Saving for Retirement

Preparing Ourselves for the Economic Challenges of an Aging Population

Bob Stammers | Posted 02.02.2015 | Canada Politics
Bob Stammers

The second-most underestimated risk around the world is as plain as day: the aging population. While the challenges of an aging population are complex, they are also very common sense.

Do You Know Where Your Money Really Goes?

Anita Saulite | Posted 03.24.2015 | Canada Business
Anita Saulite

The reality is most of us have no idea where our money goes, and because of this it feels like there is never enough. But the irony is taking control of our personal finances and allocating only one hour a week to it, has the power to make us feel more in control and confident about our personal financial situation and future.

My Mother's Own "Cheap Week"

Caitlin McKay | Posted 03.01.2015 | Canada Living
Caitlin McKay

When I read my daughter's article about her "Cheap Week" it warmed my heart that she is as cheap as I was. It brought back memories of my own youthful financial desperation. It's good to know that she's inherited the family cheap streak. I, too, had to be cheap, so why did I get concerned when I realized my daughter was tippy toeing around the poverty line?

How to Find the Perfect Financial Advisor for You

Bob Stammers | Posted 12.23.2014 | Canada Business
Bob Stammers

Finding "the right one" these days can be very complicated, and by the one I mean the right financial advisor! Searching for an advisor that is the perfect match takes time, effort and plenty of research. Finding the right financial advisor is not necessarily a simple task but it can be straightforward if you follow some basic guidelines.

We Are Living Longer and Not Saving. Let's Change That

Anita Saulite | Posted 10.12.2014 | Canada
Anita Saulite

The fact is we are living longer and not saving. And most of us have no idea how much to save in order to have a care-free retirement that reflects our lifestyle needs. Recent research suggests that a nest egg of $750,000 is required.

'Sandwich Generation' Struggling To Pay For Kids, Parents: BMO

CP | The Canadian Press | Posted 10.12.2014 | Canada Business

TORONTO - A new poll suggests more than half of Canadians aged between 45 to 64 belong to a "sandwich generation" that's feeling financially squeezed ...

Catching Up: How To Start Saving For Retirement If You Haven't Already

Posted 06.02.2014 | Canada Living

Over the past few years, numerous articles and studies have begun to report that Baby Boomers aren’t saving enough. In fact, a 2012 survey found tha...

How To Get the Most Out of Your RRSP Contribution

Leanne Kotchonoski | Posted 04.30.2014 | Canada
Leanne Kotchonoski

With only about one third of Canadians making an RRSP contribution according to the Sun Life Annual Check-up Survey, make this year the year that you start to reap the benefits of your RRSP. Top up your RRSP before March 3 and make an appointment with your advisor to plan how best to invest your tax refund (or tax savings). Your tan may suffer but your net worth will thank you.

How Much Money Do You Really Need to Retire?

Bob Stammers | Posted 04.29.2014 | Canada Business
Bob Stammers

Do you become a different person when you retire? Will your values, sense of humour, and pastimes change? Probably not. So why do many investors focus on amassing as much money as possible for retirement instead of considering what their liabilities will be and planning appropriately?

Top 10 Dumb Things People Say About Pensions

Susan Eng | Posted 04.24.2014 | Canada
Susan Eng

Canadians are certainly living longer, healthier lives but not everyone. Twenty four percent of seniors have multiple chronic conditions and take on average 5 different prescription meds. Older workers who lost their jobs in the late 1990s had three times as much difficulty getting new ones as their younger counterparts and they either got jobs within the first two years or not at all.

Save Your Retirement By Saving For Your Child's Education

Peter Lewis | Posted 04.22.2014 | Canada
Peter Lewis

There are many different ways to invest the money inside your RESP. As a parent, my rule was simple: I did not want to take any significant risks with the money I was saving for my children's learning. I was satisfied with receiving the 20 per cent government grant, and a modest return on my money. For me, it was more important that the money be there when I needed it.

Have You Met Your RRSP?

Shaun Goolcharan | Posted 04.16.2014 | Canada
Shaun Goolcharan

Each year you are required to take out a portion of your savings from your RRIF, which is subject to tax, but there's no limit on how much you can withdraw. In addition you can name your spouse as a beneficiary, so RRIF assets can be transferred to your spouses' RRIF or RRSP on your death. You can't keep your savings in an RRSP forever.

