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PERSONAL FINANCE

Registered Retirement Plans with named beneficiaries: Unintended Consequences

Investments, Personal Finance

Let’s say you’re single, divorced or widowed. You have saved up some money for retirement. Perhaps you are already retired and are taking out an income from your registered plan. You may not get to spend all of your savings during your lifetime. Where does the balance go?

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Accumulating money - 3 things you need

Investments, Personal Finance

We hear so much from the media that we are not saving enough for retirement. This message is beaten into the minds of middle and upper middle income Canadians. Saving for retirement is tough, considering all the demands you have now. Investment choices are mind boggling. And rates of return rule the roost.

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Federal Budget 2016: What wasn't proposed?

Investments, Personal Finance

A number of measures or new rules have been the subject of speculation or were specifically mentioned in government documents over the last number of months. Federal budgets can be quite lengthy and confusing. It’s easy to miss items or misunderstand what they propose. Let’s spend a little time listing some of the measures that were not introduced in Federal Budget 2016 by the Liberal government.

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Ten Retirement Myths Series: Myth #9

Investments, Personal Finance

I can deal with a shortfall in retirement savings by working longer or taking up some part time work.

Recent studies have found that almost half of retirees left the workforce earlier than planned. Downsizing, layoffs and negative working conditions were some of the reasons. People ages 55 plus have an average of more than 13 months on unemployment. That’s almost 5 months longer than younger people looking for jobs. (Source: Associated Press, AARP Public Policy Institute 2012)

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Cutting Back the Limits on Tax Free Savings Accounts

Investments, Personal Finance

True to their word and against the wishes of most Canadians and the Financial Industry, the Liberal Government announced on Dec. 7th that they would indeed be rolling back the $10,000 annual limit on contributions to Tax Free Savings Accounts. Here are some important things for you to know.

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Ten Retirement Myths Series: Myth #8

Investments, Personal Finance

At the risk of sounding nitpicky, governments don’t pay for anything. Working Canadians do. Taxpayers do. Taxes are directed to certain areas of need. Growing needs and rising costs means that there isn’t enough public money to go around. That reality is hitting retirees and will hit them harder as time goes on.

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Ten Retirement Myths Series: Myth #7

Investments, Personal Finance

You’ll have enough money to last through retirement as long as the average rate of return matches your plan

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.

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Ten Retirement Myths Series: Myth #6

Investments, Personal Finance

You need that initial level of retirement income, indexed for the rest of your life.

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, as your needs and priorities change. Retirement income planning works like that.

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Ten Retirement Myths Series: Myth #5

Investments, Personal Finance

How much income will you need during retirement? The myths and misunderstandings continue, despite growing evidence and research that debunk them.

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Infographic: New Family Tax Credits

Investments, Personal Finance

If you have kids under 18, you'll probably be impacted by some of the tax changes announced by the federal government.

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