Blogs

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Why do certain retirees struggle to spend money? Their fear of depleting their savings.1 (There’s 1 big reason millions of US retirees struggle – and it’s not because they don’t have enough money, Maurie Backman Aug. ’24)

Achieving financial security in retirement isn’t just a matter of saving money. It comes down to spending those funds wisely to ensure it lasts.

A tough change in mindset

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What are the consequences of adding your children to the title of your house or an investment account? Adding a child or moving real estate to joint ownership is a popular tactic for people to avoid probate. People do this to bypass the estate and the holdings will not be subject to probate. You have to be careful as joint ownership opens up potential issues.1 (What is Probate, How to Avoid Fees, and should you even try? By Robb Engen, Jason Pereira 7-Jul-2023)

Risks to think about

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While diversification is a good way to preserve wealth, concentration is often a better way to build a fortune. Let’s discuss the differences between the two.1 (Investopedia Concentrated vs Diversified Portfolios Jan. ’22)

What diversification does

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Accumulating wealth may seem daunting for many individuals, but it can be achieved with the correct habits1 (Kenny Accent Investing Nov. ’23)

Here are the steps to build wealth:

Monitor finances

• keeping tabs on your finances provides a clear understanding of how you allocate every dollar
• It enables you to gain clarity
• tracking is essential if you aim to build wealth and attain financial freedom

Invest for retirement

As year-end approaches, now is a good time to review your personal finances and take advantage of any tax planning opportunities that may be available for your TFSA before the Dec. 31 deadline1 (CIBC 2023 Year-end tax-tips, Nov. ‘23)

TFSA contributions

Placing non-registered assets into joint ownership with right of survivorship is one of the most common methods of avoiding probate. It can be effective in the right situation. Yet, there are some significant disadvantages with joint ownership that may outweigh the benefits. 1 (Manulife Investment Management Sep.’23)

Disadvantages of joint ownership

Before transferring any assets into joint ownership, there are a few important issues you should consider:

Adding social planning to your financial planning can make a big difference to your health during your retirement. 1 (Lumino Health Jan. ’23)

Retirement is a big life transition. When people leave work, some people let go of a big part of their identity. But preparing for the change can help you thrive. But we often overlook the importance of our social lives as we leave the working life.

Evidence on social connection in retirement

One of the best ways to take charge of your finances is to try and accumulate a healthy savings account. Nobody wants to feel the stress of knowing that they are only a paycheque away from financial calamity. 1 (Rutgers Monthly Finance Message Feb. ’09)

What does the research say about savings?

Many people realize that they have been contributing to CPP for a good portion of their lives but may not be sure when or how much they'll receive at retirement. Here are some facts: ¹ (Manulife Sep. ’21)