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How to boost your returns in retirement + MORE Oct 21st
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What’s the single biggest fear retirees face? Undoubtedly it’s the prospect of outliving their money. And as this column has pointed out before, retiring in this second decade of the 21st century poses challenges for just about any healthy person who lacks an inflation-indexed emplo.... More »
Do bonds still make sense for retirement savings? + MORE Apr 27th
Now that it’s clear interest rates bottomed some time ago and are well on an upwards trajectory, we’re seeing headlines declaring the “death of bonds.” Notable was the Globe & Mail article by veteran columnist and author Gordon Pape, announcing he was “getting out of bonds.”
W.... More »
Ladies, start saving 20 per cent for retirement Apr 28th
Women can unlock their financial potential by growing their financial confidence..... More »
What is the TFSA contribution limit in 2025? + MORE Feb 14th
The tax-free savings account (TFSA) is one of the best ways for Canadians to grow their money. This registered account (meaning that it’s registered with the federal government) offers tax-free growth and tax-free withdrawals—a one-two punch that no other Canadian registered account offers.
U.... More »
Making sense of the markets this week: August 28 + MORE Aug 31st
Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines and offers context for Canadian investors.
Banking on stability and caution
Canadian investors love their banks. Year in and year out, banks provide dependable dividend growt.... More »
Why you wake up each day
– moneysense.ca
In their new book, Victory Lap Retirement, Mike Drak and Jonathan Chevreau advocate a re-balancing of work and leisure in order to create a low-stress, sustainable lifestyle—in both your working years and in retirement. They see the Victory Lap as the time to enjoy the fruits of years of training, practice and sacrifice. (And yes, they really do expect us to work in retirement—but ideally not because you need the income. You should work because you want to.)Okinawa is a chain of islands off the coast of Japan and home to some of the healthiest seniors on the planet, with many living past the century mark. Not only are these seniors some of the longest-living people in the world, but they also benefit from more healthy years, free from disability and illness. Heart disease and dementia rates are lower than the worldwide average, and rates for breast and prostate cancer are lower still. Obviously the elders of Okinawa are doing something right.
Prior to industrialization, most people in North America lived on farms and farmers didn’t retire…
How to save money on kindergarten costs
– moneysense.ca
TORONTO – When Kerry K. Taylor wrote the last $900 monthly cheque for her daughter’s daycare recently, she did a happy dance — albeit a temporary one.No sooner had the Toronto personal finance writer exhaled a sigh of relief that 4 1/2-year-old Chloe would be starting kindergarten in the fall than she realized entirely new expenses would soon be cropping up.
“There’s going to be a myriad of other costs,” says Taylor — not the least of which is the roughly $400 a month she’ll have to shell out to keep Chloe in before and after school care while she’s at work.
While sending a child to kindergarten can feel like a welcome relief from staggering daycare fees, parents need to be aware that costs associated with starting school can add up to hundreds of dollars before their little ones even step foot in the classroom.
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Parents will spend 4…
Refinance your home to make up for an RESP shortfall?
– moneysense.ca
Q: I am a 55 year old male with three kids who are in university and we have exhausted our RESP savings. Now I’m having a cash flow problem. The main issue is that the interest rate on the mortgage is so high—as I am a self-employed clinical psychologist who works out of my home (and my wife works for me).The dilemma we face is whether or not we should sell our house and downsize into something a little cheaper, liquidate some RRSP savings or find another solution. I earn $200,000 each year and know that once the university days are over, we’ll have a lot more money. What should we do?
— David Rynard, Kingston, Ont.
Robert McLister, mortgage planner at intelliMortgage and founder of RateSpy:
A: This puzzle has a few missing pieces: two being your mortgage balance and interest rate.
What we know is that the highest 5-year mortgage rate over the last five years was about 3.99%. That assumes you were reasonably qualified at the time you got approved.
Assuming a $600,000 mortgage, for example, the payment difference between 3…
