely lead to better outcomes for investors. That makes the robo-advisor argument so compelling because it reduces the need for human intervention and sticks to your investment…
Read MoreUsing Your House For Income
The majority of Canadian seniors consistently report that they prefer to remain in their family home, in their current neighbourhood, and close to family and friends, for as long as possible. Yet, many also say that financial challenges are the biggest hurdle in doing so. A mortgage-free home is usually one’s biggest single asset. Here are…
Read MoreWithdrawing From Your Retirement Nest Egg
You’ve been saving all your working life and now that you have entered your retirement phase, it’s time to start drawing from your savings. In some circumstances there will be people who will be able to live off their dividends and interest alone. Most retirees, however, will have to start spending the money they have…
Read MoreFinancial Management By The Decade – The 70’s
Your 70’s is the decade in which you’ll find yourself slowing down somewhat and you may want to simplify your lifestyle. This means your spending will likely slow down too. Convert your RRSP You’ve worked hard to build your RRSP. Now it’s time to take your money out. By the end of the year you turn…
Read MoreWhat Is A Safe Withdrawal Rate In Retirement?
Once upon a time, Canadian retirees used their nest egg to fund particular expenses such as a new car, home renovation or a special trip. Some people will still be able to make irregular withdrawals like that, but it is more likely that today’s (and future) retirees will be relying on their own investments for…
Read MoreFrom The Boomer & Echo Mailbag: CPP Benefits
I get a lot of questions about CPP benefits. Unfortunately, CPP uses complicated formulas to determine certain benefits and I’m sorry to have to answer “It depends.” Here are some general answers. To get accurate information about your own personal situation, I recommend signing in to My Service Canada Account , or speak to a…
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