Posts by Boomer
From The Boomer & Echo Mailbag: I Don’t Make Enough To Save
Q. I know I should be saving 10% of my income, but I just don’t make enough money. My bills take up just about all my paycheque. I can’t afford to save. You can’t afford NOT to save. I find that the very people who believe they can’t save somehow manage to give the bank…
Read MoreBoost Your Retirement Income With Regular Income Streams
Most financial planning is based on the same basic premise – work for several decades while saving a pot of money, which you will spend once you reach retirement. Indeed, this is the path that the financial industry leads you to – all the while earning fees and commissions by managing your growing portfolio. I’m asked…
Read MoreCPP Survivor Benefits Not What You Would Expect
Enhancements to the CPP are always being suggested, largely to address the fact that fewer Canadians now have workplace pensions. The latest deal made by provincial Finance Ministers in June 2016 will boost CPP income from one quarter of pensionable earnings to one-third. The change will phase in slowly from 2019 to 2025 (when the…
Read MoreThe Three Phases Of Retirement
Retirement is often referred to as a single lifetime event. You know, you work for forty or so years, have your retirement party, or other celebration, and then head off into retirement. But your whole retirement is not going to be the same. And, while the retirement you choose will be unique to you –…
Read MoreBecoming A Better Investor: Managing Asset Allocation In Multiple Accounts
Each one of your goals (saving for a down payment on a home, RESPs) should have its own asset allocation. If you have only a single retirement account it’s pretty straightforward to select your investments and keep them balanced in the future. But, investors are most likely to have multiple accounts for their retirement goals. …
Read MoreFinancial Planning For Couples – Estate Planning: You Can’t Take It With You
According to an Ipsos Reid poll commissioned by the CIBC, only 30% of Canadians have a formal estate plan in place. The reasons for not having one vary – some people think they are too young, or don’t have enough assets. Some believe that their belongings will automatically go to their spouse. Many couples think…
Read MoreCan This Late Starter Get Her Retirement Goal On Track? A Boomer & Echo Financial Makeover
Is it possible to attain your retirement goal when the majority of your income producing years are behind you? It’s never too late to improve your financial situation. Profile Louise Gates (58) is the head of a marketing team for a small manufacturing company in Kelowna. After renting for most of her working life she…
Read MoreThe Case For A Universal Canadian Drug Program
A recent CBC the fifth estate report featured the current high cost of prescription drugs in Canada. A growing number of advocates (including CARP) would like to see a national drug program become a reality. Canada is the only country in the world that has a universal health care system that doesn’t include universal drug…
Read MoreHow To Invest Like A Pro
I began working in the financial services industry when I was 24 years old. A few – um – decades later, I feel I have learned a thing or two. However, like others who have been in a particular career for a length of time (I’m thinking here specifically of anyone who works with computer software,…
Read More7 Money Mistakes To Avoid This Year
I’m on a mission to help people get a better handle on their money. Of course, you may be someone who doesn’t make mistakes. However, in the thirty plus years I’ve worked in the financial services industry, I’ve seen lots of things that people do wrong when it comes to their money. This is a…
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