Myownadvisor.ca
Retirement Income for Life
WEBJust a minor point re. age at retirement. Many years ago (about 50!) Treasury Board issued a memo to all federal employees stating that, according to their statistics, the average longevity of a retiree declined with each year of full employment after the age of 55.
Actived: 8 days ago
URL: https://www.myownadvisor.ca/retirement-income-for-life-retirement-calculators/
Healthcare Insurance Benefits for Retirees in Canada
WEB50% of orthodontics. $300 per person every 2 years for vision care. $500 per person per year for registered therapists and health practitioners (physiotherapists, chiropractors, etc.). $5,000 per person per year for medical services and supplies not covered by government plans.
Here’s your annual savings targets by the age
WEBYou should have x8 your annual salary saved up for retirement by age 60. You should have x10 your annual salary saved up for retirement by age 67. These annual savings targets by certain ages are in addition to what Fidelity and many personal finance experts suggest: keeping 3-6 months of cash on hand for emergencies.
Health is wealth – don’t forget this when planning for retirement
WEBI have developed The 10 – Step Long Term Care Planner, which includes the following advice: Understand what illnesses you have/may face as you age; look after your health. Understand the health care system where you plan to live out your life, and what things cost. Understand what the government will/will not provide.
3 Big Fat Myths about Critical Illness Insurance
WEBWell, the answer could be one of two things. First, critical illness insurance can be used as an emergency fund. If you get taken out of work due to contracting a covered condition, the funds can be used to bridge the gap between work and disability benefits kicking in. Second, the benefit can be used to cover additional costs like …
Age 60, retirement on a lower income – can I do it
WEBCPP: Assume 35 years of full CPP contributions (ages 25-60) and a few years with partial contributions. CPP at age 60 = $8,580/year. CPP at age 65 = $13,967/year (assumes future contributions in line with $60,000 income and includes new enhanced CPP benefits as of 2019). Assume ETF portfolio with average fees 0.16%.
The costs of elder care in Canada
WEBThe range I suggest (all based the 300+clients I’ve served) is $1500 to $4000 per month for eldercare costs, which includes everything from personal care, companionship, home maintenance (external and internal), personal response systems, home and personal adaptation accessories and transportation.
Dividend Growth Investing Made Easy with ETFs
WEBLet’s check out a few popular ETFs that invest in and hold many dividend stocks. 1. Vanguard High Dividend Yield ETF (VYM) VYM has over 400 individual dividend stock holdings. That’s right; you get over 400 dividend stocks with one single purchase. The 10 largest holdings comprise nearly 27% of the fund.
What is a Financial Plan and what should it cover
WEBFinancial Planning 101. In my book, I feel the following are good elements of any comprehensive financial plan to review on some periodic basis: Goal setting. How you organize your money (i.e., budgeting and cashflow understanding) Paying down debt obligations – approaches to kill debt. Insurance needs.
Overlooked retirement income and planning considerations
WEBIn that book, some considerations for structuring your retirement income pillars: Pillar 1 is the Old Age Security (OAS) pension and its companion program, Guaranteed Income Supplement (GIS). Pillar 2 is the Canada Pension Plan (CPP). Pillar 3 includes your mix of tax-assisted vehicles such as Registered Retirement Savings Plans …
It’s all about Balance with Andrew Hallam
WEBBalance. In a word, balance is about an even distribution of weight enabling someone or something to remain upright and steady. Or balance is keeping or putting (something) in a steady position so that it does not fall. Maybe better still, balance is the stability of one’s mind or feelings. Regardless of how much money you make or don’t
Why the 4% rule is actually (still) a decent rule of thumb
WEBCheck out the outstanding Michael Kitces study on the 4% withdrawal rule – that shows the extraordinary upside potential in sequence of return risk.. From that post: “…taking even “just” a 5% initial withdrawal rate (and adjusting spending for inflation in each subsequent year) actually runs out of money in nearly 25% of historical scenarios…
What to consider when workplace benefits are disappearing
WEBWhat to consider when workplace benefits are disappearing. Workplace health and dental benefits don’t get as much love as they should. To borrow a line from a 1980s hair band lyric – you don’t know what you’ve got, till it’s gone. Or nearly gone.
How much do you need to retire on $7,000 per month
WEBA lot. In playing with some numbers, if you wanted to spend-it-all, assuming 5.5% rates of return and sustained 3% inflation, you’d need to have a whopping $2.15 M invested at age 51 to float your $7,000 per month spend from ages 51 to 95, assuming all assumptions come true of course in perfect, linear fashion!
What does our post-pandemic future look like
WEBImages courtesy of iShares site. In our COVID-19 context, you should know the U.S. government in particular has already given Johnson & Johnson hundreds of millions of dollars in order to make its vaccine in an alliance with the Biomedical Advanced Research and Development Authority or BARDA.Read more here.
This is insane, you don’t need $5 million to retire
WEB84,489. Most retirees don’t need $90k per year to live from though. After the mortgage debt is gone, kids have left the house and actually saving for retirement is no longer required, most Canadians could expect to get by on 50-60% of that amount, or, in other words, about $54,000 per year after tax in today’s dollars.
Should I draw down my RRSP before taking my pension
WEBWe could likely withdraw about $30,000 – $35,000 per year (before taxes) starting around age 55 and not fully deplete our RRSP accounts for 20-25 years; assuming the accounts grow at 6% on average per year and 2% inflation is applied to withdrawals. My wife and I have also been huge advocates and users of the Tax Free Savings Account …
Beneficiaries for TFSAs, RRSPs, RRIFs and other key accounts
WEBMaxing out our TFSAs and RRSPs, in that order, will be a heady 1-2 early retirement investing punch. Yet buried in the paperwork we filled out many moons ago when we opened these accounts was some very important wording about naming beneficiaries for these accounts.. Get those decisions right, and estate planning can be much easier.
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