How To Estimate and Plan Your Canadian Retirement Budget

ALL WE CAN CONTROL IN RETIREMENT ARE OUR SPENDING HABITS   We often over-estimate how much money we will need in our retirement years when we are healthy only because we have this bucket-list of things to do and want to make sure the money is available. The sad part is that not everyone will get to cross off places they want to visit or things they want to do because of the funds aren’t available, health decline or travel insurance is far too expensive. When my father-in-law passed away earlier this year my mother-in-law was left to pick up the pieces which in all honesty was a terrible mess. Shortly after she was deemed unable to care for many things on her own we had to step in and do her finances for her. This is how dementia starts to rob you of your independence, slowly even though we can look back and now see it has been happening for years. With no income coming in but a small Canada Pension Plan cheque which she managed to get early when she didn’t need it that’s really all the money she had coming in. Had she been in the right […]

Top 6 Retirement Mistakes To Avoid [$1000 Give Away!] : The Saturday Weekend Review #214

STEER CLEAR OF THESE 6 RETIREMENT MISTAKES THAT CAN THROW OFF YOUR PLAN TO RETIRE COMFORTABLY.   We all hope that by carefully planning for retirement we will not have to worry about anything in the future. While making a plan does make you more comfortable and prepared, there are still ways that cause your retirement plan to derail.   Getting divorced   No one plans on getting a divorce, but life happens. Divorce is something that can have a lasting impact on your finances and subsequently on your quality of life. Even if divorce is amicable, legal fees can quickly spiral out of control in dividing the family assets. You probably saved money and made a retirement plan based on the assumption that there will be two people enjoying the family nest egg in the golden years. However, in divorce the savings will end up being divided among two households, which means less money for both of you. Marriage and Common-law partnerships needs to be looked after and time need to be spent nurturing the relationship and taking care of each other. Since at the end of the day it is both a romantic and a business relationship. This […]

Investing Returns Pave The Way To Financial Independence

  KNOW WHAT YOU WANT NOW SO YOU CAN PLAN FOR THE FUTURE   Reaching financial independence, the point where your investments cover your lifestyle and then some, is the ultimate goal if you want to retire comfortably. And in a perfect world, you would like that to happen sooner rather than later. I have good news for you today: it is absolutely feasible if you put in the right amount of effort and dedication. Yes, even on a small budget. Take a look at the CBB household for instance. They’re worth over $800,000 and on track to pass the million dollar mark by this time next year. And as a faithful reader, you know Mr.CBB is just your regular guy, who started a bit above minimum wage 8 years ago. He has worked two jobs for years and carefully budgeting every cent to make sure his family is safe financially. Related: 5 Simple Rules We live By To Stay Debt Free There you have two of the three steps to financial independence: earning as much as you can, and spending as little as you can. The third part is where you can actually accelerate the process quite a bit: […]

%d bloggers like this: