We all know how easy it is to romanticize our retirement years. Many of us make lengthy lists of things we will do and experience in those golden years. We have little doubt about our ability to enjoy the perfect blend of leisure and excitement, which is what makes the

By far one of the most crucial financial strategy steps is accurately estimating retirement expenses. Correctly accounting for retirement living expenses is critical to ensuring that retirees do not outlive their money. For those already retired, there are usually few good options for creating new income sources later in life.

Canadians are living longer, healthier lives. According to Statistics Canada (2018), the average life expectancy is 80 years for men and 84 years for women. This means your retirement years may almost equal your working ones. Family therapist Rhonda Katz suggests taking some time before retirement to identify what you

Recent studies * reveal that a large majority of so-called Baby Boomers are uncertain about their preparation for retirement. Arguably, the have it my way generation did not all follow in their parents’ footsteps when it came to saving for the future. As well, some major bumps along the way

Bob and Lisa are wondering just how their retirement will turn out. After all that’s happened over the past few years, their RRSP accounts haven’t grown as much as they had expected. Even in the best of times, they weren’t saving as much as they could have been, at least

As individuals approach retirement, they must decide when to start receiving their Canada Pension Plan (CPP) payments. While the standard age to begin receiving CPP payments is 65, it is possible to start as early as age 60 or delay until age 70.   This decision should never be taken

Roger and Linda, like many Canadians, have saved for years for their retirement. They took advantage of RRSPs and now have a substantial amount of savings. As Roger will turn age 71 this year, they need to decide on the best strategy for using their RRSPs for their retirement income

Retirement is a significant life event that requires careful planning and preparation. One of the most important aspects of retirement planning is figuring out how to generate income during your post-work years.   In this article, we will discuss some wise retirement income strategies that can help you make the

Harry and Sally both earned high incomes and liked to live the good life. They leased higher end European cars, took two-week exotic vacations almost every year, and lived in a house much larger than they truly needed. To accomplish this lifestyle, they put off retirement savings. Now in their

According to a 2022 survey,1 only 35% of Canadians aged 50 and older feel they’re financially ready to retire. Sixty-two percent report being unprepared or unsure if they have the resources. In a similar survey, Bromwich+Smith and Advisorsavvy2 report that 71% worry they will never be able to save enough

Once again, it is that time of year when Canadians turn their attention to make their tax-deductible pension contributions to their RRSP. The word “pension” is used deliberately to emphasize that the whole point of RRSPs and other savings methods is to build savings over time to replace earned income

For many nearing retirement, lifestyle choices become more significant in determining their comfort level for the rest of their lives. They must decide whether it is better to make some of those choices now or have their circumstances force lifestyle changes later in retirement. That’s the dilemma faced by many

When you’re going on a journey, there are three essential questions to ensure you have a great trip. How will I get there? How much will it cost? How will I deal with the unexpected? Answering these questions thoughtfully will allow for a more pleasant trip.   A written financial

During the past several months, a few clients have expressed concerns about world events and the potential impact on their investments. Concerns cited have included the ongoing Russia-Ukraine war, rising interest rates, inflation, recession, and weak economic news and so on.   If you have questions about current economic news

With the turbulent times we have been experiencing in the markets, more people are considering annuities to ensure a certain income in their retirement years. It might not suit everybody to put some of their funds into annuities, and there is always the question of how much do you invest

An important retirement planning skill is having the ability to “sniff out” the future direction of various factors, such as inflation and interest rates for their potential impact on future household spending and savings efforts. “Reading the tea leaves” is a folk lore expression related to the practice of attempting

If you’re in your 50s, and thinking about your financial future makes you anxious, you’re not alone. 70% of Canadians are worried they won’t have enough money to retire1. While you can’t go back in time to save more or spend less, it’s not too late to get started. Even

Registered Retirement Income Funds (RRIFs) are one method of drawing an income from Registered Retirement Savings Plans (RRSPs) in retirement. There are a few things to consider to get the best value from your retirement savings with RRIFs.   For many Canadians, RRSP savings will be the major source of

As the pandemic slowly recedes, work-life balance trends emerge. A recent Angus Reid survey revealed that 19% of Canadians would quit or look for a new job if required to return to the office. 25% of survey participants stated they would look for new employment after returning to office.  

Recessions, stock-market declines, housing market bubbles, joblessness and, most recently, a global pandemic have created a series of challenges for people trying to start, grow or maintain a retirement savings plan. Given this rollercoaster, it’s natural to wonder if you’re doing all you can to protect your retirement nest egg.