Not sure how to make a retirement plan? Read on…
Latest News
Should RRIF withdrawals be based on the younger spouse’s age? Nov 9th
I am wondering about the minimum RRIF withdrawal calculation. We are wondering if it would be beneficial to use the younger spouse’s age to result in a lower annual combined income. Can you explain the reasoning behind this?—Bernie
When can you convert an RRSP to a RRIF?
Registered retirem.... More »
What time of year should you retire? Sep 7th
Is there a better time of the year to retire based on tax implications: December 31 versus June 30 versus January 30? —Laf
The best date to retire for tax purposes
For most Canadians planning their retirement, tax isn’t the primary factor, Laf. However, there are instances when tax can com.... More »
“Which reverse mortgage is right for me?” + MORE Sep 14th
When Vancouver condo owners Maggie and Rob found out they were on the hook for $400,000 in improvement costs to their building and unit as required by an assessment from their Strata Council, they weren’t sure what to do. (We’ve changed their names and some details to protect their privacy.)
.... More »
Common risks to retirement, investing and financial freedom Oct 11th
No matter what stage of financial planning you are in, it is important to be aware of and understand the common risks to your retirement plan and financial stability. The Toronto Star published the following chart showing reasons why Canadians delay their retirement:
While enthusiasm may be nece.... More »
The best ETFs for retirement income + MORE Aug 24th
While exchange-traded funds (ETFs) are appropriate for investors of all ages and life stages, they make particular sense for retirees and those close to retiring. Things like quick and easy broad diversification of asset classes and geographic exposure at a reasonable price are especially relevant w.... More »
How does age affect life insurance rates?
– moneysense.ca
Most of us go through life assuming we’ll reach a ripe old age—and that’s fair, because most of us do. But if you have dependents, it’s wise to protect them from financial fallout in the unlikely event of your death, even if you’re still young and healthy, by getting life insurance. Your age is a pretty big factor when it comes to the type of life insurance you should get and how much you’ll pay for it. Read on for some insight on this, and a few other factors that may affect your premiums.
How old you are affects life insurance premiums
“People should think about life insurance when they think they need it the least,” says Natalie Trimble, financial security advisor and investment representative for Freedom 55 Financial, a division of Canada Life. “The longer one waits to get it, the higher the chances that they may experience a health issue. With health issues or lifestyle changes, the possibility of increased costs or maybe even a rating [where you are approved, but with higher premiums] is a direct result…
How old you are affects life insurance premiums
“People should think about life insurance when they think they need it the least,” says Natalie Trimble, financial security advisor and investment representative for Freedom 55 Financial, a division of Canada Life. “The longer one waits to get it, the higher the chances that they may experience a health issue. With health issues or lifestyle changes, the possibility of increased costs or maybe even a rating [where you are approved, but with higher premiums] is a direct result…
Reality-testing your financial plan
– moneysense.ca
Q. I am contemplating changing financial planners and I just met with one who seemed very impressive. Within about three hours he had everything laid out for me: the investments I should purchase, the use of life insurance, delaying CPP to 70 and more. Still, I would like to get a second opinion before I make my move.
I am 63 years old and single, living in Ontario. My house is worth $1,200,000 and my investments are also worth $1,200,000. I have a small indexed pension of $17,000 and I expect full CPP. What do you think?
–John
A. Many years ago, part of my training in the insurance business was to find a person’s hot button and push it! Is there any chance the planner was throwing out ideas in a similar way to hook you? There is nothing wrong with this, because before a planner can help you, you have to be aware there is something to be solved. (That said, I also think a big piece was missing in your conversation, which I will share with you later.)
Let’s have some fun by going through the common advice for people in your situation…
I am 63 years old and single, living in Ontario. My house is worth $1,200,000 and my investments are also worth $1,200,000. I have a small indexed pension of $17,000 and I expect full CPP. What do you think?
–John
A. Many years ago, part of my training in the insurance business was to find a person’s hot button and push it! Is there any chance the planner was throwing out ideas in a similar way to hook you? There is nothing wrong with this, because before a planner can help you, you have to be aware there is something to be solved. (That said, I also think a big piece was missing in your conversation, which I will share with you later.)
Let’s have some fun by going through the common advice for people in your situation…
