Retirement
Finding Financial Clarity After Losing a Spouse
Mary was 62 when her husband passed away suddenly. He had always been the “CFO” of the household, the one who dealt with their investments, pensions, and taxes. Mary was left with a folder of account statements she didn’t understand and an advisor she barely knew. When Mary asked that advisor about withdrawing money to…
Read MoreSo You’re About to Retire: The First-Year Financial Timeline (With Real Numbers)
You’ve handed in your notice and circled your retirement date on the calendar. Congratulations! Now what? The three months or so before retirement and the first six to nine months after are packed with decisions: pension paperwork, government benefit start dates, converting accounts, setting withdrawals, and making sure taxes are handled properly so your new…
Read MoreA Smarter Way to Spend Without Stress in Retirement
A few years ago, I shared a simple yet powerful idea for managing your portfolio in retirement: hold a low-cost, globally diversified equity ETF for long-term growth, and pair it with a high-interest savings ETF or money market fund to cover short-term cash flow needs (12-24 months). I called it a two-fund solution, and the…
Read MoreSpend the Money: Tackling the Emotional Side of Retirement Planning
I’ve spent a lot of time helping people figure out if they can retire. But what surprises many is that the harder part often comes after that: convincing them it’s okay to actually enjoy their money. On a recent episode of The Wealthy Barber Podcast, I talked with Dave Chilton about this very problem –…
Read MoreNavigating Retirement and Advice-Only Financial Planning on The Wealthy Barber Podcast
It was my tremendous honour and privilege to speak with the one and only David Chilton (aka The Wealthy Barber) on his latest podcast episode. We spent over an hour discussing retirement planning, advice-only planning, my unconventional transition to the world of personal finance and advice-giving, and much much more. Dave is one-of-a-kind, a world…
Read MoreWhen To Be Selfish and When To Be Generous In Retirement
Prospective clients come to me when they’re on the cusp of retirement and looking for answers to key questions like when can I retire, how much can I spend, how long will money money last, and, ultimately, am I going to be okay? I gather information about their current situation (income, account balances, asset allocation,…
Read MoreOAS Payments: How Much Will You Receive From Old Age Security
Old Age Security (OAS) is a government program in Canada that provides a basic income to eligible seniors who have reached the age of 65. It is one of the three main pillars of Canada’s retirement income system, along with the Canada Pension Plan and personal savings. Eligibility for OAS is based on several factors,…
Read MoreCPP Payments: How Much Will You Receive From Canada Pension Plan
Canada Pension Plan (CPP) benefits can make up a key portion of your income in retirement. Individuals receiving the maximum CPP payments at age 65 can expect to collect $17,196 per year ($1,433 per month) in benefits. The amount of your CPP payments depends on two factors: how much you contributed, and how long you…
Read More3 Reasons To Take CPP At Age 70
It might seem counterintuitive to spend down your own retirement savings while deferring government benefits such as CPP and OAS past age 65. But that’s exactly the type of strategy that can increase your income, save on taxes, and protect against outliving your money. Indeed, the key to more lifetime income for many retirees is…
Read MoreWhy You Shouldn’t Take CPP At Age 65
In previous articles I’ve looked at reasons to delay taking CPP until age 70, along with explanations why you might want to take CPP earlier at age 60. But in this article I’m going to explain why you shouldn’t take CPP at age 65. The most compelling reason to defer CPP is the increase or…
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