There are plenty of retirement plan options in Canada! Stay on top of the best plans right here.
Latest News
Most Canadians don’t understand the CPP + MORE Jan 27th
OTTAWA – Internal evaluations of the Canada Pension Plan show the retirement system is poorly understood by most of the public — a problem retiree Evan Brett avoided only through luck and meticulous record keeping.
The 76-year-old realtor and his wife Latifah dove into their files at their Langl.... More »
How are FIRE adherents making out? + MORE May 23rd
In the increasingly specialized world of financial blogging, there’s a subgenre of so-called “FIRE” experts, who expound on the acronym FIRE. FIRE stands for Financial Independence Retire Early. Some proponents are in their 40s or 50s and practising what they preach, having either reached fina.... More »
How financial advisors can help at different life stages + MORE Mar 23rd
When it comes to figuring out your finances and planning for the future, working with a pro can make this process easier. Canadians who feel hopeful about their financial future are more likely to be working with a financial professional, according to research by FP Canada.
Depending on you.... More »
Can you change your mind about taking CPP early? Aug 10th
Q. I am 62 years, 10 months of age, and still working but plan to retire (early) at the end of November 2021 with an unreduced employer pension.
I have been collecting CPP for 28 months because I needed the extra money at the time, but I am in a better financial position now.
Can I ask to stop col.... More »
Is now the time for retirees to sell stocks and buy GICs? + MORE Aug 2nd
Ask MoneySense
My husband is retired and concerned that his money that is invested in his RRSP and TFSA is fluctuating too much. He is retired and is wondering if his funds should be in a GIC account as it’s paying 4% and not losing principal. He’s concerned in this volatile market.—Rodeen
.... More »
Why you wake up each day
– moneysense.ca
In their new book, Victory Lap Retirement, Mike Drak and Jonathan Chevreau advocate a re-balancing of work and leisure in order to create a low-stress, sustainable lifestyle—in both your working years and in retirement. They see the Victory Lap as the time to enjoy the fruits of years of training, practice and sacrifice. (And yes, they really do expect us to work in retirement—but ideally not because you need the income. You should work because you want to.)Okinawa is a chain of islands off the coast of Japan and home to some of the healthiest seniors on the planet, with many living past the century mark. Not only are these seniors some of the longest-living people in the world, but they also benefit from more healthy years, free from disability and illness. Heart disease and dementia rates are lower than the worldwide average, and rates for breast and prostate cancer are lower still. Obviously the elders of Okinawa are doing something right.
Prior to industrialization, most people in North America lived on farms and farmers didn’t retire…
How to save money on kindergarten costs
– moneysense.ca
TORONTO – When Kerry K. Taylor wrote the last $900 monthly cheque for her daughter’s daycare recently, she did a happy dance — albeit a temporary one.No sooner had the Toronto personal finance writer exhaled a sigh of relief that 4 1/2-year-old Chloe would be starting kindergarten in the fall than she realized entirely new expenses would soon be cropping up.
“There’s going to be a myriad of other costs,” says Taylor — not the least of which is the roughly $400 a month she’ll have to shell out to keep Chloe in before and after school care while she’s at work.
While sending a child to kindergarten can feel like a welcome relief from staggering daycare fees, parents need to be aware that costs associated with starting school can add up to hundreds of dollars before their little ones even step foot in the classroom.
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Parents will spend 4…
Refinance your home to make up for an RESP shortfall?
– moneysense.ca
Q: I am a 55 year old male with three kids who are in university and we have exhausted our RESP savings. Now I’m having a cash flow problem. The main issue is that the interest rate on the mortgage is so high—as I am a self-employed clinical psychologist who works out of my home (and my wife works for me).The dilemma we face is whether or not we should sell our house and downsize into something a little cheaper, liquidate some RRSP savings or find another solution. I earn $200,000 each year and know that once the university days are over, we’ll have a lot more money. What should we do?
— David Rynard, Kingston, Ont.
Robert McLister, mortgage planner at intelliMortgage and founder of RateSpy:
A: This puzzle has a few missing pieces: two being your mortgage balance and interest rate.
What we know is that the highest 5-year mortgage rate over the last five years was about 3.99%. That assumes you were reasonably qualified at the time you got approved.
Assuming a $600,000 mortgage, for example, the payment difference between 3…
