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retirement

Retirement

Is Retirement All It Is Cracked Up To Be?

Most of us go through life dreaming of the day when we will finally retire and have the entire day to ourselves – every day – to do what we want with. But does it always pan out like this or can there be problems to deal with?

When you work full time and you feel as if you are constantly chasing your tail to get everything done that needs doing, the thought of retirement can seem like a haven – a dream to focus on for the future. No one wants to wish their life away but when you are busy you might look forward to your retirement as a time when things will settle down.

Unfortunately some people struggle to adjust to the big change that is retirement. Yes – while it gives you lots to look forward to it can still be a big shock to the system, especially if you haven’t taken the time to plan or think ahead. In truth retirement can be exactly what you want it to be – and it will unerringly follow the path you lay out for it. So will you plan for an active and engaging retirement you will really enjoy, or will you have a stressful time and struggle to adjust?

June 4, 2014

Investing

5 Tips For Managing Your Income In Retirement

While most Americans spend a great deal of time thinking about retirement and planning out their investments to make sure they enjoy their golden years, most people fall far short of those goals. There are simply too many distractions early in life, and too many ways that even the best laid plans can take a wrong turn. Even if you did everything right, changes in the economy and the cost of living can leave you with the scary realization that you’ll outlive your savings account. The fact that most traditional pensions are disappearing doesn’t help matters, and it’s often too late to do anything about it when you finally do realize you’re behind the eight ball. But regardless of how bleak it may seem, there is always a silver lining. The sooner you get back in action the better. So here are five tips to help you manage your income in retirement.

You won’t be able to decide on a plan of action until you fully understand the reality of your situation. So start things off on the right foot by performing a detailed cash flow analysis. Most people fall short of their goals because they don’t take the time to understand exactly how much money they need to maintain a comfortable lifestyle during retirement. You can get things rolling by making an easy calculation. If you can save around 80% of your pre-retirement income you’ll be okay. But that doesn’t leave much room for vacations and fun purchases. So take a look at your monthly expenses, and compare that number to the money you reasonably expect to take in each month during retirement. This is the baseline you’ll take action on from here on out.

April 3, 2013

Debt

How You Can Prevent Carrying Debt Into Retirement

When you’re busy with a career and are trying to provide for your family at the very same time, things can definitely start to seem like they’re getting a little bit overwhelming. There are a lot of constant financial responsibilities that we all have to deal with during our lives, and it can get pretty easy to let certain things slip through the cracks. Especially given the behavior of the economy over the course of the last few years, a lot of us have gotten used to living in debt, at least to one degree or another. Perhaps you might not be absolutely drowning in debt, but many of us owe some money to at least one or two creditors these days. It’s tough to live completely debt free, but there are definitely few of us that would think it a good idea to carry any of that debt over into retirement. Of course, when you’re trying to take care of everything else in your very busy life, it can be tough to remember that you’re supposed to consistently be putting away money for your retirement on a regular basis.

If you’re in debt, you’re probably looking for a way to make sure you are completely free and clear by the time you retire. Nobody wants to deal with debt past the point at which they’ve stopped bringing in an income, so if you’re looking to pay everything off before you finish working; you’re definitely on the right track. We’ll talk about a few strategies that will help you settle your debts before it’s time for you to retire.

For one thing, you should be budgeting yourself, and you should be doing so very vigilantly. Sit down and figure out exactly how much you have to spend each month, and where you have to be spending it. Calculate all of your expenses, and then figure out how much money you have left over each month once you’ve met each of your responsibilities. Now you’ll be able to figure out how much money you’re able to contribute to paying off your debts. If you don’t have very much left over, you might want to think about cutting some of your more frivolous or nonessential monthly expenses so that you can retire debt-free.

January 30, 2013

Wealth

Majority Of Canadians Plan To Rely On CPP For Part Of Retirement Funds

Half of non-retired Canadians say they plan to retire by age 65 and expect Canada Pension Plan (CPP) to fund part of their retirement, according to a recent Leger Marketing survey for H&R Block
Canada. But less than one-third actually know how much to expect from CPP every month.

The same group of Canadians listed Canada Pension Plan, Registered
Retirement Savings Plans (RRSPs) and Old Age Security (OAS) as the top three
ways they planned to fund their retirements.

“Canadians who are not retired yet may be relying too much on CPP or Old Age
Security benefits as part of their retirement plan,” explains Cleo Hamel,
senior tax analyst at H&R Block Canada. “And with the recent changes to OAS,
you will not be able to access that benefit until age 67 if you were born on
or after February 1962.”

January 14, 2013

Debt

Choose The Right Equity Release Plan For You

Does your old and weak body no longer allow you to earn a living? Is your life long savings not sufficient for life after retirement? Do you find difficulties in finding enough spending money due to expensive medicine? Are your successors avoiding you just to deny their responsibilities towards you?

July 15, 2011

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