When should you start taking CPP? Take it too early or too late and you could sell yourself short + MORE Dec 16th

Retirement planning getting you down? There are always smart ways to plan the financial aspects of your retirement.
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When is the best time to start taking your CPP payments? Apr 13th

For retirees or near-retirees who lack traditional employer-sponsored Defined Benefit pension plans, the federal government’s Canada Pension Plan (CPP) and Old Age Security (OAS) are the closest most of us will get to such a valuable pension. True, RRSPs and TFSAs do allow you, in a tax-effective .... More »

How the coronavirus pandemic could change the way we think about retirement in Canada + MORE May 4th

Over the past few decades, the concept of retirement has grown increasingly more sophisticated. Canadians preparing for retirement have been able to contemplate a variety of highly personalized approaches—from early (or even very early) retirement; to active, phased, or working retirement; and mor.... More »
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Worried about your shrinking nest egg? How the 4% rule can help save your retirement + MORE Mar 30th

While no withdrawal rate is foolproof or guaranteed, the 4% withdrawal rule provides a rough and reasonable measuring stick that is widely used and has stood the test of time going back to the 1920s..... More »
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Should you be worried about retirement? If you don’t have a pension, you probably should + MORE Feb 24th

A new survey reveals that many Canadians suffer from an appalling lack of knowledge when it comes to retirement planning, writes Gordon Pape..... More »
When should you start taking CPP? Take it too early or too late and you could sell yourself shortAge 65 is considered the “standard” age for beginning both CPP and OAS, but you can start taking CPP any time between ages 60 and 70 and you can start OAS any time between 65 and 70.

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Planning for an inheritance

– moneysense.ca

My mother passed away three days after her 66th birthday, leaving me with an inheritance I never expected.
Until two years ago, I assumed she would live into her 80s. But she had a terminal illness that progressed significantly in the final months of her life. Her care costs were minimal. We had great support from family and from government-funded resources.
But I have also seen things go the other way. Families burn through savings to cover full-time care for an aging parent at costs that can exceed $10,000 per month. In those cases, at the end of an aging relative’s life, there may be no inheritance left to pass along to loved ones.
At our financial planning practice, one thing we ask clients is if they are expecting an inheritance; it’s a question on our intake form. We ask because it is relevant, both for retirement planning and discussion purposes. But as the two scenarios I’ve just described show, the most we can ask for is a best-guess answer. On the benefactor’s side, nobody knows how long they will live, nor what potential long-term care costs may be incurred during one’s later years—so a beneficiary may or may not receive an intended inheritance…

Continue Reading On moneysense.ca »

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