Posts by Boomer
Estate Planning Options For Your TFSA
Tax Free Savings Accounts have become a popular saving and investment vehicle for many Canadians. They have also potentially become a significant portion of retirement savings. When TFSAs were first introduced I thought they were pretty straightforward. However, we still get lots of questions, and Gordon Pape wrote an entire book about them (The Ultimate…
Read MoreRetirement Planning Basics
“Will I have enough savings for my retirement years?” This question is asked a lot. There’s no one “retirement number.” It depends on multiple factors including age of retirement, where you’ll live, your health, lifestyle, whether you have a company pension plan and how much you will receive from government benefits. Many people become concerned…
Read MoreWorking With The Right Financial Advisor
When I was growing up, my dad used to do his own car maintenance – changing the oil, spark plugs and air filter, and flushing the radiator. He taught my brother how to do these chores so he could save money. Now vehicles have become a lot more complicated and not many people do their…
Read MoreGauging Investment Knowledge: Is It Time To Fire Yourself, Or Your Advisor?
It has become increasingly important for individuals to become financially knowledgeable and to be able to plan and manage their financial assets, and especially, to be able to save and invest for their retirement years. Complicating matters is the shear volume of financial information accessible to retail investors, and the large number of investment options…
Read MoreFrom The Boomer & Echo Mailbag: Why Is My Employer Switching Our Defined Benefit Plan To A Defined Contribution Plan?
Q. I have received notice that my employer is switching my Defined Benefit Pension Plan to a Defined Contribution Plan. What are the implications to my future retirement? You are not alone. More and more companies are replacing defined benefit plans with defined contribution plans. This is primarily due to the rising expenses and long-term…
Read MoreFrugal Summer Fun For Canada’s 150th Birthday
Since moving to Kelowna a couple of years ago we’ve experienced the heaviest snowfall in 50 years, raging forest fires that were three times the 10-year average and, now, major flooding with the highest water levels since the 1940’s. My brother claims I’m a disaster magnet (I think he’s just getting back at me for…
Read MorePlanning to Borrow Money? Know the Five C’s of Creditworthiness
When I worked in banking, personal and small business lending was a major part of my duties. Customers were often nervous about applying for credit – unnecessarily in most cases. But, sometimes people had really no idea of what we required before we could consider the application. I had people applying for a mortgage with…
Read MoreThe Pitfalls Of Naming Your Children Co-Executors
I was named executor on both my father- and mother-in-law’s wills. I had copies of the wills and other documentation I might need. So, imagine my surprise when I just recently found out that I am a co-executor on my own parents’ wills. These wills were prepared in 1992 and I was thinking – “When…
Read MoreKnow Your Client: The Importance of an Accurate KYC
According to IIROC (Investment Industry Regulatory Organization of Canada), more than half of the complaints they receive are about investment issues – in particular, unsuitable investments. Many of these problems can be avoided with an accurate “Know Your Client” (KYC) document in place. This document is not just another piece of administrative paperwork. It is…
Read MoreWhen Is A Pension Buyback Worth It?
Many workers have missed years of service in their employment history. Years away from work to raise children, recover from an illness or injury, go back to school, or other absence can reduce future pension payments. If you are enrolled in a defined benefit pension plan you may be allowed to buyback those periods during…
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