3 Steps to a More Secure Retirement

3 Steps to a More Secure RetirementEven though many of us are still decades away from retirement, it’s a constant worry. Nobody wants to run out of cash during their golden years. With record housing prices, higher food costs, and increasing financial commitments despite stagnant salaries, saving for retirement is tougher than ever. And with interest rates hitting record lows, it’s hard to get decent returns–especially from fixed income. Investors don’t have to fret about obligations decades away….

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Want to Destroy Your Wealth? Here are 10 of the Best Ways to Go About It

Want to Destroy Your Wealth? Here are 10 of the Best Ways to Go About ItIt was my worst financial mistake and left me in what seemed like massive debt at 18. Surprise, the problem started with a credit card. A teenager with a $1,500 credit limit in 1982 and on vacation with friends in New York City is trouble. (I was working part-time as a bank teller, which facilitated my ability to get credit at the time.) So what happened? Strangely enough it wasn’t Manhattan that…

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3 Money Mistakes That Couples Make

3 Money Mistakes That Couples MakeWhether you’re newly wed or about to celebrate your silver anniversary, there’s a good chance you’re making serious mistakes managing your money as a couple. After talking with countless men and women about money and how it impacts their relationships, David Bach, vice chairman of Edelman Financial Services, has identified the many mistakes that recurred, time and again. They’re all profiled in his new book “Smart Couples Finish Rich: 9…

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Top 10 Personal-Finance Myths

Top 10 Personal-Finance MythsCommon myths are everywhere: sharks don’t get cancer (not true); the Great Wall of China is visible from space (ditto). They exist in the world of personal finance, too. Myth: I don’t need to worry about our budget or finances because my partner manages the money. Fact: “Even if someone else is in the driver’s seat, you should be an active passenger; not asleep in the backseat,” says Linda MacKay,…

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How to Invest in Retirement

How to Invest in RetirementWhat happens to your RRSP when you retire? Prior to retirement, people maximize their contributions to their RRSPs, top up their children’s RESPs and put whatever is left over into their TFSAs and non-registered accounts. Once they hit retirement, the mystery about investing their savings to draw an income while unravelling these plans begins, and the biggest concern they face becomes not outliving their money. There has been a great…

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5 Practical Financial Preparations For a Long-Term Vacation

5 Practical Financial Preparations For a Long-Term VacationWhen that first cold wind or frost hits, I’m always surprised. I have no clue why — I’m Canadian, a Winnipeg native — and I’m well acquainted with this country’s winters. If the chilling reminder of what’s in store this season has you thinking of going on an extended trip, here are five financial preparations to make before any long-term vacation. Get travel insurance. Only half of Canadians, according to…

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Pensions Are Worth Zero?

Pensions Are Worth Zero?A recent Family Finance column in the Financial Post showed something strange about the way that financial planners calculate a person’s net worth. Apparently, having a defined-benefit pension plan does not add anything to your net worth. The article profiled Doris, a grandmother with a simple balance sheet. She has a car worth $3000, owes $10,000 on her line of credit, and can begin drawing a $1400 per month pension…

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How to Decide If You are Ready to Invest

How to Decide If You are Ready to InvestSo you want to get into the investment game and you’ve been sitting on the bench. The Standard & Poor’s 500 index is up around 18 percent this year through September and you’re apprehensive about getting back into the game now. Should you just run onto the field and start playing or wait for the coach to put you in at the right time? The following are three essential questions…

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Retirement Saving Should Be Realistic Not Idealistic

Retirement Saving Should Be Realistic Not IdealisticPlanning for retirement can be overwhelming. It requires thinking about long-term goals and it forces consideration of a more sensitive subject — one’s own mortality. An RBC study reports that only 52% of Canadian boomers actually put a plan on paper despite understanding its importance. However, they worry about it. According to a recent Investors Group survey, financial concerns affect 32% of Canadian couples and 60% of them put retirement…

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Financial Advice that is Popular And Wrong

Financial Advice that is Popular And WrongSome financial advice is so oft-repeated that everyone takes it for granted: You shouldn’t bring debt into retirement. Debit cards are safer than credit cards. Older folks should invest more conservatively. As they used to say on Seinfeld, yadda yadda yadda. The problem is, a lot of that is bad advice. At best it fit a bygone era; at worst it was never right and is dangerous. Here is a…

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