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Has Procrastination Gotten in the Way of Your Retirement Planning? + MORE Jan 29th
You’re in your mid to late 50s, and are looking forward to the day when you can make some permanent life changes. You’re reached the peak of your career and highest earning years but you can’t seem to set aside any savings. You are hoping ‘retirement’ is around the corner but you k.... More »
Federal pension board used offshore 'scheme' to skirt foreign taxes + MORE Nov 6th
The federal Crown corporation that invests civil servants' pensions used a complex network of European companies that its own advisers called an "avoidance scheme" to avoid paying foreign taxes — a revelation that could undermine Canada's standing as countries crack down on corpora.... More »
How helping the kids with a down payment affects you + MORE May 27th
OTTAWA – Helping your children with a down payment on their first home may be tempting, but financial advisers say to be sure to fully grasp how it will affect your own retirement planning before cutting a cheque.
Kristine Skinner, financial adviser with BlueShore Financial in West Vancouver, B.C..... More »
Retirement Income for Life: Why Canadian retirees love Frederick Vettese’s books and his PERC + MORE Feb 22nd
Since I turn 71 soon, my attention is naturally becoming focussed on the inevitable question of what to do when my registered retirement savings plan (RRSP) must be collapsed. Do I keep it as a registered retirement income fund (RRIF)? Or should I convert it into an annuity? Maybe I do a combination.... More »
How much are withholding taxes on RRSPs and RRIFs? Jun 15th
I need to withdraw $6,600 from my RRIF over the next six months. This amount is in addition to my annual minimum. If I do the withdrawals in six monthly amounts of $1,100 (total of $6,600), will the tax withholding rate be 10% on each $1,100, or will it be a higher rate on the total $6,600 over the .... More »
How not to fund retirement
– moneysense.ca
A Windsor, Ont. woman has pleaded guilty to defrauding the federal government of more than $151,000 in CPP and OAS payments over 14 years. The unnamed woman must repay the money obtained with forged documents. She also received a 12-month conditional sentence and 12 months of probation.
In its first-ever Canadian Investor Survey, released Tuesday, BlackRock Canada warned retirement savers their nest eggs may have to last 25 years or more.
Introverts tend to be better investors than extroverts because they are less likely to be impulsive, a new study by academics at the Kellogg School of Management suggests.
Cheap and chic home decor appears to be a growing retail trend in Canada, first with the arrival of Target and now Zara Home coming to Ontario later this summer. The Yorkdale Shopping Center location will stock bedding, table and bath linens, furniture, tablewear, cutlery as well as home designs for children. A second location will also open in Laval Quebec.
In its first-ever Canadian Investor Survey, released Tuesday, BlackRock Canada warned retirement savers their nest eggs may have to last 25 years or more.
Introverts tend to be better investors than extroverts because they are less likely to be impulsive, a new study by academics at the Kellogg School of Management suggests.
Cheap and chic home decor appears to be a growing retail trend in Canada, first with the arrival of Target and now Zara Home coming to Ontario later this summer. The Yorkdale Shopping Center location will stock bedding, table and bath linens, furniture, tablewear, cutlery as well as home designs for children. A second location will also open in Laval Quebec.
The longevity paradox
– moneysense.ca
In its first-ever Canadian Investor Survey, released Tuesday, BlackRock Canada warned retirement savers their nest eggs may have to last 25 years or more.
Defining longevity as “the defining financial challenge of our age,” head of BlackRock Canada Noel Archard said in a release “the paradox is that investors recognize that their retirement savings will need to last longer than ever before but they aren’t making plans to ensure they will actually have the money they need.”
BlackRock surveyed 1,720 investors online early in May, focusing on those with at least $5,000 in investable assets (not counting real estate or workplace pensions). More than half of this group, or 56%, believe their savings will have to last at least 25 years in retirement. Younger investors think their nest eggs will have to last at least 30 years.
Unjustifiable optimism & dangerous passivity?
BlackRock considers Canadian investors to be “unjustifiably optimistic and dangerously passive” when it comes to assessing their retirement readiness…
Defining longevity as “the defining financial challenge of our age,” head of BlackRock Canada Noel Archard said in a release “the paradox is that investors recognize that their retirement savings will need to last longer than ever before but they aren’t making plans to ensure they will actually have the money they need.”
BlackRock surveyed 1,720 investors online early in May, focusing on those with at least $5,000 in investable assets (not counting real estate or workplace pensions). More than half of this group, or 56%, believe their savings will have to last at least 25 years in retirement. Younger investors think their nest eggs will have to last at least 30 years.
Unjustifiable optimism & dangerous passivity?
BlackRock considers Canadian investors to be “unjustifiably optimistic and dangerously passive” when it comes to assessing their retirement readiness…
Increasing CPP benefits comes at a price
– thestar.com
We’d all like to see an improvement to the benefits of the Canada Pension Plan. Here are some reasons they’re at the current level.You’re Ready for Retirement. Is Your Money?
– rhondasherwood.com
You know you’ve been working hard, planning and thinking about retirement for years. Now that the time has gotten close, you need to determine whether your money is as ready for retirement as you are. The answer to these important will determine whether you are ready for retirement or if you will need to make an adjustment to your plans for financial reasons.Are you still making mortgage payments?
You may not be ready to retire if you are still trying to pay off your home. With mortgage rates at historic lows, it may be less expensive to stay in your own home than to move into a rental unit. If you could eliminate mortgage payments from your budget, it would increase cash flow when you stop working.
Do you have debt?
Debt can be the great killer of retirement plans. Ideally, you will want to eliminate your debt before you retire. Your financial advisor can help you set up a plan to pay down your debt before your scheduled retirement date.
Are your children (or your parents) still financially dependent on you?
Another thing you will need to consider is your children and their respective ages…