How to discuss estate planning with parents

Posted 10.08.2013 | Canada Business

There are many ways to broach "the talk" with your aging parents about estate planning and the sooner you start the better, for all concerned. ...

You're Being Taxed on Your Tax-Free Savings Account

Tim Paziuk | Posted 06.25.2013 | Canada Business
Tim Paziuk

I wish we could call a "time out" for politicians. Wouldn't it be great if we could send them to some dark room in Parliament and make them think about what they're doing? I'm talking about the tax you pay on your RRSP and all other types of investment accounts. Tax on TFSAs, RESPs and RDSPs. Yes, you're reading this correctly.

The Top Five Ways to Save For Retirement

Tim Paziuk | Posted 06.19.2013 | Canada Business
Tim Paziuk

When it comes to dealing with money, there are two simple ways to break it down: things you can control and things you can't. Once you understand the things that you can control, the next thing is to "try" not to worry about the things you can't. Here are my top five ways to take control.

Why Canadians Are Being Set Up to Fail for Retirement

Tim Paziuk | Posted 06.04.2013 | Canada Business
Tim Paziuk

It is clearer than ever that most Canadians have to fend for themselves when it comes to retirement. For most retired Canadians, the combination of an employer's Defined Benefit Pension Plan, CPP and Old Age Security (OAS) provided them with a secure retirement lifestyle. This is not the case in 2013. Why?

Be Honest, Are You More Likely to Save for a Vacation Than Your Retirement?

Deborah Nixon | Posted 05.19.2013 | Canada Business
Deborah Nixon

From an early age, we've all been taught that learning to save is a good life skill. It seems, however, that once the kids grow up, they reject this practice and spend, spend, spend. When asked what they would prioritize if they could only save for one thing, 43 per cent of people would save for a vacation before retirement. What are the solutions?

How to Get the Best Return on Your Savings

Posted 02.21.2013 | Canada Business

It's the eternal question: if you want to secure your financial future, how should you go about it? Should you save or should you invest? Well, the ty...

How Much Will I Need for Retirement, and How Can I Ensure I Reach My Goal?

Posted 01.25.2013 | Canada Business

Does the word “retirement” scare you? Is it a far-off goal or just around the corner? No matter where you are in your career path, you should b...

Don't Give Up On That Sunny Retirement Dream Just Yet, Canadians

CP | Paola Loriggio, The Canadian Press | Posted 02.24.2013 | Canada Business

TORONTO - Dwindling pension benefits are forcing many Canadians to rethink how they’ll spend their golden years, but that doesn’t necessarily mean...

Saving The Young From Their Future Impoverishment

Dan Kelly | Posted 10.20.2012 | Canada Business
Dan Kelly

A Bank of Montreal poll found that almost a third of young Canadians haven't saved a penny for retirement, and only 10 per cent have given much thought to exactly how much money they're going to need to retire. Clearly, we need to get these folks saving, and fast. I'd like to see today's young Canadians -- particularly those without a gold-plated public sector worker or MP pension -- wind up with something, rather than nothing for their retirement. PRPPs can help employees at private sector small businesses save money for the future.

6 Tips To Keep Your RRSP From Imploding

CBC | Posted 03.19.2012 | Canada Business

If there's one constant investors have faced over the past few months, it's been volatility. The swings have been downright wild at times, as headline...

TFSAs Allowing Rich To Get Payouts Meant For The Poor

CP | Dean Beeby, The Canadian Press | Posted 12.23.2011 | Canada Politics

OTTAWA - Wealthy Canadians are getting access to a retirement benefit that was intended for the elderly poor, suggests a new report on the country's r...

How You Think About Money Is as Important as How Much You Have

Kathy Barthel | Posted 11.13.2011 | Canada Living
Kathy Barthel

Often it's how you think about money that is keeping you from having enough to live on comfortably. Is it better to be poor and happy than rich and unhappy? Are you optimistic that things will work out somehow? What beliefs have you developed about money and are they sound?