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Your Retirement Income May Be at Risk
Posted on:Ted and Martha had about $600,000 in their RRIFs generating the minimum monthly income of almost $4,000 before taxes. Then disaster struck. Ted developed a cognitive impairment. Martha was able to look after him at home for a little over a year, but eventually had to place him in an extended care facility. Depending on the province, even with government help, the additional monthly cost to Martha…
Read MoreStretching Your Retirement Income
Posted on:In this, the final installment of the series, Financial Strategies Simplified, we take a look at how to stretch your retirement income no matter how modest the starting balance. There is a common misconception amongst clients that the day they retire their approach to investing and managing their RRSPs etc. has to change. But the reality is that today's Seniors are in many cases living until age…
Read MoreGet More From Your RRSP
Posted on:The so-called RRSP Season is on its way. TV, newspapers and magazines will soon be full of advertising to get you to make your last-minute RRSP deposits. And then RRSPs and retirement planning are often forgotten until the next deadline. But a little advance planning will get you more from your RRSP. Start early. It's human nature to put things off. As there is no immediate consequence to…
Read MorePredicting the Future
Posted on:Human nature includes the desire to predict and or anticipate both the immediate and longer term future. The reason for doing so is often to eliminate or reduce the fear or anxiety about the unknown. Human beings detest uncertainty and will do almost anything to reduce this uncertainty. In ancient times people made special offers to local gods. In modern times, people watch news broadcasts and…
Read MoreBasics For a Wise Financial Strategy
Posted on:Before a sky scraper can reach for the clouds, it needs a very strong foundation. Once the building is complete, the foundation is virtually unseen. The same goes for our financial strategies. Following are the basics of a strong financial foundation: Budget - Governments and businesses use budgets to properly allocate resources. It's known as good business. A budget can help you figure out where…
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