Sears pension ‘slap’ shows need to diversify savings + MORE Sep 23rd

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 freedom 55

Sears looking to close all stores, 12,000 to lose jobs + MORE Oct 14th

TORONTO — Sears Canada Inc. is seeking court approval to liquidate its roughly 130 remaining stores, leaving approximately 12,000 employees without a job. The embattled retailer, which has been operating under the Companies’ Creditors Arrangement Act since June, said Tuesday that it had fail.... More »
 canada pension plan

How to retire at 55 with $586,000 + MORE Jan 27th

Nathalie Ouelett, 54, works in the audit department of the Quebec government in Quebec City. She loves her job but says she has so much that she still wants to do in life that she’s going to hang up her hat from full-time work this July. “I have 177 sleeps to go,” says Nathalie, who laughs an.... More »

How to boost your retirement income by 50% + MORE Nov 18th

Flickr If you were told there was a way to boost your income in retirement by 50% it would no doubt get your attention. It certainly got my attention, in a paper in a recent issue of the Journal of Retirement. The paper was co-authored by one of MoneySense’s panelists for the annual ETF All Stars.... More »
 retirement planning

Should I contribute to my TFSA when I’m 68? + MORE Mar 17th

iStock Q. I am 68 years old and already retired. Is there any point in contributing to a TFSA? – Michelle A. Any point? Why yes. There are lots and lots of points. I’ll make a few of them here. The Tax-Free Savings Account is a great vehicle to reduce your taxes whatever your age. You’re .... More »
 retirement planning

How to ‘find’ cash for your RRSP contribution Jan 13th

RRSP Contribution You don’t necessarily need new money in order to come up with the cash to maximize your 2017 RRSP contribution. That should come as welcome news after all the holiday spending. January makes some big demands on cash flow as credit-card bills come due. Add to that the opportunity .... More »
How life insurance can shave your capital gains tax
Q: My husband and I bought life insurance in 2008. At that time, I was 44 and a non-smoker, and he was 46 but a former smoker. Each of us is insured for $250,000. The monthly premiums have been a total of $142.50 since we took out the policy—$58.90 for me, and $83.60 for him. In 2018, when my husband turns 56, his premiums will increase to $307.33 per month. This seems unreasonably high.  My premiums don’t increase until I turn 64, at which point they increase to $387.60. I am the primary insured on the policy, and he is included as a spouse. We both have life insurance policies with our employers—mine is about equal to what this policy would pay and my husband’s is less, although he plans to either fully retire or semi-retire in 2018. Our home and cottage are both paid off and we have no debt. Our three children are in their 20s, out of the house and mostly self-sufficient, and we have saved about $450,000 for retirement so far. I have a DB pension plan and he has a DC plan…

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A new type of retirement community is under development outside Hamilton. It will offer daily entertainment and sports, because the developer believes active, affluent baby boomers want more from retirement than past generations.

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Employer-sponsored pension plans force people to save for retirement. But what happens when a company isn’t healthy enough to fund them?

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