The outbreak of COVID-19 is having a significant impact on all Canadians. According to a Mar. 25th news release by the Dept. of Finance, "The Government of Canada is taking strong, immediate and effective action to protect Canadians and the economy from the impacts of the global COVID-19 pandemic. No Canadian should have to choose between protecting their health, putting food on the table, paying for their medication or caring for a family member."
Find out how Doug Cooper is positioning the Empire Life Dividend Growth Fund during COVID-19 in this Off the Cuff video.
Albert Ngo discusses how the COVID-19 situation has impacted the corporate bond market in this Off the Cuff video.
Some rules of thumb and long held assumptions may work well while you are saving for retirement. Holding on to them when you are spending those savings during retirement, may become toxic to your financial health. The myth is that you’ll have enough money to last through retirement as long as the average rate of return matches your plan.
Retirement Myth #7: Your money will last as long as the average rate of return is good.
Ashley Misquitta discusses how the investment team continues to manage investments in these uncertain times and where they are finding opportunities in this Off the Cuff video.
I’m sure you can come up with a list of things that don’t fit the “set it and forget it” philosophy. Set the cruise control and forget it. Set the room temperature and forget it. Invest in a certain investment that has a particular risk associated with it and forget it. You need to make adjustments as the situation changes and as your needs and priorities change. Retirement income planning works like that.
Key takeaways:
Increased US equities, decreased cash
Tactical Update - February 26, 2020
Global equities retreated sharply over the last week as investors digested news about the spread of the coronavirus to countries beyond China. The broadly based S&P 500 Index is now down over 7% from its recent high.
The myth of never touching your capital starts when people are working and saving for retirement. Some become conscientious savers, never touching their nest egg. That mentality spills over into retirement. Changing habits can be hard.
How much income will you need during retirement? The myths and misunderstandings continue, despite growing evidence and research that debunk them. Retirement myth #4: You need 70-85% of your current income in retirement.
How much is enough? Books have been written on the subject of retirement and what you need to save. Myths abound on this question. Here’s one to consider: I need $500K, $1M, $2M to retire.
