Weekend Reading: Is Stay The Course Helpful Advice Edition
Global stocks fell sharply on Thursday and Friday after US President Donald Trump’s so-called Liberation Day tariffs went into effect. Whether the President is being deliberately obtuse about the economic upheaval these tariffs will cause, or if he’s playing chess while the rest of the world is playing checkers is anyone’s guess. What investors want…
Read MoreWeekend Reading: That’s Why You Diversify Edition
My inbox has been flooded lately with worried investors who feel anxious about the current market environment. It seems once again we find ourselves in unprecedented times. While the future is always uncertain, the stock market is a forward-looking machine and is constantly gathering new information to assess the outlook of individual companies and the…
Read MoreNavigating Retirement and Advice-Only Financial Planning on The Wealthy Barber Podcast
It was my tremendous honour and privilege to speak with the one and only David Chilton (aka The Wealthy Barber) on his latest podcast episode. We spent over an hour discussing retirement planning, advice-only planning, my unconventional transition to the world of personal finance and advice-giving, and much much more. Dave is one-of-a-kind, a world…
Read MoreWhen To Be Selfish and When To Be Generous In Retirement
Prospective clients come to me when they’re on the cusp of retirement and looking for answers to key questions like when can I retire, how much can I spend, how long will money money last, and, ultimately, am I going to be okay? I gather information about their current situation (income, account balances, asset allocation,…
Read MoreWeekend Reading: Advice-Only Planning Edition
It has been more than 10 years since I started offering financial planning advice – and more than five years since I quit my day job to work as an advice-only planner full-time. I have a soft spot for who I call regular Canadians with regular problems. That’s the majority of you who read this…
Read MoreMoney Bag: Unnecessary Investment Loans, Optimizing RRSP, Underspending in Retirement, and More
Welcome to the Money Bag, where I answer questions and address comments from readers on a wide range of money topics, myths, and perceptions about money. No question is off limits, so hit me up in the comments section or send me an email about any money topic that’s on your mind. Today, I’m answering reader questions about…
Read MoreOAS Payments: How Much Will You Receive From Old Age Security
Old Age Security (OAS) is a government program in Canada that provides a basic income to eligible seniors who have reached the age of 65. It is one of the three main pillars of Canada’s retirement income system, along with the Canada Pension Plan and personal savings. Eligibility for OAS is based on several factors,…
Read MoreCPP Payments: How Much Will You Receive From Canada Pension Plan
Canada Pension Plan (CPP) benefits can make up a key portion of your income in retirement. Individuals receiving the maximum CPP payments at age 65 can expect to collect $17,196 per year ($1,433 per month) in benefits. The amount of your CPP payments depends on two factors: how much you contributed, and how long you…
Read More3 Reasons To Take CPP At Age 70
It might seem counterintuitive to spend down your own retirement savings while deferring government benefits such as CPP and OAS past age 65. But that’s exactly the type of strategy that can increase your income, save on taxes, and protect against outliving your money. Indeed, the key to more lifetime income for many retirees is…
Read MoreWhy You Shouldn’t Take CPP At Age 65
In previous articles I’ve looked at reasons to delay taking CPP until age 70, along with explanations why you might want to take CPP earlier at age 60. But in this article I’m going to explain why you shouldn’t take CPP at age 65. The most compelling reason to defer CPP is the increase or…
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