Posted on: September 11, 2012
The Baby Boomers are making history as the largest retirement migration ever seen. However, it's their parents who hold the most massive accumulation of wealth and it's about to transfer to future generations. Estimated to be well in excess of a trillion dollars, the traditional rules of inheritance may be about to change.
Posted on: July 10, 2012
Tax Free Savings Accounts (TFSAs) were introduced in 2009 and they seem to be struggling to catch on. Registered Retirement Savings Plans (RRSPs), however, have been around for over fifty years and attract billions of dollars of deposits each year. If you are serious about saving for your future, it is important to know the differences between the two.
While RRSPs and TFSAs seem to be very similar on the surface, they are really apples and kumquats apart. The only similarity is that, within limitations, earnings inside either plan are allowed to grow without current taxation.
Posted on: February 14, 2012
Recent surveys* 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 (a housing crisis, a stock market crash and a global financial crisis) have reduced many retirement 'nest eggs.'
Posted on: January 10, 2012
In a 2010 report to the Minister of Finance, it was found that approximately 160,000 Canadian seniors were not aware of the full range of benefits they were entitled to in their retirement years. In fact, nearly $1 billion in retirement benefits from the Canada Pension Plan (CPP), Old Age Security (OAS) and the Guaranteed Income Supplement (GIS) have not been paid out to eligible recipients.
According to the Service Canada website, seniors may qualify for a number of income supplement programs that would help them make ends meet, including:
Posted on: December 12, 2011
A bleak picture is painted by the findings of the second annual survey about 'growing into retirement,' commissioned by the Royal Bank of Canada (RBC). Most retirees' outlook has worsened in just one year, and the so-called 'golden years' are beginning to look tarnished. Just one year ago, 39 per cent of Canadians expected to still have debt in retirement; more than half of those questioned now (54 per cent) think that they will not have paid off everything.
Posted on: November 6, 2011
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 their retirement income. The main concern for most is the risk
of outliving their money. Another priority for many retirees is minimizing income taxes.
Posted on: October 10, 2011
It appears that while many Canadians faithfully invest funds into their workplace retirement plans they are somewhat lackadaisical when it comes to determining their retirement needs as well as measuring their progress towards those needs.
In a survey conducted by Ipsos Reid in November 2010, it was found that 44 percent of those who invest in a company-sponsored pension plan are not aware of what their income will be upon retirement while 41 percent do not know how their current holdings compare to that target.
Manage Your Personal Economy
Posted on: July 1, 2011
Bob and Lisa are wondering just how their retirement will turn out. After all that's happened over the past few of years, their RRSP accounts aren't what they used to be. Even in the best of times, the accounts weren't as large as they could have been, at least for all their post-retirement desires.
Posted on: May 9, 2011
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 their funds into annuities, and
there is always the question of what percentage do you want to invest in them, and how much will you leave in the markets? There is no clear-cut answer, and you'll need to weigh your personal circumstances to see how annuities can fit into your retirement plans.
Posted on: April 12, 2011
A survey conducted by one of the big banks some years ago revealed that about 18% of Canadians were hoping for a lottery win to fund their retirement. This raises the question, 'If you were to paint a picture of your retirement, what would it look like?' Many would let dreams take over and envision lots of travel, a vacation home in an exotic location, spoiling their grandchildren, perhaps several year-long world cruises.