Posts Tagged ‘Retirement’

When you are approaching retirement you have quite a few important decisions to make. One decision is where you want to spend your retirement years. According to a BMO survey, most Canadians prefer to stay close to home rather than uprooting their lives. Of those who plan to relocate, most move to another province. Only…

We all like to compare ourselves with our peers to see how we measure up to everyone else. Here are some retirement statistics from the most recent Canadian Census, Statistics Canada and various surveys. Age statistics In Canada in 2014 the average age was 58. The baby boom demographic, representing those born between 1946 and…

“Money may not be the most important thing in life, but it’s way up there with oxygen.” – Zig Ziglar How much is enough? That’s a question that’s asked often. Everyone measures the concept of “enough” differently. Some of us think in terms of dollars per month or year: $50,000 per year $5,000 per month Or,…

When I envisioned my retirement years, I dreamed of being so unbelievably wealthy – so fabulously rich – that I’d happily live off the income generated from my multi-million dollar investment portfolio. As I began my investing journey, the idea of living off dividends had tremendous appeal. After all, what retiree wouldn’t love the thought of collecting…

Our current concept of retirement is relatively new. Past generations had no idea what it meant not to work. They only stopped when they physically had to. Here’s an interesting tidbit – in 1890, nearly everyone died while still employed, and if they were healthy enough not to expire on the job, they retired at…

Most financial advice we get is based on the premise that our post-retirement income will be less than pre-retirement income, and many of us do make less in our senior years. The RRSP is a great savings vehicle that provides financial incentives to contribute. The deductions defer the income tax we must pay to a later…

As we know, the amount invested in an RRSP directly reduces your taxable income so you get a tax deduction today. The money invested then grows on a tax-deferred basis until it is withdrawn. When you withdraw money from the plan, it is treated as regular income and taxed for that year. The common theory…

I’ve long been an advocate of joining your company pension plan, if one is available. But the days are long gone when an employee started at one company and remained there for up to forty years (or more) before being pensioned off. Today it’s not unusual to have many different places of employment. Some studies…

You’ve spent years saving for your retirement. Now it’s time to enjoy the benefits of these savings. One option is to convert your savings from an RRSP to a RRIF. What is a RRIF? A RRIF is an extension of an RRSP. While your RRSP was used to save for your retirement, a RRIF is…

I recently attended a birthday party for a group of ladies who had reached the ages of 78, 84, 86, and 104. These ladies are residents of a retirement home. This is not a nursing home, but an assisted living facility. Even though the topic of conversation often leans towards aches and pains and other…