Retirement

When you get to your 50’s you’re probably in your peak earning years and you may have significantly lower living expenses.  The expensive years of home purchase and parenthood are likely behind you and you’re in better financial shape.  Think about how much of your income should go towards your retirement and contribute as much…

How much is your money earning inside your company pension plan? If you change jobs, can you take your contributions with you?  Don’t know?  Don’t feel bad.  Most people are wildly ignorant about company pension plans. But that’s your money working in the plan.  You owe it to yourself to find out what’s going on. …

There’s been a lot of speculation recently about why baby boomers are so unprepared for retirement.  It’s said that more than half do not have enough savings and will have to rely entirely on social programs that will be quite meager at best.  Do we have to develop a taste for canned cat food? Why…

A reverse mortgage may sound like a good deal for cash strapped seniors. You can turn some of your home equity into cash without having to sell your house. The money you borrow is tax-free income, and you don’t need to make regular payments on the loan. Some financial experts advise seniors to avoid reverse…

While the Federal government considers increasing the age of eligibility for Old Age Security due to Canada’s aging population and economic challenges, they maintain that our Canada Pension Plan is actuarially sound. Canada Pension Plan’s chief actuary submits a report to Parliament every three years on the financial status of the plan.  In June 2011…

On January 27, 2012 Prime Minister Stephen Harper announced that changes would be made to the Old Age Security program. It appears the government is planning to gradually change the OAS system so that the age of eligibility is raised to 67 from age 65. Opposition Liberals and NDP say such a move would financially…

What is CARP? Yes, I know it’s a fish but CARP also stands for Canadian Association of Retired Persons. It is a national advocacy organization that serves the needs of Canadians age 50 and over. According to CARP’s website, their mandate is to enhance the quality of life for all Canadians as we age, and advocate…

Locked In Retirement Accounts (LIRAs) were created to transfer vested pension funds that you take with you if you leave your employer prior to retirement, such as when you change jobs. The commuted value of the pension is transferred to a locked-in plan and must remain locked-in to be available when you retire to provide…