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Where should you invest an extra $50,000 in your 60s?
– moneysense.ca
Where to invest a large sum of money when you’re in or nearing retirement
Congratulations on having $50,000 available to invest, Ty. You do not say how you came into that money or describe your current financial situation. For some, it could be considered quite a windfall. Let’s consider a few different situations first and then move on to possible recommendations.
Do you have debts?
Investing a lump sum of $50,000 sounds great. However, receiving an investment return of 5% is not going to do much for you if you are carrying a balance on a credit card that is charging you 20% interest. Paying off high-interest debt will provide you with a greater net return than you are likely to receive from any long-term investment.
What about mortgage debt? A year or two ago, with some mortgage rates available below 2%, I might have advised that you invest rather than aggressively pay down any amounts owing, but with advertised rates at greater than 5%, if your mortgage is up for renewal this year, you would do well to consider reducing the amount you owe…
The latest in mortgage news: Arrears rate rises from its all-time low
– canadianmortgagetrends.com
Mortgage renewal calculator
– moneysense.ca
Thee are a lot of decisions to make when it comes to renewing your mortgage, including whether or not to stick with your current lender. A mortgage renewal calculator can simplify the process and help you pick the best mortgage offer available to you at the time of renewal.
You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote*I’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense. Just close the tab to return.
To use the mortgage renewal calculator above, click or tap on the “renewal or refinance” tab. The tool allows you to compare the cost of different mortgage offers, based on a specified mortgage balance, amortization period and location. To help you find a competitive mortgage rate, this calculator generates the best mortgage rates currently offered by a variety of lenders across the country. It then shows you the cost of your regular mortgage payment, based on the payment frequency and interest rate of your choice…
If you have decent savings and only a year or two to go on your mortgage, you should be fine. If you have 10 or more years, then you may have to consider options, including downsizing
