Get More From Your RRSP
The so-called RRSP Season is on its way. TV, newspapers and magazines will soon be full of advertising to get you to make your last-minute RRSP deposits. And then RRSPs and retirement planning are often forgotten until the next deadline. But a little advance planning will get you more from your RRSP. Start early. It’s […]
When Should I Start Receiving CPP?
If you apply on your 60th birthday, you’ll get about 36% less of the age 65 monthly pension. But, if you wait until you’re 70, you’ll get about 42% more. Should you hold out for the higher income, or start early? Start early and you’re sure to get it. If you wait, and die before […]
The Retirement Dilemma: Part 2
In our previous article, we looked at how seniors generally wish to invest their money to feel safe while in reality their expenses rise throughout their retirement years as the cost of various services, such as hydro and property taxes, typically increase annually. ( See graph at bottom ) Your choices are to either decrease […]
Welcome to RRSP Season !
It is that time of year again when attention turns to RRSPs and tax planning. This year’s contribution deadline is March 3rd, 2014 if you want to deduct the contribution against your 2013 income tax return. The purpose for making an RRSP contribution, from a financial strategy perspective, is to build savings and assets over […]
The Retirement Dilemma: Part 1
In the mid – 1960s conventional wisdom or motherhood for retirement planning said that you should take all of your investments and put them into government bonds or fixed income type products. The thinking was that you could not afford to take any ‘risk’ in your retirement years. Thus it was believed that guaranteed investing […]
You’ve retired. Now What?
Canadians are living longer, healthier lives. According to Statistics Canada (2017), 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 […]
Will I Need Long Term Care?
In the aftermath of the US housing market bust and the ensuing financial meltdown that led to global stock market declines of 2008, people are getting back to the basics as far as their retirement planning goes. Although the stock market has recovered, many pre-retirees have lost a lot of ground in their retirement accounts […]
RRSPs & TFSAs – What’s the Difference?
Tax Free Savings Accounts (TFSAs) were introduced in 2009 and they seem to be struggling to catch on. Registered Retirement Savings Plans (RRSPs), however, have been around for over fifty years and attract billions of dollars of deposits each year. If you are serious about saving for your future, it is important to know the […]
An Ideal Opportunity to Improve Your Cash Flow
With so many doom & gloom news headlines, it is refreshing to know Canadians can still get very low fixed rate mortgages. A recent Financial Post article (March 9, 2012) explains that with big banks competing strongly for new mortgage business, now is a great time for Canadians to refinance their mortgages to improve personal […]
What’s Your Retirement Planning Mindset?
Recent surveys* 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 market […]