Not sure how to make a retirement plan? Read on…
Latest News
Remarrying in retirement can be financially complicated + MORE Jun 19th
If divorced seniors remarry in retirement there can be complications with ex-spouses, step children and retirement savings..... More »
Four stories in Canada we’re watching + MORE Feb 19th
Four stories in the news today, Feb. 19:
FORMER MP DEL MASTRO EXPECTED TO BE SENTENCED TODAY
Former Conservative MP Dean Del Mastro is expected to appear for sentencing today in a Lindsay, Ont., court. Del Mastro was convicted last fall of violating the Canada Elections Act during the 2008 election.... More »
The scoop: What Canadian investors need to know now + MORE Sep 21st
For those who like surprises, the stock markets have not disappointed in 2020. The S&P 500 surged to new heights despite the economy-clenching COVID-19 pandemic powering around the globe, and individual investors’ participation in trading reached a 10-year high during the first half of this ye.... More »
How retirees can use TFSAs to save on tax + MORE Nov 25th
The Tax-free Savings Account or TFSA is in my view the single most powerful investment tax shelter available to Canadian investors. Young people should move heaven or earth to maximize the annual $5,500 contribution as soon as they turn 18—even if they have to solicit a “matching” contribution.... More »
Barbie ready for retirement? Slumping sales again hurt Mattel + MORE Oct 15th
Barbie still looks great after 56 years, but her slumping sales might force her into retirement..... More »
RRSPs not undesirable, just unaffordable for most, polls find
– moneysense.ca
MONTREAL – Fewer Canadians are planning to put money into a Registered Retirement Saving Plan this year simply because they can’t afford it, say surveys by two big banks.
Both Scotiabank (TSX:BNS) and Bank of Montreal (TSX:BMO) say many Canadians have other expenses, such as car payments and paying down debt, that are preventing them from making a contribution.
Scotiabank found that 31 per cent planned to contribute to their RRSP, down from 39 per cent last year. BMO said 43 per cent of those surveyed planned to contribute, down from 50 per cent in 2013.
“The top answer was that they did not have enough money to make a contribution,” said BMO’s Chris Buttigieg, senior manager of wealth planning strategy.
Mike Henry, a Scotiabank senior vice-president, agreed, saying those surveyed by his bank said “they can’t afford it, they’ve got other expenses or other things they’re trying to manage.”
Overall, three-quarters of those who have RRSPs told Scotiabank they’ve thought about contributing more money to their plans, but they just don’t have the cash…
Both Scotiabank (TSX:BNS) and Bank of Montreal (TSX:BMO) say many Canadians have other expenses, such as car payments and paying down debt, that are preventing them from making a contribution.
Scotiabank found that 31 per cent planned to contribute to their RRSP, down from 39 per cent last year. BMO said 43 per cent of those surveyed planned to contribute, down from 50 per cent in 2013.
“The top answer was that they did not have enough money to make a contribution,” said BMO’s Chris Buttigieg, senior manager of wealth planning strategy.
Mike Henry, a Scotiabank senior vice-president, agreed, saying those surveyed by his bank said “they can’t afford it, they’ve got other expenses or other things they’re trying to manage.”
Overall, three-quarters of those who have RRSPs told Scotiabank they’ve thought about contributing more money to their plans, but they just don’t have the cash…
One in three retirees has returned to work to pay the bills
– moneysense.ca
Nearly a third of retired Canadians, or 30 per cent, have returned to work and a major reason is that they misjudged how much their expected life of ease would cost.
Two new online surveys from ING Direct found that the divide between how much people saved, and how much they actually needed, was too wide to handle without a paycheque.
About 48 per cent of respondents in one survey who had returned to work cited financial concerns as the reason they took another job. And, of these, 31 per cent had returned to work full time.
Another online survey found that 33 per cent of respondents who went back to work said they hadn’t saved enough money for retirement, while 31 per cent said they faced higher living costs than expected.
The surveys portray a notable disconnect between Canadians’ expectations of life after the work force and the reality of the cost.
ING Direct said that respondents wished they had found more ways to save for retirement, that they had started saving earlier and hadn’t “spent money so mindlessly…
Two new online surveys from ING Direct found that the divide between how much people saved, and how much they actually needed, was too wide to handle without a paycheque.
About 48 per cent of respondents in one survey who had returned to work cited financial concerns as the reason they took another job. And, of these, 31 per cent had returned to work full time.
Another online survey found that 33 per cent of respondents who went back to work said they hadn’t saved enough money for retirement, while 31 per cent said they faced higher living costs than expected.
The surveys portray a notable disconnect between Canadians’ expectations of life after the work force and the reality of the cost.
ING Direct said that respondents wished they had found more ways to save for retirement, that they had started saving earlier and hadn’t “spent money so mindlessly…
Canada Post’s decision to stop delivering mail to Canadians’ doors has prompted many carriers to quit, often just a few years short of retirement, QMI Agency has learned.
