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All Things Senior Archive

Retirement Concerns

How to Calculate Your Retirement Number - Dear Savvy Senior, Can you help me calculate about how much my wife and I need to save for retirement? We are both in out late-fifties and want to see where we stand. --Looking Ahead Huffington Post


Why demand for retirement lifestyle communities will only increase - Phyllis Mahon was in her late 50s when she went looking for a smaller, more manageable home in a quiet community. She wanted a place where she could share her interests with like-minded people, and still have plenty of space to walk her dog. The Globe and Mail


How to Make the Most of Your Workplace Retirement Plan - Workplace retirement savings plans are one of the most effective tools workers can use to better prepare themselves for retirement. Taking the time to maximize your savings through your plan today can go a long way toward saving for the future. Consider taking the following steps to make the most out of your workplace plan: Huffington Post


Five signs you’re counting too much on CPP for retirement - If you think Canada Pension Plan (CPP) and Old Age Security (OAS) benefits will give you the goods to fund your golden years, you might want to sit down. The Globe and Mail


5 Things Retired Folks Don't Really Want To Hear About Retirement - 1. "There really isn't a retirement crisis." You know about Holocaust-deniers, right? Well now we have retirement crisis-deniers. For years, pretty much all the studies and surveys have predicted a tsunami of trouble for baby boomers when they retire. We've been told that the combination of our increased longevity, the loss of our jobs in the Great Recession, and the fact that we've been spenders -- and not savers -- for most of our lives was going to unleash the greatest financial crisis since the bankers did or did not jump from the skyscrapers in 1929. Even among Americans aged 55 to 64 who do save, Motley Fool says the median value of their retirement accounts is a mere $103,000. And that doesn't factor in the millions who have not saved a nickel. Huffington Post


Six retirement myths that can set you back - People saving for retirement face plenty of challenges, including employment bumps, stock market turmoil and family twists and turns. Add misperceptions about saving, investing and personal finance to the mix and the task can seem daunting. The Globe and Mail


Boomer retirement planning: A nine-step guide to ease your mind - Here’s an investing tip for baby boomers that pays dividends. Spend 90 minutes or so using these online resources and feel better about your retirement. Presented here is a nine-step process that will take you through 20 or so online calculators, worksheets, databases and other tools. The goal is to help you see where you stand on retirement planning and develop a plan to move forward. The Globe and Mail


The 5 Resolutions You Need To Make If You Ever Want To Retire - If 2016 brings you a little closer to sticking your toe in the retirement waters, we have some suggested resolutions for you that may even beat starting this year's resolution list with that perennial favorite: Go on a diet. Huffington Post


Frederick Vettese challenges traditional rules for retirement planning in new book - As the average life expectancy climbs, more people are looking for advice on what is required during their working years in order to have enough saved for a comfortable retirement. In a new book called, The Essential Retirement Guide: A Contrarian's Perspective, Frederick Vettese, Chief Actuary of Morneau Shepell, explains the various factors that affect retirement savings and provides a modernized view for financial planning. Newswire


What is the ideal retirement portfolio for a 30-something? - Shannon Lee Simmons is a financial planner at The New School of Finance in Toronto. We asked her to construct an ideal retirement portfolio for a Canadian in their 30s. The Globe and Mail


Schwab Survey: Millennials Face Unique Set of Obstacles When Saving for Retirement - SAN FRANCISCO--(Business Wire)--A new survey finds that Millennials, more than any other group, may not be saving enough for retirement because they are unwilling to sacrifice things that add to their current quality of life – and because many are also burdened by student loan debt. Digital Journal


Retirement overtime: Why many baby boomers can't stop working - Roberton Williams' plan was to retire on his government pension and take a part-time job to make up the difference in salary. It didn't quite work out that way. Williams, 68, did retire but then started another full-time job with the Tax Policy Center, a Washington think-tank . CTV News


Here Are 5 Things You Need To Do 5 Years Before You Retire - 1. Admit to yourself that you are, in fact, going to stop work at some point. "Working until I drop" isn't actually considered a great retirement strategy. For one thing, the choice to keep working isn't always ours to make: Ask any older worker who was laid off about trying to find another full-time job. Older workers stay out of work longer than any other age group and many never reenter the workforce full-time after a layoff. Another thing also happens: Older workers begin to play The Obit Game. They start hearing about friends and people they know having heart attacks or being treated for cancer and it causes them to question their own mortality. They don't want to be the person on their death bed who says they wished they had spent more time with their family. So yes, you need to accept that there will be a day when you no longer go to work. Now is a good time to figure out when that will be. Huffington Post


Uncertainty heading into retirement due to lack of planning, not lack of saving: RBC Wealth Management - A new report released by RBC Wealth Management, entitled Retiring in Canada, finds that while Canadians are often saving enough for retirement, the lack of a financial retirement plan is causing the most uncertainty when they near retirement. Newswire


Canadians burdened with hefty debt worry about retirement - Many Canadians dream about the day they can retire and enjoy the so-called golden years. But for some time now, experts have been warning that dream is just that — a dream. CBC Canada


Canadians burdened with hefty debt worry about retirement - Many Canadians dream about the day they can retire and enjoy the so-called golden years. But for some time now, experts have been warning that dream is just that — a dream. CBC Canada


At 60, should I collect CPP now or wait until I retire? - Question from Sheila Noftall, 60, of Kamloops: I plan to work until 65. My husband has retired and has a pension of $30,000 a year. I have no pension but we each have about $200,000 in retirement savings plans. My husband is collecting his Canada Pension Plan (CPP) now. Should I collect CPP now, or wait until I retire? The Globe and Mail


As the baby boomers retire, the threat of intergenerational inequality looms - We’ve heard it so many times now that it feels like a tape loop. “The baby boomers are retiring … The baby boomers are retiring … The baby boomers are retiring.” Most Canadians know the big bulge of the population is entering its senior years. The Globe and Mail


Descending loonie alters Canadian snowbirds’ sunny retirement plans - Dominic Minervino, 61, has been spending a good part of the year in San Diego since 2009, when he took full advantage of the plunge in U.S. real estate prices and the high Canadian dollar to buy a three-bedroom home in the city with a spacious yard and a two-car garage. The Globe and Mail


Tackling the retirement readiness challenge - With the snowballing shift from DB to DC pension plans over the last decade or two, Canadians have grown more accustomed to owning responsibility for their retirement planning. But retirement readiness is another issue. There’s still a big gap for most DC plan members between what they’ll need to retire comfortably and what they’ve actually accumulated. Benefits Canada


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