Posts by Boomer
Why An Emergency Fund Is Still A Necessity
There have been a lot of news items (CBC news example) about massive layoffs resulting in bankruptcies, money crunches, and home foreclosures that I wonder if the financial planning concept of having an emergency fund is passé. Lots of people don’t think they need one. They don’t really believe an emergency would happen to them.…
Read MoreWorry-Proof Your Investment Plan
When it comes to our financial futures, the one thing we’re most scared of is uncertainty. It would be great if we could look into a crystal ball to see what the future will hold. When you devise your investment plan a lot of assumptions have to be made because we just don’t know what…
Read MoreIs Impulse Buying Setting Back Your Goals?
When it comes to finding extra money for saving in your budget, we’re often told to look at your regular spending patterns. You know the drill – cut out your Starbucks habit, bring your own lunch to work, take the bus. But often it’s the irregular impulse buying that can wreak havoc on your budget. You…
Read MoreFrom The Boomer & Echo Mailbag: Spousal RRSPs
Now that you can split pension income in retirement, is it worth it to contribute to a Spousal RRSP? Income splitting is a tax planning technique designed to shift income from a higher earning spouse to the spouse with little or no income. It can reduce or eliminate potential clawbacks (e.g. OAS, age credit). Current…
Read MoreFinancial Management By The Decade – The 60’s
Your retirement should be almost within reach (if you are not already there) and all those years of saving are over. This is the decade when government pensions kick in. You can start collecting a reduced CPP as early as age 60 and, if you are close to this age now, OAS at 65. This…
Read MoreWhat Is A Safe Withdrawal Rate In Retirement?
Once upon a time, Canadian retirees used their nest egg to fund particular expenses such as a new car, home renovation or a special trip. Some people will still be able to make irregular withdrawals like that, but it is more likely that today’s (and future) retirees will be relying on their own investments for…
Read MoreHistory Repeats Itself: The Rise and Fall of the Alberta Oil and Gas Industry
As a former long-time Calgarian with family members working in the oil and gas industry, I’m still interested in reading the current news reports about the economic struggles in Alberta. With the falling price of oil and massive job cuts, it is the toughest financial situation that province has seen in decades – the 1980’s…
Read MoreThe Real Cost Of Personal Debt
We are constantly reminded about the rising level of outstanding personal debt carried by Canadians. Every few months we hear about the perils of rising interest rates that may leave many in financial difficulty. The reality is – debt is not all bad. Most of us wouldn’t have been able to purchase our homes without…
Read MoreIs Your Portfolio Diversified, Or Diworsified?
When you purchase a mutual fund or ETF you are buying a share of a pool of specific assets that might include stocks and bonds in a variety of sectors and countries. An index mutual fund or ETF portfolio can give you all the diversification you need in as little as one to four core…
Read MoreFrom The Boomer & Echo Mailbag: CPP Benefits
I get a lot of questions about CPP benefits. Unfortunately, CPP uses complicated formulas to determine certain benefits and I’m sorry to have to answer “It depends.” Here are some general answers. To get accurate information about your own personal situation, I recommend signing in to My Service Canada Account , or speak to a…
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