How to go about securing the best Retirement Plan in Canada.
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Retirement rethink: Find out where you’ll call home Jan 20th
(monkeybusinessimages/iStock)
Diane and Mike did what many retirees do. They sold their place in the city and downsized to a smaller, cheaper place out of town. But in their case, cheaper actually means free.
The couple now lives in the guest apartment on a large acreage near Calgary. In excha.... More »
“Why do I need a financial plan?” + MORE Jan 12th
Q. I am in my early 50s, have a steady job, I’m not a big spender, and I make RRSP contributions. Why would I need a financial plan? I don’t see how it could help me.
–Tom
A. To answer your question (and it’s a good one!), let’s think about why people get a plan, the benefits of having a p.... More »
How retirees can continue living their best life when investments have taken a hit Apr 27th
Modest cuts without great sacrifice can go a long way toward ensuring your retirement lifestyle continues to keep you socially engaged, physically fit, well-nourished and mentally stimulated..... More »
WTFinance is an RRSP? + MORE Sep 9th
The post WTFinance is an RRSP? appeared first on MoneySense..... More »
How GICs can help you save for your short-term goals + MORE Nov 23rd
Let’s talk about short-term savings. By short-term, we’re talking about putting away money for a few months, or even a few years, for a big goal, like a vacation, a wedding or a down payment on a home. Where should you put your savings so they’ll be secure and work for you?
When saving,.... More »
6 ways to extend the life of your retirement nest egg
– moneysense.ca
(Dimitri Otis/Getty Images)This is the fifth post of Jonathan Chevreau’s new column, Retired Money, which will explore smart ways to draw down income in retirement and semi-retirement.
With today’s minuscule interest rates, falling availability of employer-provided defined benefit (DB) pension plans and the prospect of longer lifetimes, extending the lifetime of retirement nest eggs is more than a theoretical problem. Sociologist Lyndsay Green summed it up well a few years in the title of her book: You Could Live a Long Time, Are You Ready?
It’s great news that we may live a long time, but financial advisors like Vancouver-based KCM Wealth’s Adrian Mastracci try to prepare clients for a retirement that could go from age 60 to 90, and possibly more. The big fear is running out of money. Mastracci tries to allay those fears by getting retirees to address six key issues:
No. 1: Estimate your life expectancy
If you’re that worried about living too long, one of the first things you should do is check the life expectancy of immediate family members, including spouses or partners…
A report by HSBC suggests that nearly
half of working-age Canadians are not
saving for retirement.
half of working-age Canadians are not
saving for retirement.
Canadians not saving for retirement: HSBC
– moneysense.ca
A report by HSBC suggests that nearly half of working-age Canadians are not saving for retirement. The big international bank says 48% of pre-retirees in this country confess that they have not started or are not currently saving for their life after work.
The poll was part of a global retirement report done by HSBC.
The survey also found that one in five working-age Canadians say that money from downsizing or selling their home or a secondary property will help pay for retirement. That was nearly twice the global average of 12% and more than the 5% of current Canadian retirees.
10 signs you’re ready to retire »
The poll also found that Canadian retirees were among the “happiest,” with 72% reporting they feel happy in retirement—second only to retirees in Mexico at 80%.
“While Canadian retirees rank as some of the happiest in the world, almost half of working-age people in Canada are not currently saving for retirement,” said Betty Miao, executive vice-president and head of retail banking and wealth management at HSBC Bank Canada…
The poll was part of a global retirement report done by HSBC.
The survey also found that one in five working-age Canadians say that money from downsizing or selling their home or a secondary property will help pay for retirement. That was nearly twice the global average of 12% and more than the 5% of current Canadian retirees.
10 signs you’re ready to retire »
The poll also found that Canadian retirees were among the “happiest,” with 72% reporting they feel happy in retirement—second only to retirees in Mexico at 80%.
“While Canadian retirees rank as some of the happiest in the world, almost half of working-age people in Canada are not currently saving for retirement,” said Betty Miao, executive vice-president and head of retail banking and wealth management at HSBC Bank Canada…
A low-fee portfolio for DIY investors
– moneysense.ca
(Photo by Micah Bond)The portfolio problem
Gino Marcone, 49, is a regional sales manager who has spent the last three years working with an advisor at his local Guelph, Ont. bank to build his retirement nest egg. He recently learned he’s paying 2% annually in management expense ratios (MERs) on his plain vanilla mutual fund portfolio—that’s $5,000 in fees paid each year on his six-figure savings plan. “I tried to negotiate better fees but my advisor wasn’t able to help, so I decided to help myself,” says Marcone. He opened an online trading account and now wants to build a low-fee portfolio using index or exchange-traded funds (ETFs). “I’d like to add $20,000 each year until retirement.”
The portfolio fix
Even though Marcone started investing just three years ago he’s done a lot of things right, says Ayana Forward, a certified financial planner with Ryan Lamontagne in Ottawa. “He’s worked hard to maximize his RRSP and TFSA and he’s off to a great start…
