Sudden Wealth: Choices and Opportunities
Okay, let’s talk about what happens if you suddenly find yourself a million dollars richer. Imagine an inheritance or maybe you invented the next big thing. It’s a life-changer, right? Suddenly, early retirement isn’t just a dream, it’s a possibility. But here’s the catch: a lot of people who suddenly come into money aren’t prepared […]
The Retirement Dilemma: Part 2
In retirement, most people aim for financial security—but rising costs can make that harder than expected. Let’s talk about it. Many seniors prefer to invest in “safe” options, but here’s the reality: your expenses don’t stay the same. Costs like hydro bills, property taxes, and healthcare typically climb year after year. So, what’s the plan? […]
More Overlooked RRSP Tricks
More than 65% of Canadians have made deposits to Registered Retirement Savings Plans (RRSPs). Many do so just for the tax savings, but here are some often overlooked tricks you should be aware of: RRSP loans – Those who use investment funds for their RRSPs should be well aware of the strategy of ‘buying low and […]
Weighing the Cost of Your Retirement Dreams
We all know how easy it is to romanticize our retirement years. Many of us make lengthy lists of things we will do and experience in those golden years. We have little doubt about our ability to enjoy the perfect blend of leisure and excitement, which is what makes the very idea of retirement seem […]
Estimating Retirement Expenses
By far one of the most crucial financial strategy steps is accurately estimating retirement expenses. Correctly accounting for retirement living expenses is critical to ensuring that retirees do not outlive their money. For those already retired, there are usually few good options for creating new income sources later in life. Getting retirement spending projections correct […]
You’ve Retired. Now What?
Canadians are living longer, healthier lives. According to Statistics Canada (2018), the average life expectancy is 80 years for men and 84 years for women. This means your retirement years may almost equal your working ones. Family therapist Rhonda Katz suggests taking some time before retirement to identify what you find enjoyable in life and […]
What’s Your Retirement Planning Mindset?
Recent studies * reveal that a large majority of so-called Baby Boomers are uncertain about their preparation for retirement. Arguably, the have it my way generation did not all follow in their parents’ footsteps when it came to saving for the future. As well, some major bumps along the way (a housing crisis, a stock […]
Maximizing Your Retirement
Bob and Lisa are wondering just how their retirement will turn out. After all that’s happened over the past few years, their RRSP accounts haven’t grown as much as they had expected. Even in the best of times, they weren’t saving as much as they could have been, at least for all their post-retirement desires. […]
CPP at 60? Pros and Cons
As individuals approach retirement, they must decide when to start receiving their Canada Pension Plan (CPP) payments. While the standard age to begin receiving CPP payments is 65, it is possible to start as early as age 60 or delay until age 70. This decision should never be taken lightly, as it can significantly […]
How to Get Income Out of Your RRSPs
Roger and Linda, like many Canadians, have saved for years for their retirement. They took advantage of RRSPs and now have a substantial amount of savings. As Roger will turn age 71 this year, they need to decide on the best strategy for using their RRSPs for their retirement income needs. Until now, Roger […]