In these unpredictable economic times, it’s not hard to imagine large corporations going bankrupt or becoming insolvent. In fact, we don’t need to imagine it – we can turn to examples such as Sears Canada, who cut their pensions by 30%, or look over the border at the bankruptcy of major automotive brands or airlines [...]
Time sure does fly by so quickly! Before you know it, you’re in your 50’s or 60’s and haven’t done any planning for your retirement. Maybe things have been really hectic, you’re focused on your job, taking care of an elderly family member, raising grand children, supporting a friend, dealing with an illness or injury, [...]
Although estate planning isn’t a pleasurable task, it’s required so that you can effectively transfer all of your assets to the people of your choice once you pass away. With a little mindful planning, your beneficiaries can avoid or significantly minimize needing to pay estate and income taxes on your assets, as well as unnecessary [...]
When thinking about estate planning, most people think about their Will and planning out what should happen in the event of their deaths. However, what if you are disabled or mentally incapacitated or fall seriously ill? It’s important that you have an estate plan in place to account for these kinds of contingencies. Let’s explore 3 [...]
You need to get your affairs in order so that if you died yesterday, it won’t be a mess for your family. Make sure your assets are given/dispersed in a tax-efficient manner. You’ve probably heard of ‘Estate Planning’, but what is it exactly and how can you benefit from it? If you don’t have a [...]
One of the biggest responsibilities when planning your retirement is the creation of a budget to ensure you don’t spend more than you can afford. No matter how prepared you are for your retirement financially, you still need to live within your means. Here are some tips for achieving that: Create a Retirement Budget Once [...]
Have you thought about your 80th birthday? Most people imagine having financial security by then, ready to retire and enjoy a stress-free lifestyle. However, have you considered the cost of that dream lifestyle goal? Retirement calculators can help you not only figure that out, but help you plan what you need to save today in [...]
When planning for retirement, the first thing that probably comes to mind is making sure your finances are in order. While this is obviously one of the most important, there are many things to take into consideration when thinking about retirement, and having a Certified Financial Planner quarterbacking the planning process for you can help [...]
“Defined-benefit,” means a defined, specific benefit payment deposit is made to the employee each month while you are retired. That puts the employer in the position to pay that benefit to the employee for their lifetime. “Defined-contribution,” means a specific and predictable contribution where part of your paycheck is put towards your pension. For example, [...]
1. Changes To Commuted Value Calculation Coming in December The Canadian Institute of Actuaries (CIA) has released its changes to the way pension commuted values will be calculated. The timeline for the changes has been pushed back to no sooner than December 1, 2020. There are two key changes, both affect those with defined benefit [...]
Imagine two senior citizens rocking back and forth in rocking chairs on the front porch while the man naps and the woman knits. Is this stereotypical vision of retirement all you have to look forward to? Of course not! Retired couples are full of energy and excited to enjoy their new found freedom during retired [...]
With the massive impact coronavirus (COVID-19) is taking on employment across Canada, it’s important to know your pension options before you sign anything with your employer if you were recently terminated, or if you’re planning on taking an early retirement. If you were recently terminated by your employer due to COVID-19 coronavirus and your company [...] The post COVID-19 Layoffs: Your Pension & Retirement Options appeared first on Pension Solutions Canada.
According to an analysis by The Logic, Canada’s ten largest pension funds, which millions of Canadians are relying for retirement, have lost an estimated $104 billion in public equity. The Logic reports that these ten large pension funds have an average of 27 per cent of their assets invested in the public markets, which is [...] The post Canada’s 10 biggest pension funds have lost an estimated $104 billion amid COVID-19 panic appeared first on Pension Solutions Canada.
Do you have a defined benefit pension? Daydreaming about your retirement day somewhere down the line? You might want to move it up. With the Bank of Canada’s recent rate cut in response to the economic impact of the Coronavirus disease (COVID-19), your commuted value is at its highest value ever. That means that if [...] The post Thinking of Retiring? Do It Now! Bank of Canada’s Rate Cut and It’s Implications On Bond Yields & Your Pension appeared first on Pension Solutions Cana
When it comes to retirement, everyone’s situation is unique. Depending on your immediate financial obligations, retirement goals, or lifestyle, receiving your pension payout in set amounts every month may not be enough. With most employee pension plans, you’ll have little to no ability to manage your pension fund yourself, putting you at the mercy of [...] The post What are the benefits of taking the Commuted Value pension option? appeared first on Pension Solutions Canada.