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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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Ten Retirement Myths Series: Myth #4

Investments, Personal Finance

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.

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Ten Retirement Myths Series: Myth #3

Investments, Personal Finance

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.

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Ten Retirement Myths Series: Myth #2

Investments, Personal Finance

Myth 2: I’ll never be able to save enough for retirement.

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