Not sure how to make a retirement plan? Read on…
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Russ Dyck financial advisor Nov 8th
Meet Russ Dyck
Russ Dyck, a Certified Financial Planner and founder of Finovo, specializes in financial planning for professional couples and young professionals. He is passionate about helping clients navigate complex financial decisions with clarity and confidence, tailoring each plan to meet t.... More »
This 30-year-old freelancer makes $125,000 a year and pays modest rent living with his parents. Should he invest in retirement or buy a home? + MORE Feb 3rd
Jeremy says his main goal is to save for retirement, but after looking at condos online, he’s trying to decide if that will be a worthy investment..... More »
House rich, cash poor in retirement + MORE Oct 16th
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Q: My wife (58) and I (57) are house rich, cash poor and just got approved for a line of credit for $600,000. We’re planning to retire at 65. We have no savings, no RRSPs and no TFSAs. When I reach retirement, I would like to get about $20,000 per year to spend on top of CPP and O.... More »
Should I work past 70 while collecting CPP and OAS? Sep 2nd
Q: I turned 67 in February of 2016. I still work full time and my yearly income is about $96,000 annually. I also collect a survivor benefit of $389 per month and have contributed to CPP for 14 years. I would like to delay collecting CPP and OAS until 70 but can I still work after age 70 while I.... More »
What’s the Rule of 30? And what does it have to do with income and retirement? + MORE Oct 26th
If you’ve never heard of the Rule of 30, welcome to the club. You may be hearing about it more though. This month, retirement expert and semi-retired actuary Fred Vettese is publishing a new book: The Rule of 30: A Better Way to Save for Retirement (ECW Press, 2021).
I thought initially t.... More »
Get used to volatility: BMO says it’s the “new normal”
– moneysense.ca
A study coming out today from BMO Global Asset Management says 77% of Canadian investors feel market volatility is the “new normal” and here to stay. Virtually all (96%) of the 1,002 that were polled online early this year believe balancing investment risk is important. Major factors involved in this are long-term rate of return (95%); diversification (86%) and short-term rate of return (72%).
Uppermost in investors’ minds are considerations like stretched stock valuations, weaning of monetary policy support from central banks and emerging market liquidity strains. As a result, BMO chief investment officer Paul Taylor expects volatility will continue for at least another year or two.
Retiring boomers especially sensitive to this volatility
Those near retirement need to pay special attention to this. In a press release, BMO singles out baby boomers approaching retirement, urging them to focus on reducing risk and “take a more conservative investing approach to preserve their nest egg…
Uppermost in investors’ minds are considerations like stretched stock valuations, weaning of monetary policy support from central banks and emerging market liquidity strains. As a result, BMO chief investment officer Paul Taylor expects volatility will continue for at least another year or two.
Retiring boomers especially sensitive to this volatility
Those near retirement need to pay special attention to this. In a press release, BMO singles out baby boomers approaching retirement, urging them to focus on reducing risk and “take a more conservative investing approach to preserve their nest egg…
The Facts About RRSP Carry-forwards
– rhondasherwood.com
Are you confused about “RRSP carry-forwards”? If so, you’re not alone. A Registered Retirement Savings Plan (RRSP) is a way for taxpayers to save money, which can provide a source of future income, as well as provide an immediate tax deduction. The “carry-forward” part of that term simply means that taxpayers have some flexibility in the amount they contribute to their plan and when they use their tax deduction.RRSP Carry-forwards for Unused Contribution Room
For each year that you earned income, you have a maximum amount which you can contribute to your RRSP. Not everyone contributes this amount into their retirement savings plan each year. Any unused contribution room is simply carried forward to future tax years indefinitely.
If you have a year where your income is higher than in previous years or your expenses have gone down, you have the option of taking the extra money and putting into your RRSP. One way you can contribute to your RRSP and take advantage of your unused contribution room is to take your income tax refund and contribute it to your plan…
RRSP not needed for these newcomers
– thestar.com
Monday Makeover looks at a couple who came to Canada 10 years ago. They have a good income, but are late to retirement savings.
