Financial Library

Feb
11
2014

Welcome to RRSP Season !

It is that time of year again when attention turns to RRSPs and tax planning. This year's contribution deadline is March 3rd, 2014 if you want to deduct the contribution against your 2013 income tax return.

The purpose for making an RRSP contribution, from a financial strategy perspective, is to build savings and assets over time so that you can replace earned employment income with passive or investment income for your retirement years. In other words you can sleep in and still have the lifestyle you want without going to work!

Tags: 
retirement planning
Feb
11
2014

The Retirement Dilemma: Part 2

In our previous article, we looked at how seniors generally wish to invest their money to feel safe while in reality their expenses rise throughout their retirement years as the cost of various services, such as hydro and property taxes, typically increase annually. ( See graph at bottom )

Your choices are to either decrease your spending or deplete your savings or some combination of the two in order to make ends meet. The challenge is to make sure you don't run out of money before you run of time!

Tags: 
retirement planning
Jan
14
2014

The Inheritance Twist

There are many Baby Boomers who are anticipating hitting the jackpot via inheritances in the coming years as a solution to their own financial planning needs. We have heard many media reports about the tidal wave of money expected to move between the generations over the next 15 years or so estimated to be upwards of $1-trillion.

An HSBC report released last September found that 39% of working people are banking on some type of inheritance with a median value of about $77,000. While some 57% of fully retired people expect to leave some sort of inheritance.

Tags: 
estate planning

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