Happy Family Day weekend, everyone! This edition of weekend reading includes an introduction to a great new money series on Global, some shoddy life-insurance advice that got BMO into hot-water, a new book from retirement expert Fred Vettese, and why market volatility shouldn’t scare off novice investors.
Last year we spent much of Family Day outdoors as Lethbridge reached a high of 10 degrees. This year might be family game night indoors (with the fireplace on) as the temperature is expected to hit minus 28 degrees with the windchill. Brrr!
This Week’s Recap:
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Global launched a new series last week called Money123. In the first instalment – How much do you really need for retirement? – I helped author Erica Alini do the math for a couple of Joe Canuck’s.
Here on Boomer & Echo:
On Monday I shared a sensible RRSP vs. TFSA comparison.
On Wednesday Marie looked at claiming your investment expenses on your taxes.
And on Friday Marie explained how retirees can make good use of TFSAs.
Another good Money123 post looked at saving versus paying down the mortgage and how rising interest rates are changing the math.
And this Money123 instalment looks at what taxes can do to your savings if you’re not careful.
Finally, Global’s Alini explains when saving into an RRSP instead of a TFSA could cost you dearly.
- This series is incredibly well done. Sign up for the Money123 weekly newsletter here.
At age 71, Ella Beck bought a guaranteed life-insurance policy that would pay $3,200 upon her death. Now 82, Beck has paid more into the plan than the policy is worth. CBC’s Sophia Harris helped Beck get some money back, along with an apology from the policy issuer BMO.
Retirement expert Fred Vettese has a new book out called Retirement Income for Life. We hope to review the book here soon, but in the meantime here’s a couple of excerpts that were published this week:
- Is a 70% retirement replacement income too high?
“The biggest difference for everybody else in this industry that competes with us is pricing is a strategy,” Mr. Norris says. “For us, pricing is an outcome. If we grow, we will continue to lower the price. It has nothing to do with strategy.”