Not sure how to make a retirement plan? Read on…
Latest News
How much has the pandemic hurt your retirement plans? We delve into the retirement portfolios of two couples hit hard by COVID-19 to see what damage was done + MORE Feb 16th
We start with Deborah and Daryl Burton, a Toronto twosome in their early 70s who both contracted COVID-19 early in the pandemic..... More »
What Sears retirees can do about the reduced DB pension + MORE Nov 4th
Like Stelco and Nortel before it, thousands of pensioners of Sears Canada are experiencing firsthand what happens to corporate Defined Benefit pension plans when a business fails.
In October, Ontario’s Superintendent of Financial Services (FSCO) appointed Morneau Shepell to administer Sears Canada.... More »
Severance, pensions and unemployment at 65: Should you apply for a pension if you get laid off? Aug 17th
Q. I just got laid off because of restructuring, but I got a package from work that will have me getting paid until February 2021. I am 65 as of March 2020. I did not apply for my pensions yet. If I apply now will it be deducted from my unemployment in February? Should I wait to apply for a pension.... More »
Everything You Need to Know About the Home Buyers' Plan + MORE Apr 14th
Buying a house can be a great investment, but finding the cash to do so can be hard. The Home Buyers’ Plan (HBP), a program offered by the Government of Canada, is one way to help you make the big move, but there are a few things you need to know before you take the next step.
1. What is the HBP?.... More »
Kenney's 'fair deal' plan 'would completely change Alberta' if successful: political scientist - CTV News Nov 11th
Kenney's 'fair deal' plan 'would completely change Alberta' if successful: political scientist CTV News‘We need to unify Canada’: MPs explain lack of ‘appetite’ for Wexit in B.C. Global NewsA ‘fair deal’ for Alberta may come at a hefty cost for taxpayers, political .... More »
Am I on track to retire by age 55?
– moneysense.ca
The current situationMike Cameron, 33, and his wife Lacy, 29, are the new parents of a 1-year-old and up to now have been good savers. But the South River, Ont., couple—who make $90,000 annually—plan to have another baby soon and know that will completely unhinge their budget.
Right now, they’re on track to have their $91,000 mortgage paid off in seven years and are currently saving $15,000 annually in RRSPs and TFSAs. “We want to retire at 55 with $50,000 net a year, but as our family grows, we’re going to have to halt our savings program for five years,” says Mike, citing increased daycare costs. The couple only plans to continue paying into Lacy’s company pension plan after Baby No. 2 arrives.
To make up for lost time later, they plan to ratchet up their savings to $30,000 annually in seven years, when they’re mortgage-free and no longer reliant on daycare. They’ll then continue to invest in the same balanced and growth mutual funds that have returned 10% net annually for the past five years…
Power of Attorney: Why Choose to Give up your Right to Make Decisions?
– rhondasherwood.com
One of the things that we would find hardest to give up is our independence, and that may be why the idea of signing a power of attorney is so difficult for many people. There are times when having a signed power of attorney in place can be a benefit to you and your family, though, even if it means that you have decided to give up your right to make decisions.
Life Circumstances Can Change Quickly
You have done all the right things to prepare for retirement. Your financial plan is in good shape, and you meet with your financial advisor regularly to make sure that it stays that way. Everything is going according to plan and you anticipate being the captain of your financial ship as you transition from employee to retired person. As your number of working days wind down, you find yourself thinking more and more about life after work.
You may have been distracted thinking about your new life while driving home from work one day when everything changed in a heartbeat. Instead of continuing on with neatly ordered life, you have been involved in a serious car accident and your recovery will be a lengthy one…
