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Overall, the picture is very different from that portrayed by our politicians.
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The Liberal Government has stated they want to build a strong middle class, but who comprises the middle class? Mr. Morneau in his 2017 budget speech stated, "All Canadians must pay their fair share of taxes," but what is a "fair share"? Let's do the math and find out.
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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.
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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.
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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.
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One in four Boomer parents say they financially support their adult children.
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I'm often asked what I enjoy most about retirement with the unstated assumption that it must have something to do with pursuing new passions, travelling the globe or writing the great North American novel. But they're really not up my alley.
The Fraser Institute has argued recently that the federal government has failed to make a convincing case for Canada Pension Plan (CPP) expansion. But their viewpoint depends heavily on trying to determine how much income Canadians need to retire with dignity. So, do we really need an expanded CPP?
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Canada's seven per cent national unemployment rate masks the very real fear older workers have about job loss in the years leading up to their retirement. It is true that many employers are developing progressive policies that cover how to accommodate an aging workforce.
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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?"
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I used to look at my life in terms of decades. How was I going to make my mark with each decade? That was easy until I retired and left me wondering what my 60s would bring as a decade. It had certainly started out brilliantly with my first grandchild being born on my 60th birthday.
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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.
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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.