Should retirees speculate? + MORE Nov 16th

How to go about securing the best Retirement Plan in Canada.
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How to maximize your last-minute RRSP contribution + MORE Jan 26th

Mark your calendars: the deadline for Registered Retirement Savings Plan (RRSP) contributions for the 2020 tax year is March 1, 2021. But before you rush to deposit your money in a GIC or high-interest RRSP savings account at a local bank and call it a win, you should know there are other options th.... More »

Ways to “unlock” retirement savings in a LIRA + MORE Dec 7th

Q. When I retired at age 63, the financial institution that managed my DPSP account paid the company-contributed portion (approximately $30,000) into a LIRA.  Given all the constraints related to drawing down a LIRA/LIF, I am now 65, living in BC, and have two questions: Since I was already at re.... More »

This 34-year-old hospital worker has three kids and a mortgage to pay off. Making $104,000 a year, he wants to save $50K each for his kids. How can he start? + MORE Dec 22nd

Mel would also like to save enough for retirement, at least $1 million each for him and his wife, and also purchase a second real estate property to rent out..... More »

What happens at the end of a reverse mortgage? Mar 9th

When you get a reverse mortgage, you tap the equity in your home without having to sell it. There are several advantages to having a reverse mortgage, for those who qualify: For one, you gain access to part of the cash value of your home, increasing your liquidity. Setup and legal fees are rolled in.... More »
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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 »

Should retirees speculate?


All investors need to know the difference between investing and speculation—often summed up as what you do with “serious money” versus “fun money”—and that’s doubly true for those at or near retirement. While investing is about building wealth you can count on, speculating typically means risking money you can afford to lose, which may be in short supply for retirees on a fixed income.
No one wants to lose money, of course, but that risk is the inevitable trade-off for those in pursuit of higher returns. Take, for example, the trades happening over at the Robinhood platform where young millennials congregate. Post-COVID, many have turned to what might strike retirees as unabashed speculations—depressed airline, hotel and cruise line stocks—betting they’ll soar once a vaccine is available. (Some of these stocks did, indeed, rebound following Joe Biden’s U.S. presidential win and good news about a possible vaccine from Pfizer.) The operative word with this cohort seems to be FOMO: Fear Of Missing Out…

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He flipped a property in London, Ont. and profited. Now at 27, he wants to buy a house in the GTA but his girlfriend wants to stay in the city. What next?With no debt, his goal now is to buy a home and put the rest of his savings into stocks for retirement. But with his girlfriend’s work in Toronto, where should he buy and what can he achieve?

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