You may think the vast majority of couples retire at the same time. However, the last time Statistics Canada reported on Canadians retiring together or not, only about 30% of couples retired together.1 Also, an Ameriprise Financial survey conducted this year showed that a majority of American couples retire at different times.2 Here’s a look at […]
It’s called the retirement risk zone—the period of several years before your retirement date and the initial years of your retirement. The risk is a severe market downturn and its impact on your retirement savings. A falling market just before retirement could cause unprepared investors to postpone their retirement or modify their desired retirement lifestyle. If […]
https://www.youtube.com/watch?v=WOsgL9J5wGM Have you thought about where you’ll enjoy your retirement? Hundreds of thousands of Canadian retirees believe the best place to spend winter is in the U.S. Sun Belt and other warm destinations. Many purchase vacation properties in Canada where they stay for long stretches throughout the year. Some are quite happy to stay put and others […]
https://www.youtube.com/watch?v=obziEU0_jtk&t=1s Last summer, Old Age Security (OAS) benefits permanently increased for the first time in almost 50 years. The payment increase is 10% and applies to seniors aged 75 and older. This increase gets a further boost when seniors delay starting their OAS benefits. Monthly payments increase by 0.6% for each month you delay payments […]
We’re going on a journey through the time period from your 50s and early 60s — a journey with a difference. You may be accustomed to hearing descriptions of the various elements in a financial plan, and why you may need them. This journey looks at when rather than what. But when should you bring each key financial element […]
Today, to change a retirement plan often means postponing the date, not moving it up. After all, we’re living longer, and early retirement adds even more years to fund. But there are special circumstances when retiring earlier than planned becomes an option to consider. When earlier is viable You don’t need to win the lottery […]
During income-earning years, a Tax-Free Savings Account (TFSA) can be used to fund numerous expenses – a child’s education, family trips, a wedding, just about anything. Once you retire, you’ll discover that a TFSA is just as versatile, helping you to meet a variety of needs unique to retirement. Continue to contribute Many people in […]
It’s always helpful to have a retirement date in mind and imagine how you want to spend your retirement years. But there can be turns in the road. Situations may arise that cause you to change your plans in order to achieve your retirement goals. Here’s a variety of fictional scenarios reflecting real-life situations that […]
When retirement arrives, you want to enjoy this new chapter in your life – not start off with a multitude of financial decisions and to-dos. You can have comfort instead of chores by taking care of a few financial matters as retirement is approaching. Assess insurance needs When your working years end and you no […]
With so many types of financial accounts and acronyms, it is hard to keep track of which one is which. In this article we will be reviewing specifically the Locked In Retirement Account – or LIRA for short – what it is and whether you need one. If you are employed by a company and […]
