How to go about securing the best Retirement Plan in Canada.
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Ways to “unlock” retirement savings in a LIRA + MORE Dec 7th
Q. When I retired at age 63, the financial institution that managed my DPSP account paid the company-contributed portion (approximately $30,000) into a LIRA.
Given all the constraints related to drawing down a LIRA/LIF, I am now 65, living in BC, and have two questions:
Since I was already at re.... More »
How to confirm your CPP pension + MORE Apr 11th
How do I know if I’m receiving the correct amount of CPP?
—Flora
Most people who work in Canada between ages 18 and 65 will have some entitlement to the Canada Pension Plan (CPP). Employees and their employers make payroll contributions to the pension. Self-employed people contribute the.... More »
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 »
The best RRSPs in Canada for 2024 May 23rd
RRSPs
The best RRSPs in Canada
We’ve rounded up the best RRSP rates on savings accounts and GICs, as well as the best RRSP investment accounts.
Compare now
Tap the button for more details.
.... More »
Stock news for investors: Dollarama, Transat and Roots release earnings Jun 13th
Here’s a round-up of news for Canadian investors this week.
Dollarama
Transat
Roots
Featured RRSP Accounts
featured
EQ Bank
Build your retirement savings with 2.00% interest, t.... More »
6 ways to extend the life of your retirement nest egg
– moneysense.ca
(Dimitri Otis/Getty Images)This is the fifth post of Jonathan Chevreau’s new column, Retired Money, which will explore smart ways to draw down income in retirement and semi-retirement.
With today’s minuscule interest rates, falling availability of employer-provided defined benefit (DB) pension plans and the prospect of longer lifetimes, extending the lifetime of retirement nest eggs is more than a theoretical problem. Sociologist Lyndsay Green summed it up well a few years in the title of her book: You Could Live a Long Time, Are You Ready?
It’s great news that we may live a long time, but financial advisors like Vancouver-based KCM Wealth’s Adrian Mastracci try to prepare clients for a retirement that could go from age 60 to 90, and possibly more. The big fear is running out of money. Mastracci tries to allay those fears by getting retirees to address six key issues:
No. 1: Estimate your life expectancy
If you’re that worried about living too long, one of the first things you should do is check the life expectancy of immediate family members, including spouses or partners…
A report by HSBC suggests that nearly
half of working-age Canadians are not
saving for retirement.
half of working-age Canadians are not
saving for retirement.
Canadians not saving for retirement: HSBC
– moneysense.ca
A report by HSBC suggests that nearly half of working-age Canadians are not saving for retirement. The big international bank says 48% of pre-retirees in this country confess that they have not started or are not currently saving for their life after work.
The poll was part of a global retirement report done by HSBC.
The survey also found that one in five working-age Canadians say that money from downsizing or selling their home or a secondary property will help pay for retirement. That was nearly twice the global average of 12% and more than the 5% of current Canadian retirees.
10 signs you’re ready to retire »
The poll also found that Canadian retirees were among the “happiest,” with 72% reporting they feel happy in retirement—second only to retirees in Mexico at 80%.
“While Canadian retirees rank as some of the happiest in the world, almost half of working-age people in Canada are not currently saving for retirement,” said Betty Miao, executive vice-president and head of retail banking and wealth management at HSBC Bank Canada…
The poll was part of a global retirement report done by HSBC.
The survey also found that one in five working-age Canadians say that money from downsizing or selling their home or a secondary property will help pay for retirement. That was nearly twice the global average of 12% and more than the 5% of current Canadian retirees.
10 signs you’re ready to retire »
The poll also found that Canadian retirees were among the “happiest,” with 72% reporting they feel happy in retirement—second only to retirees in Mexico at 80%.
“While Canadian retirees rank as some of the happiest in the world, almost half of working-age people in Canada are not currently saving for retirement,” said Betty Miao, executive vice-president and head of retail banking and wealth management at HSBC Bank Canada…
A low-fee portfolio for DIY investors
– moneysense.ca
(Photo by Micah Bond)The portfolio problem
Gino Marcone, 49, is a regional sales manager who has spent the last three years working with an advisor at his local Guelph, Ont. bank to build his retirement nest egg. He recently learned he’s paying 2% annually in management expense ratios (MERs) on his plain vanilla mutual fund portfolio—that’s $5,000 in fees paid each year on his six-figure savings plan. “I tried to negotiate better fees but my advisor wasn’t able to help, so I decided to help myself,” says Marcone. He opened an online trading account and now wants to build a low-fee portfolio using index or exchange-traded funds (ETFs). “I’d like to add $20,000 each year until retirement.”
The portfolio fix
Even though Marcone started investing just three years ago he’s done a lot of things right, says Ayana Forward, a certified financial planner with Ryan Lamontagne in Ottawa. “He’s worked hard to maximize his RRSP and TFSA and he’s off to a great start…
