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More success stories
Last week, I shared a couple of retirement success stories about people with pensions. Unfortunately, less than half of the current workforce in Canada belongs to a pension. Let’s take a look at a couple of other successful retirees that retired without a pension plan.
10/4/2008
Surviving the retirement risk zone with guaranteed income products.
The retirement risk zone is the critical period leading into and just after retirement. Some have said it is the five years before retirement and the five years after retirement.
9/13/2008
Be aware of the retirement risk zone
From a financial perspective, many people worry about whether they will have enough income to carry out the lifestyle they want. Retirees will have to deal with significant income changes because they need to replace their income from work with income from pensions or income from their portfolios. Financially, we often hear about the risks of inflation or the risk of outliving your income or the risk of not having enough money.
9/6/2008
Where will your retirement income come from?
Retirement is supposed to be the best years of your life. Most people think retirement planning is about saving enough for the future but as you get closer to retirement, an essential part of retirement planning is simply understanding where your income will come from.
8/23/2008
Learn how to swap your debt
Do you know the difference between good debt and bad debt. In essence, good debt is debt that is debt that is used to purchase an asset that appreciates in value or has some income producing potential. Bad debt on the other hand is debt that is used for consumption like spending on cars, furniture, electronics, trips etc.
8/9/2008
Good Debt and Bad Debt
When it comes time to spending money, I can still hear my dad saying “Don’t spend money you don’t have.” Unfortunately, spending money we don’t have has become all too common. Personal debt is rising too fast and getting credit has become easier than ever.
8/2/2008
Elimination of 40-year mortgages
Don’t pay until 2048 has become a very attractive payment plan for Canadian home buyers. But if that’s not enough incentive, the mortgage institutions have also introduced zero equity mortgages (no down payment) and interest only loans. These options have become especially attractive for first time homebuyers.
7/26/2008
Tips to finding a financial advisor
Most people would agree that finding a good financial advisor is pretty important. Sound financial advice can make big differences in your financial future. It can be the difference between financial freedom and just making ends meet; or the difference between early retirement and working in the golden years; or maybe the difference between peace of mind and financial disaster. Unfortunately, finding a good financial advisor can also be extremely difficult. Here are five simple tips to help you find good professional advice.
7/12/2008
Newlyweds need to talk about money
You’ve fallen in love and you’ve decided to tie the knot. Falling in love is a time of joy, hope, discovery and optimism. Part of love and new marriage is dreaming about the future – a future of travel, buying a house, having children and living happily ever after for the rest of life. Some say money can’t buy happiness but these dreams requires some amount of money.
6/14/2008
What should retirees do to protect their income?
Most retirement planning is focused on the period before retirement and how to accumulate wealth so that you have enough to retire. When you do get to retirement, your financial focus will likely change from accumulation to income. Financially, this is a big shift in thinking. It is important to look at ways to invest to protect the portfolio from too much risk.
6/7/2008
Retirees should be more conservative with their portfolios
Over the past 20 years, investing has changed a lot. Back in the 1980’s, the biggest decisions investors had to make was whether to buy a 1 year GIC or a 5 year GIC. Double-digit interest rates were the norm and if you were retired, you could easily supplement your pensions and government benefits with interest on your GICs.
5/31/2008
Misconceptions of estate planning
Many statistics suggest that 6 out of 10 Canadians do not have a retirement plan. What’s scarier is that even fewer have estate plans. When you think about estate planning, what comes to mind? For most people, estate planning is about what happens when you die. Where does your money go? How can you minimize taxes? How can you keep more by paying less?
5/17/2008