How to go about securing the best Retirement Plan in Canada.
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Is your pension safe? + MORE Oct 9th
You’re likely aware that traditional defined benefit pension plans are having a tough time these days. They’re beset by low interest rates and increasing life expectancy, both of which make pensions more expensive to run. And you’ve probably read about threatened U.S. public sector pensions in.... More »
Stock news for investors: Barrick leads earnings gains as major Canadian companies report mixed Q3 results + MORE Nov 15th
Here’s a round-up of news for Canadian investors this week.
Barrick
MEG Energy
Loblaw
Manulife
Linamar
Brookfield
Hydro One
MDA Space
George Weston
Featured RRSP Accounts
featured
EQ Bank
.... More »
Why the $35,000 RRSP Home Buyers’ Plan won’t be much help Mar 31st
It’s been about a week since federal budget day and I still have questions about some of the things the government announced. For instance, why did they introduce a deferred annuity, which will allow Canadians to put 25% of their RRSP or RRIF into an annuity that must start paying out by 85 at the.... More »
Self-employed with no pension Aug 16th
The year 1975 was the high water mark for bell bottoms, soul music and workplace pensions. Back then, around half of Canadian workers had some sort of pension plan through their employers to save for retirement. These days, just under 40%. For the roughly 2.6 million Canadians who work for.... 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 »
Seniors' debt rising, report shows
– canada.com
Canadian households have returned to their free-spending ways, and seniors have lately joined the party by borrowing to finance their post-retirement lifestyles, a new report says.
Cost of kids
– moneysense.ca
A new report by the Fraser Institute says it costs less to raise a child than previous studies, including an estimate by us here at MoneySense, have suggested. The conservative think-tank says it is possible to raise a child on about $3,000-$4,000 year whereas we’ve pegged that number closer to $13,000 a year when you factor in shelter, food, clothing, recreation, child care and more. Parents, tell us what you think by leaving a comment in the comments section below.
Still on the topic of raising children, a CIBC survey suggests 36% of Canadians are delaying retirement to help pay for their kids post-secondary education while one-third have taken on extra debt to help pay tuition and related expenses.
TD and RBC followed in the footsteps of BMO Thursday, raising rates on fixed mortgages. Qualifying applicants can now borrow at just above 3.6% interest for five years at most big banks. That’s still well below historical highs so potential homeowners needn’t be too discouraged especially since the rising rates may have the effect of cooling average national house prices…
Still on the topic of raising children, a CIBC survey suggests 36% of Canadians are delaying retirement to help pay for their kids post-secondary education while one-third have taken on extra debt to help pay tuition and related expenses.
TD and RBC followed in the footsteps of BMO Thursday, raising rates on fixed mortgages. Qualifying applicants can now borrow at just above 3.6% interest for five years at most big banks. That’s still well below historical highs so potential homeowners needn’t be too discouraged especially since the rising rates may have the effect of cooling average national house prices…
How to Retire on Less Money
– rhondasherwood.com
Saving for financial goals is a challenge for most families these days. Retirement is often left on the back burner until later in life when it may be too late to save the amount you think you need. Rather than put off your retirement or forget about it all together, consider downsizing your life and your overall expenses so that you can retire on less money.Downsizing your Life
While you may love your house, do you realistically need that much space? The kids are most likely gone and it’s just you and possibly your spouse living in the home. Having less square footage to worry about not only makes upkeep easier as you age but also less expensive. Your utilities should decrease, as well as your property tax and insurance bills. If you are in strata you also won’t have to worry about gardening or lawn maintenance, leaving you with fewer headaches to deal with. Downsizing may also leave you with more money from the sale/repurchase of your homes to fund your retirement needs.
You Could Relocate
If you are not ready to give up space just yet, have you considered living somewhere else where you can get the same amount of square footage for a heck of a lot less? Vancouver is an expensive city to live in…
3 Retirement Planning Tactics to Adopt Before You're 50
– walletpop.ca
Filed under: Budgeting & Planning, Retirement and RRSPsBy Nicole Seghetti
The predictions are in and they are dire. Canadians will run out of retirement savings after just 19 years on average, according to research from HSBC. But adopting the right retirement planning strategies at this phase of your life will help you avoid financial disaster in your golden years.
Here are three retirement strategies to deploy before blowing out your 50 birthday candles.Continue reading 3 Retirement Planning Tactics to Adopt Before You’re 503 Retirement Planning Tactics to Adopt Before You’re 50 originally appeared on Walletpop Canada on Wed, 28 Aug 2013 10:27:00 EST. Please see our terms for use of feeds.Permalink | Email this | Comments
