27 Leenders Lane, Erin, ON N0B 1T0  19 Stintzi Drive East, Morson, ON P0W 1J0

retirement planning

Pay Down Debt or Retire in Comfort?

Increasingly consumers in major Canadian cities such as Calgary, Edmonton, Vancouver or Toronto, are faced with a dilemma of how to best manage their cash flow in the face of record mortgage and consumer debt.

Living Longer & Retiring Faster

Over the last one hundred years, every new generation of Canadians has enjoyed the benefit of a longer life expectancy. With dramatic improvements in health care, the human life span has never been longer. Additionally, some have set their sights on early retirement. The combination of living longer and retiring earlier creates a serious cash crunch because that greatly expands your time in retirement. A financial advisor can help you develop a plan to solve this critical problem.

Steps to Complete When Selling Your Home

Gordon and Anne lived in the same house for over 30 years. Now that their children are grown and it was becoming more difficult for them to manage the house, they decided to downsize. Here is what Gordon and Anne did to get the best price they could when they sold their home:

The RRSP Conversation

With the RRSP contribution deadline of March 2nd fast approaching many people will reflexively make a deposit to their RRSP. Many will use online banking to throw money into the RRSP at the last minute vowing to figure out how to invest it later. But life gets in the way and later never happens and the contribution sits in daily interest account earning little or no interest.

Stretching Your Retirement Income

In this, the final installment of the series, Financial Strategies Simplified, we take a look at how to stretch your retirement income no matter how modest the starting balance.

There is a common misconception amongst clients that the day they retire their approach to investing and managing their RRSPs etc. has to change. But the reality is that today's Seniors are in many cases living until age 90 or more and the motherhood rules of investing - buy only safe fixed-income investments - may no longer apply.

Get More From Your RRSP

The so-called RRSP Season is on its way. TV, newspapers and magazines will soon be full of advertising to get you to make your last-minute RRSP deposits. And then RRSPs and retirement planning are often forgotten until the next deadline. But a little advance planning will get you more from your RRSP.

Welcome to RRSP Season !

It is that time of year again when attention turns to RRSPs and tax planning. This year's contribution deadline is March 3rd, 2014 if you want to deduct the contribution against your 2013 income tax return.

The purpose for making an RRSP contribution, from a financial planning perspective, is to build savings and assets over time so that you can replace earned employment income with passive or investment income for your retirement years. In other words you can sleep in and still have the lifestyle you want without going to work!

The Retirement Dilemma: Part 2

In our previous article, we looked at how seniors generally wish to invest their money to feel safe while in reality their expenses rise throughout their retirement years as the cost of various services, such as hydro and property taxes, typically increase annually. ( See graph at bottom )

Your choices are to either decrease your spending or deplete your savings or some combination of the two in order to make ends meet. The challenge is to make sure you don't run out of money before you run of time!

The Retirement Dilemma: Part 1

In the mid - 1960s conventional wisdom or motherhood for retirement planning said that you should take all of your investments and put them into government bonds or fixed income type products. The thinking was that you could not afford to take any 'risk' in your retirement years. Thus it was believed that guaranteed investing was the best approach to retirement planning and they were correct at that time.

You've retired. Now what?

Canadians are living longer, healthier lives. According to Statistics Canada (2012), the average life expectancy is 78 years for men and 83 years for women. This means your retirement years may almost equal your working ones. Family therapist Rhonda Katz suggests taking some time before retirement to identify what you find enjoyable in life and thinking of ways to sustain that happiness level. She also says to honestly answer the following questions:

'Is there some aspect of my job that I would love to keep doing?'

Pages

Subscribe to RSS - retirement planning