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 […]

Yearly Banking Fees of $1000 Seniors Could Have Avoided : Net Worth Update 2018 March (+0.51%)

MONEY OUT THE WINDOW OR MONEY WELL SPENT- THE CHOICE IS YOURS!   You might be paying banking fees for every bank account you own whether it’s with the same financial institution or not. I know plenty of people who bank with several Big 5 banks and I’m not sure if they understand the costs of monthly banking fees and how it may be affecting their overall yearly savings power. Banking in Canada seemed fairly straight-forward to me when I arrived as a permanent resident. I was fortunate to set up my bank account at the time through President’s Choice Financial since my wife banked there but before I moved to Canada. It made life far easier for me especially when I needed to transfer money from my UK bank account to my Canadian bank account. What I loved about PC Financial what is now known as Simplii Financial Canada was that there were no banking fees. We didn’t have to pay for cheques either. If we had any issues we could make a phone call or visit any Canadian Imperial Bank of Canada (CIBC) for help. In total since I moved to Canada over 10 years ago now we’ve […]

Worry about your financial future now not when you retire : October Net Worth Update 2015 (+2.50%)

RETIRE HAVING THE MONEY YOU NEED FOR THE LIFESTYLE YOU WANT   Some people dream about when they get to retire where others forget about their financial future the moment they get their first pay-cheque. If you really don’t care about money and saving for your future you likely won’t be shocked if it doesn’t go as planned for you. I know times are tough but learning to save a dollar here and a dollar there is better than nothing at all. Canadians are worried about their debt and retirement and rightfully so, it’s a tough world out there. Even though I started buying houses when I was young I always kept telling myself that my financial future depended on what I did. I’m glad I listened to myself.   Your financial future depends on you   The time is now to start worrying about where you will be financially when you retire not when you retire. You shouldn’t have the burden of debt on your shoulders when you are a senior but many do and it’s tough. Not everyone has that golden opportunity to retire early but even if you have to continue working at least knowing there is […]

Senior shares trick to save money for retirement in three words : April Net Worth Update 2015 (+1.14%)

EMOTIONAL CONNECTION TO MONEY   We all want to know money saving secrets and this past week I learned something from a witty senior that will help you save money, although it may not come as a huge surprise to you. Do you feel stress coming on when you have to dip into your savings? We do at times because we aren’t getting any younger and know that life as a senior citizen can be difficult especially if you don’t have the funds to back up the lifestyle you need or want to live. There are people who are happy living from the Canada Pension Plan which is by the way max $1065.00 (2015) a month at age 65 but will it really be enough? Jim Yih at Retire Happy says, “Don’t count on the maximum” either when he talks about how much CPP will pay us in retirement. You would think with $120,000 savings that we have in the bank that it would be easy to spend money but it’s not especially after you know it may decrease your overall net worth and set you back a bit from attaining your retirement goals. This is why we budget and […]

%d bloggers like this: