Estate planning is essential but often overlooked. Having a will drafted by a professional is important at every age because it allows you to distribute assets as you wish. It also serves as the cornerstone of your overall estate plan that includes choosing an executor and power of attorney documents for health care and property.
I have always been a planner. I saved 10% of my income from the time I was 15 and put it into RRSP's which allowed my young family to get into the real estate market in 1997. Needless to say, when we sold, we had done well. But paying off reno loans, lines of credit and splitting the proceeds post divorce takes its own kind of hit.
While computer technology has traditionally been focusing on inventing ever-more efficient programs and devices, not enough has been done to delight consumers and give them tools that enhance the quality of their everyday lives. Personal robotics could make up for much of that neglect, experts quoted in the article suggest.
With real estate prices soaring in the lower mainland of Vancouver, many Baby Boomers are now considering the opportunity to pocket the extra cash value in their homes, allowing them to move to a dream lifestyle-community, like Kelowna, Penticton or Vernon, years sooner than they had expected. The question is, "How much do I need for this plan to work?"
Canada is experiencing a demographic shift. Baby boomers, currently the largest generation, are rapidly reaching retirement age. By 2021, 17.8 per cent of the total Canadian population will be over 65 - that's nearly seven million people. By 2041, that number is expected to jump to 9.7 million, or 22.6 per cent.
The fact Firecracker and Wanderer have eschewed real estate in favour of an early idleness, and are actually of Asian (!) heritage, has turned a lot of newsroom cranks. After saving madly, living on air and investing their 500 grand (with me), these guys ended up claiming to be the nation's youngest retired millionaires. My callers? Not so much. The liquid assets among 35-year-olds who have been working for seven or eight years is breathtaking. There aren't any. Instead, all the cash has gone into lifestyle, a soul-sucking condo or repaying student debt. The kids basically have no idea what an RRSP is, or an ETF, and equate a TFSA with a high-interest savings account at the bank.
Technological innovations may be reducing our reliance on old-fashioned mailing services, but the European experience shows that postal operators can adapt without forcing consumers to shoulder greater burdens. However, this is contingent on a process of liberalization, privatization and increased competition.
Savour the moment: This is the first public pension reform in a generation and will go a long way to improving retirement security for today's workforce, 11 million of whom have no workplace pension plan to help them save. Younger voters, given credit for the Trudeau election win, might not have known it at the time but this is for them!
I did not get to usher my parents into old age, or really even into retirement living. My grandparents had all passed away by the time I was 19 years old. I have no direct experience caring for elderly people. As a result, I'm not sure what I can expect my own day-to-day life to look like when I am "old."