Category Archive for: ‘Retirement Planning’

Are You Really Financially Prepared for Retirement?


  Several recent surveys by banks and other financial entities have revealed that almost three-quarters of Canadian farm families and small business owners have saved less than $100,000 in savings to carry them through their retirement years. Just 10% said they had saved more than $500,000. This would indicate that many farmers and small business owners are woefully under-prepared financially …

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Are We Reinventing Retirement?


  As the tidal wave of baby boomers enter their retirement years across Canada, there are two major forces reshaping our view of retirement. Longevity: We are living longer and healthier. The average life expectancy today is age 82, with females even longer. National Geographic recently featured a cover featuring a newborn baby today who could potentially live to 110 …

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Why The Urgent Need to Plan for Your Wealth Transfer

wealth transfer

We spend a lifetime building our wealth, but we don’t always put the same amount of time and effort into having a serious conversation with our family members to discuss our wishes, or develop any formal plans to transfer our wealth to the next generation in a tax efficient manner. A recent bank report estimated that $750+ Billion of wealth …

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“Pay Cheques & Play Cheques” in Retirement


As legions of Canadian baby boomers approach retirement there is an urgent need for them to develop a customized retirement plan to ensure enough money to fund their retirement. Consider this simple question: Which day of the week do we spend the most money? For most of us it’s Saturday.  But when you retire, every day is Saturday! The first …

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Retiring? – Should you set up a RRIF or annuity?

RRIF or annuity

The year you turn 71 you will have until December 31 of that year to convert your RRSP into a RRIF or annuity. Which begs the question, how do you choose? RRIF Option: Firstly, let’s review the basics with setting up a RRIF. The year after you set up your RRIF you must start withdrawing the mandatory minimum amount, (Boomer & …

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What’s The Best Age to Start Taking My CPP Payment?


What’s The Best Age to Start Taking My CPP Payment? The Canada Pension Plan withdrawal rules are changing to provide you with the incentive to wait until your 65 or older before starting to take your pension. If in 2016 you’re planning to start drawing your CPP pension early at age 60, you will get 36% less pension than if …

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Lessons We Can Learn From the Canada Pension Plan


It’s expected that the CPP will grow to $1 trillion before the middle of this century. Just 17 years ago, in the first year of the plan’s Investment Board, they had just $18 million in the bank. All that money was invested in Canadian government bonds. Today, the CPP is a global giant, closing in on $300 billion and projected …

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Seniors Health Care Costs

health care

For decades, research has documented the implications of the bulge of baby-boomers followed by years of low fertility and smaller families. Despite some scare mongering in the media, there won’t be a sudden, overwhelming impact on health care costs. The boomers will reach age 65 over a period of almost 20 years, which represents a relatively slow pace of demographic …

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Should You Ease into Retirement?

easig into retirement

Instead of taking a more traditional retirement route, some Canadians today are working with their employers to allow them to ease into the next phase of their life. By formally “retiring”, but continuing to work for their company on a freelance basis, this suits those who love their job and not wanting to give it up entirely. By freelancing, they …

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Are Your Adult Children Draining Your Retirement Savings?


A number of recent surveys show that ever more adult children are returning home to live with their parents. This pattern has emerged in the past during times associated with economic downturns and this time is no different. As our economy struggles, it becomes much more difficult for young people to gain their independence. This has led to a new …

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Bankruptcy – A Big Risk for Today’s Senior

senior couple

Many Canadians approaching retirement today are facing a risk that seemed unimaginable a decade ago, and that is running out of money and facing bankruptcy. A typical case is a couple in their mid sixties with good jobs, raised their family, own their home, and thought they were set for retirement. Then several things happened. One of them had a stroke …

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What value is financial advice?


It all starts with a consultation: Financial advice can assist you, whether your goal is to reduce debt, buy a house, save for retirement or simply pay the monthly bills, you don’t have to do it alone. Regardless of one’s stage of life, we can all benefit from the professional counsel and services of an advisor. Milestones such as buying …

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Gaps in Healthcare Costs

healthcare costs

While the principles of the Canada Health Act remain sound, the last 30 years have seen a six-fold increase in healthcare costs. To help anticipate the result of future health events, the following outlines some key considerations relating to the services that we all may need down the road. Disability protection: Suffering a disability can dramatically impact our income, quality …

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Annuities: Enhancing Income for Seniors

Retiring with Annuities

Annuities are an option with today’s low fixed income rates, as seniors are scrambling to find safe investments that offer decent after-tax income. For the fortunate few who have defined benefit (DB) pension plans this may not be a concern, because they provide guaranteed monthly income for as long as you live. If you’re a member of one of these …

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Crazy Annual RRSP Stampede


Now that the last minute RRSP stampede is over, I’d like to suggest that there is a better way to manage your RRSP savings.  The last two weeks in February, Canadians line up like lemmings to invest in an RRSP for all the wrong reasons, in my opinion.  This, reinforced by several recent consumer surveys, found about 60% of us …

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Common Investing Concerns Today

Tight Rope Walker

With retirement variables changing, such as, longevity, interest rates and taxes, new investing concerns are popping up that need to be considered in your financial plan. Longevity: With the average Canadian’s potential time in retirement now measured in decades, the ‘will I have enough?’ question has taken on a new meaning. Designing investment solutions needs to account for this. Income: …

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Concerned About Debt and Retirement?


A recent Manulife Bank survey found that debt is a major concern for many people who are planning for retirement. Some people had no idea how much debt they expected to carry into retirement. This highlights the fact that, growth in a retirement savings portfolio is only part of the retirement planning strategy. It’s important to review both sides of …

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Farmers and Retirement- Will You Get to Enjoy the Fruits of Your Labour?

Couple In Winter1

In the 44 years I’ve had the good fortune of working with farm families discussing farmers and retirement, I’ve found there’s commonly a disagreement between farm spouses about when to retire. Farm wives see their urban friends retiring, working part-time or volunteering at age 65, compared to their husbands wanting to die with their boots on, still farming. When asked …

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Caring For Elderly Parents


Many Canadian families caring for elderly parents are struggling to fill the gaps left by our already strained public system, and some are spending their own savings to provide that care. Many seniors are better prepared financially for their death than for life in their retirement years. A recent survey estimated that 70% of caregivers will provide financial assistance to …

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Cutting Expenses and Eliminating Debt Painlessly

Smart Pig1

With today’s economic uncertainty, many Canadians are looking for ways to reduce their monthly expenses by eliminating debt. A relatively painless way to reduce your monthly expenses is to have a second look at the way you’re managing your debt. Over time, most of us take out a variety of loans for different purposes. These can include things like credit …

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