Posts by Boomer
3 Financial Mistakes To Avoid
Everyone makes a few financial mistakes in their life. Maybe you took investment advice from your favourite barista and lost a bundle on a “hot” new stock. Or you said, “No thank you” to your employer’s pension plan, which matched your own contributions 100%, and now you’re retiring pensionless. Perhaps you have your potential wealth…
Read MoreRecent Widow Finds It Difficult To Move On: A Boomer & Echo Financial Makeover
Sandra Kaplan is at a crossroads. After a lengthy illness and disability, her husband Ted has passed away, leaving Sandra unsure of what to do now. Sandra, 59, had previously worked in sales at a national media company. While she received an above average salary, bonuses, and generous benefits, the job was demanding and required…
Read MoreAre Guaranteed Investment Products Worth The Premium?
The stock markets have shown some volatility this summer and this has concerned some investors who have been riding the latest “full steam ahead” bull market and think a market correction is imminent. These concerns have increased interest in investment products that have a principal guarantee. But are they worth it? These guarantees come with…
Read MoreAre Your Elderly Parents Easy Targets For Financial Scammers?
I was visiting my parents at the retirement home and prominently displayed on the elevator was a sign warning the residents not to give out personal information on the phone to people claiming to be from the bank, credit card company, or the government. I find it bizarre that the same old scams keep cropping…
Read MoreBoomer Women In Retirement
Back in the 1960’s, before the boomers began to embark on their jobs and careers, the Canadian workforce was almost 80% male. By 1976 however, it was 37% female and the percentage has been climbing steadily ever since. The boomer generation is the first to include a significant proportion of women who have spent most…
Read MoreAre Target Date Mutual Funds Right For You?
Target date mutual funds – also known as age-based funds or life-cycle funds – are low maintenance, retirement plan products that operate under as asset allocation formula, which adjusts itself as it gets closer to the year you will retire. You may be familiar with the concept if your employer pension plan participates in one…
Read MoreThe Real Cost Of Living
We shop at Costco about once a month or so. It’s about a 40-minute drive across the bridge and into Kelowna. One day, after we returned from our shopping trip, I noticed that we had been charged twice for one of our purchases – $18.99. The thought of going back over the bridge in rush…
Read MoreA Smart Way To Define Your Financial Planning Goals
When people think of “financial planning” their thoughts turn to how to manage their cash flow, pay off debts, save for retirement, or how to build a diversified portfolio. However, while these areas can be components of a financial plan, the most important part is knowing what your goals are. Surprisingly, very few people have…
Read MoreProtecting Your Nest Egg In Retirement
Investors who are in, or near, retirement are in a difficult position. They need their investments to provide them with steady cash flow to live on, but they also need their wealth to last for a potentially long life. Retirees who are caught in a bear market don’t have the time to wait out temporary…
Read MoreCan You “Sweep Up” With Online Sweepstakes?
I read an article about the “Contest Queen,” aka Carolyn Wilman, who has won over $250,000 in prizes from entering sweepstakes. She has been a regular winner since 2004, with prizes ranging from a bottle of pop to a trip for four to the 2010 Vancouver Winter Olympics – just one of 16 trips she…
Read More