Retirement planning getting you down? There are always smart ways to plan the financial aspects of your retirement.
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This 30-year-old freelancer makes $125,000 a year and pays modest rent living with his parents. Should he invest in retirement or buy a home? + MORE Feb 3rd
Jeremy says his main goal is to save for retirement, but after looking at condos online, he’s trying to decide if that will be a worthy investment..... More »
Why CPP may be underpaying some Canadians + MORE Dec 4th
If you started your Canada Pension Plan pension recently, the government may owe you money..... More »
Can I withdraw from RRSPs to pay bills? + MORE Apr 20th
What are the cons to withdrawing RRSP savings of $25,000 to pay off some unexpected bills I have incurred?—Anonymous
Withdrawing RRSPs when you’re not retired
Ahh, the unexpected bills.
Anonymous, I’ll give you my initial thoughts first, and then I’ll review the cons of withdrawing .... More »
What Should You Do With Your Tax Refund? + MORE Mar 5th
Do you remember the good old days when spending our tax refund frivolously wasn’t such a big deal? Our jobs were stable, house values seemed to be on a never-ending climb and the stock market was booming. Well, we are all feeling a little less certain about our financial stability these days; our .... More »
Why one expert thinks Ontario’s pension plan is a bad idea: Mayers + MORE Dec 4th
There is no pension crisis, says a Carleton University professor and Ontario’s pension plan is expensive and not needed..... More »
High interest savings accounts at discount brokers
– moneysense.ca
[Note: This post has been updated to note a couple of additions to high interest savings accounts offered by Scotia iTrade and BMO InvestorLine. Feel free to have it bookmarked.]
It turns out that Renaissance High Interest Savings Account (ATL5000) is not the only high interest savings account (HISA) available through a discount broker. HISAs are savings accounts that can be purchased in a discount brokerage account just like a mutual fund. These accounts typically pay much higher interest rate than money market funds and are ideal for parking cash in Registered Retirement Savings Plan (RRSP), Tax-Free Savings Account (TFSA) and investment accounts. Just like online HISAs, Canadian dollar discount broker HISAs are eligible for Canada Deposit Insurance Corporation (CDIC) insurance.
First a note of caution: first check with your broker that no fees of any kind are charged for buying or selling HISAs and no fees are applied for early redemptions. For example: Scotia iTrade charges an early redemption fee of 1 percent (minimum of $38…
It turns out that Renaissance High Interest Savings Account (ATL5000) is not the only high interest savings account (HISA) available through a discount broker. HISAs are savings accounts that can be purchased in a discount brokerage account just like a mutual fund. These accounts typically pay much higher interest rate than money market funds and are ideal for parking cash in Registered Retirement Savings Plan (RRSP), Tax-Free Savings Account (TFSA) and investment accounts. Just like online HISAs, Canadian dollar discount broker HISAs are eligible for Canada Deposit Insurance Corporation (CDIC) insurance.
First a note of caution: first check with your broker that no fees of any kind are charged for buying or selling HISAs and no fees are applied for early redemptions. For example: Scotia iTrade charges an early redemption fee of 1 percent (minimum of $38…
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By Matt Brownell
Daily Finance
Medical science hasn’t conquered death, but it’s making some progress.
The number of centenarians has increased by 66 percent in the last 30 years. The Census Bureau projects that 400,000 Americans will be over the age of 100 by 2050. And advances in medical science mean that lifespans of 120 — and beyond — are within reach.
But not everyone is thrilled with our increased longevity. A recent survey by Pew Research found that 83 percent of Americans put their “ideal lifespan” at 100 years or less, and just 4 percent said they’d actually want to live to 120. It’s possible to live longer and longer, but so far, the vast majority of Americans just aren’t that interested in sticking around more than a century…
Pay less for pension credit
– moneysense.ca
If you have a defined benefit (DB) pension, the more years you have in the plan—known as credited service—the higher your pension or the earlier you can retire. It’s why one reader, a Toronto daycare worker, forked out $45,000 to buy back time she’d taken off 20 years ago when she had children. The lump sum buy-back allows her to retire at 55, rather than 60, with a full pension. The incentive: you’ll get guaranteed income in retirement, usually at a better return. But she could have avoided such a large payment. If she’d purchased her missing service time right after taking maternity leave it would have cost her only $4,000. “The earlier you buy back the cheaper it is,” explains pension consultant Brian FitzGerald. That’s because the longer you wait, the more you need to pay to make up for the money that would have accumulated had you invested at the time of your work absence.
