Posts Tagged ‘Retirement’

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…

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…

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…

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…

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.…

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…

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…

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…

I’ve given you the challenge of thinking about what sort of retirement lifestyle you want to have. You’ve also determined, as well as you can, what income you may be likely to receive when you retire. It’s quite frustrating to try to figure out how much money you will need for your desired retirement. How…

If you have been following this series – and doing your homework – you should now have: Done some serious thinking and reflecting on what you want your retirement to look like. Where will you live? What kinds of activities will you participate in? What’s on your “Bucket List?” When will you begin? Have a…