Making sense of the markets this week: July 3 + MORE Jul 6th

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

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Financial hardship withdrawal exceptions and increasing income in retirement + MORE Apr 4th

Ask MoneySense I am in B.C., Canada. I moved my LIRA into a LIF two years ago. I have taken the maximum annual withdrawals for each year. I thought it’d be smart to start taking it. How can I get more out of it? I need the funds to help deal with bill payments. All my monthly i.... More »

Single, no pension? Here’s how to plan for retirement in Canada Jul 4th

Being single in retirement has some financial obstacles. Some people are single as they enter retirement. Others become single due to divorce or death prior to or after retiring. Here are some considerations for planning your retirement as a singleton, especially if you have no defined benefit (DB) .... More »

Piper makes a good buck as a lawyer but still has piles of school debt. Is her dream of owning a downtown Toronto condo realistic? + MORE Jan 25th

Financial adviser Jason Heath says Piper needs to get her debt and expenses under control before even thinking about home ownership and retirement.... More »

Making sense of the markets this week: August 28 + MORE Aug 31st

Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines and offers context for Canadian investors. Banking on stability and caution Canadian investors love their banks. Year in and year out, banks provide dependable dividend growt.... More »

How your net income gets calculated for tax and OAS + MORE Feb 7th

Ask MoneySense Appreciate your article on OAS (Old Age Security). Can you tell me how net income is calculated? For example, if I have $100,000 in pension income and $30,000 was deducted for income tax, is my net income $70,000? —Kevin Calculating net income for tax and OAS purposes I lik.... More »

Saving for retirement is becoming out of reach for young Canadians

– thestar.com

Continue Reading On thestar.com »

Should I sell and rent or get a reverse mortgage?

– moneysense.ca

I’m an 82-year-old widowed woman, and my savings are depleting fast. I feel privileged, as I have the luxury of owning my own two-bedroom, one-bathroom condo.

I have two options: to selI and rent a one-bedroom apartment, probably starting at $2,000 a month, or staying in my home and getting a reverse mortgage. Do you recommend reverse mortgages in spite of high interest? I wouldn’t be eligible for a HELOC as I have no income, other than my pension and what I take out of my RRIF.

Most people recoil at the idea of a reverse mortgage. I have been searching for independent advice on this subject, but most advisers have a vested interest in selling me something, i.e. the bank, mortgage brokers, etc.

–Laurie

Why retirees might consider a reverse mortgage

I’m sorry to hear you are struggling with this decision, Laurie. I can imagine it is stressful. I will try to walk through the considerations of selling versus a reverse mortgage.

As an 82-year-old woman, you have a 50% probability of living another 10 years…

Continue Reading On moneysense.ca »

Making sense of the markets this week: July 3

– moneysense.ca

While regular “Making sense of the markets” columnist Kyle Prevost is on vacation, Dale Roberts and I are filling in. Dale’s piece ran last week, and it’s my turn this week. Dale will return next week, after which a well-rested Kyle will resume.

Speaking of Dale, this week he wrote an interesting article for Seeking Alpha, titled “If I could only own 10 stocks.” Six are Canadian, the other four are American. Since he’s in semi-retirement, his picks may appeal to income-seeking retirees, perhaps supplemented by broad-based exchange-traded funds (ETFs) like the ones Dale helps pick for the MoneySense ETF All-stars, of which he is a panellist.

The case for checking your statements seldom or never

Canada’s financial markets are closed July 1 for Canada Day. And U.S. markets will be closed on Monday, July 4 for Independence Day.

Stock markets are clearly still in a nasty bear mode. Unlike the fastest bear market ever back in early 2020 that was caused by the pandemic, I suspect this one will linger…

Continue Reading On moneysense.ca »

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