Canadians take retirement savings seriously, census data shows + MORE Sep 16th

Not sure how to make a retirement plan? Read on…
Latest News
retirement

Should Pete sell mutual fund to pay down the mortgage? + MORE Mar 24th

Shutterstock Q. I have $103,490 left on my mortgage and I pay $325 bi-weekly on it @2.89% fixed rate (mortgage is being renewed shortly). I have the ability to pay off up to 15% ($18,700) of the original mortgage annually in a lump sum without fees. Should I pull money out of my mutual funds (averag.... More »

Why GICs might be a better investment than stocks and bonds Aug 17th

Financial markets have fallen quite dramatically in 2022, and that has made choosing investments even more difficult than usual. The turmoil has made many investors nervous about investing in stocks. The Toronto Stock Exchange (TSX) was down nearly 10% for the first half of 2022, and the S&P 500.... More »
 registered retirement savings plan

Do bonds still make sense for retirement savings? + MORE Apr 27th

Now that it’s clear interest rates bottomed some time ago and are well on an upwards trajectory, we’re seeing headlines declaring the “death of bonds.” Notable was the Globe & Mail article by veteran columnist and author Gordon Pape, announcing he was “getting out of bonds.” W.... More »
 canada pension plan

How to model retirement income in Canada Feb 15th

Ask MoneySense I am retired early at 58 years old. My wife is 56 years old. We live on a Christmas tree farm, which was paid for years ago.  I have a work pension, and my wife was bought out for her pension.  We have considerable RRSPs, farm income, and farm property. Where do w.... More »
 retirement savings

When It Comes to Retirement, I'm With Cicero Jan 13th

The great Roman orator thought aging and retiring free us from destructive ambition and competition..... More »
Canadians take retirement savings seriously, census data showsIt’s the first time the census has probed the question, taking advantage of tax data to correct a picture which experts say has long been distorted by suspect numbers and aggressive investment marketing.

Continue Reading On thestar.com »

TORONTO _ The Canadian Human Rights Tribunal will be revisiting the issue of whether Air Canada was wrong to force some pilots to retire at age 60.
A decision publicly released on Friday says the tribunal will hold another hearing to determine whether the airline had the right to force 45 pilots to retire at an age it deemed to be the industry standard.
The decision says the case originally had 97 complainants, but 52 of them will not have their retirement age scrutinized by the tribunal.
The issue of retirement age for Air Canada pilots has come up both at the tribunal and in federal court numerous times in the past decade.
Two cases with different complainants, but similar arguments, were ruled upon by the tribunal, reviewed in federal court, then ultimately dismissed by the Federal Court of Appeal.
The tribunal says the 52 pilots whose retirement dates were covered by the previous cases will not be included in the new hearing, but says it will hear arguments from the remaining 45 whose retirement dates fall outside of the timeline covered by the other cases…

Continue Reading On canadianbusiness.com »

The Canadian Human Rights Tribunal will be revisiting the issue of whether Air Canada was wrong to force some pilots to retire at age 60.

Continue Reading On cbc.ca »

CALGARY — Sue Earl, a 38-year Sears Canada employee, was shocked when she found out she would only initially receive 81 per cent of the value of her pension as part of the company’s insolvency process.
The 64-year-old from Cobourg, Ont., had assumed her defined-benefit pension was “money in the bank,” a guaranteed amount she’d receive in retirement regardless of the financial health of the failing retailer.
But then, she also didn’t think Sears would cancel the severance payments she’d been receiving since her store was closed last year — that’s what happened after it filed for court protection from creditors in June.
READ: Should you do a pension buyback?
She said the other 19 per cent of her defined-benefit pension is “up in the air.”
“Our letter said it would be paid out to us in the next five years, but that depends what they do with it, whether they wind it up or what’s going to happen,” Earl said.
“It’s just one more slap, really…

Continue Reading On moneysense.ca »

TORONTO — Two-thirds of households are setting aside money for retirement, taking advantage of either a registered pension plan, an RRSP or a tax-free savings account, Statistics Canada said Wednesday as it released the latest batch of numbers from the 2016 census.
Of 14 million households, 65.2 per cent made a contribution in 2015 — the most recent year for which data was available — to one or more of the three major savings vehicles, an apparent counterpoint to the prevailing narrative that too many Canadians take a cavalier approach to retirement.
Different generations took different approaches: Major income earners aged 35 to 54 were prone to make use of registered pension plans and RRSPs, while those younger than 35 and those older than 54 were more likely to contribute to a TFSA.
READ: Should I add to an RRSP in retirement?
Or, in Statistics Canada’s words: “Participation in savings plans followed strong life-cycle patterns.”
It’s the first time the census has probed the question, taking advantage of tax data to paint a more accurate picture of just how seriously Canadians take it — a picture which experts say has long been distorted by suspect data and aggressive investment marketing…

Continue Reading On moneysense.ca »

Share

PinIt
Compare insurance quotes through Kanetix.ca - save time and money!