I trust that you have been enjoying our recent run of glorious spring weather.
It’s always a very good practice to check in on the people who are providing you with professional advice to make sure that you are getting full value for the price that you are paying.
This practice also applies to the financial advisor community of which I am a proud member.
Here is an an excellent article that outline 4 terrific questions that everyone must ask their retirement advisor.
I’m happy to share my own answers to those questions if you like.
Mark Hudon, CFP,.CCS
Certified Financial Planner, Certified Cash Flow Specialist.
4 Questions Everyone Must Ask Their Retirement Advisor
In honor of National Retirement Planning Week, now is a good time to take a step back and think about who is helping you with your retirement planning. A financial advisor can be a powerful resource for those heading down the road to retirement. Whether you already have a retirement advisor or you are considering one, there are certain things you should know about a professional before engaging him or her to act as your retirement advisor.
Read more here
There are copious numbers of articles and information written on how to invest your money-and specifically how to invest for retirement.
I come across them everyday and I know that my clients and contacts do as well.
While some are useful, many provide contradictory advice that just leads to confusion for many investors.
I do my best to seek out and find articles that will provide you with a core approach that when implemented will help you to achieve your long term goals, and dreams, and help you to build funds for retirement that will stand the test of time.
Here is an excellent article, that is in line with my own core philosophy.
The Best Way To Invest For Retirement
Turn on CNBC for two minutes and it’s easy to believe you need to stop everything and invest in the hot stocks the “experts” are recommending and get out — NOW! — of the ones they’re bearish about. Chris Minnucci, author of the ironically titled The Death of Buy and Hold: How Not to Outlive Your Money — Investing for, and in, Retirement, says do so at your own peril. Minnucci, an early retiree and self-taught investor, says you’ll be far likelier to make your retirement money last if you take a more cautious, deliberate approach to investing, using diversification using what he calls “the principle of correlation combined with the complementary principle of compromise.”
Read more here
For many people crunching the numbers to determine whether you will have enough to enjoy a comfortable retirement can be very intimidating & stressful.
In fact, coming to grips with your own “retirement reality” is something many people, like the author of this attached article tend to procrastinate on.
However, like the author discovered, when you take the time to go through some retirement planning questions and gain clarity around what a comfortable retirement means to you, you find that your reality is not so scary after all.
I encourage you to read the enclosed article to gain more clarity around your own retirement reality.
If you would like a helpful guide to take you through simple exercises, I know someone who can help you out….wink wink, nudge, nudge.
Retirement Reality Is Catching Up With Me
New York times columnist John Schwartz writes about approaching retirement with trepidation. He says: I am an idiot. That, at least, is the impression I get from personal finance websites and magazines and books. They all seem to say I’m doing pretty much everything wrong when it comes to my financial life, basically because I don’t pay that much attention to my finances. But with some consultation and some strategizing, he makes the point that retirement reality is nothing to be afraid of.
Read more here
One of the most common financial questions I have heard over the years, is whether it is better to pay down your mortgage or save for your retirement?
Recent behaviour indicates that many people have chosen to focus on paying down their mortgage vs saving for retirement.
In my opinion this is a reflection of the time tested adage that money is about more than math. The emotional decision to seek out security over more financially profitable alternatives often takes precedence.
When you do take a look at the numbers; (particularly expected rates on return on your RRSP compared to the prevailing cost of mortgage debt) the decision definitely favours adding to your retirement savings.
Here is an excellent article that takes a look at the math, as well as the emotion.
How saving for retirement beats paying down your mortgage
Saving for retirement beats paying down your mortgage. There – a long-standing debate in Canadian personal finance is settled. To build wealth in today’s low interest rate world, divert money you were going to use to pay down your mortgage balance to your registered retirement savings plan or tax-free savings account. This is the conclusion of a report to be issued Thursday called “Mortgages or Margaritas: Is Paying Down Debt Putting Your Retirement at Risk?”. Read on to see the proof.
Read more here
Happy Family Day!
During the heart of a bitterly cold winter like we are currently experiencing in southern Ontario-thoughts often drift to what it would be like to pack up and head out for a much warmer, and perhaps more exotic climate.
For some people this decision entails not just a temporary reprieve from the harshness of colder climate, but actually making a permanent move-retiring abroad.
Whether you are seriously contemplating this decision for yourself, or just day dreaming about it, here is an interesting article to help you divert your attention for a few moments.
Overcoming The 5 Big Obstacles To Retiring Abroad
There are plenty of reasons people consider retiring abroad, among them: A lower cost of living (sometimes much lower); Better weather (sometimes much better); The ability to live a different type of life — perhaps less stressful, healthier, more meaningful or a self-reinvention; To have an adventure. There are also reasons why people won’t consider retiring abroad. But based on the 4,700 answers and 200 stories posted by the 300+ expats on our site, Best Places In the World to Retire, I think five commonly perceived “obstacles” are overblown and can easily be overcome:
Read more here