“Why not both?” This is the answer the wife gives to her husband when he asks whether they should install an indoor or an outdoor hot tub. Perhaps you recall that commercial from one of the major providers of reverse mortgages in Canada. While the...
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After a working career of three or four decades or more, you hope you have put away an adequate amount of money in your employer pension plan and/or your RRSP so that you can live an adequate lifestyle in retirement. You are concerned, however. Living...
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Old Age Security (OAS) and the Guaranteed Income Supplement (GIS) are the two major federal programs that provide financial assistance for Canadian seniors. OAS is available to almost any qualified resident or citizen of Canada although it can be reduced depending on years of residency...
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I have written before about retiring on a low income, in this blog post. Much of that post relied on the writing of John Stapleton, an expert on benefit programs for low-income earners, and a retired Ontario civil servant. Periodically, Stapleton makes live presentations via programs...
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This is the fourth of four blog posts on the election platforms of the national parties that had seats in the House of Commons at dissolution. I exclude the Bloc Quebecois because they do not appoint candidates outside of Quebec. In the previous posts, I...
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What is Longevity Risk? “Nothing is more difficult than retirement income planning.” I have heard or read variations of that phrase multiple times in the last few years. Why is it so difficult? After all, people are retiring every day in Canada. Hasn’t this been figured...
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After years of working at minimum wage retail jobs without benefits, Donald, age 59, is wondering what his strategy should be for retirement. He knows that he can begin taking the Canada Pension Plan (CPP) as early as next year, when he turns 60, but...
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In earlier years, the incentives to begin your Canada Pension Plan (CPP) payments at 60 made more sense. However, a few years ago, the Federal government created a compelling incentive to delay taking CPP. First, for each month before age 65 that you begin receiving...
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I occasionally hear, either in writing or in person, that saving for retirement is almost hopeless. The argument is that they are living paycheque to paycheque, and that there is simply no point in even trying. Consequently, and perhaps with a wry smile, they say...
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It is the nature of my profession that I read a lot about personal financial matters. One of the most difficult of such matters has to do with retirement. Financial economists will say that retirement planning is difficult because there are so many variables, or...
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