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How your RRSP can help you buy a home

Posted by on Jan 27, 2015 in BrighterLife, Money management, Retirement | 0 comments

By Sheryl Smolkin January 27, 2015 If you are a first-time home buyer or you already own a home but need a more accessible residence for yourself or a dependent relative, the Registered Retirement Savings Plan Home Buyers’ Plan (RRSP HBP) can help you come up with the down payment. It works like this: You can borrow up to $25,000 from your RRSP to buy or build your first principal residence. Couples (legally married or common-law) can withdraw up to $25,000 each for a total of $50,000 towards the same...

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Give your RRSP contributions a raise

Posted by on Jan 20, 2015 in BrighterLife, Retirement | 0 comments

Working it Out Brighter Life January 20, 2015 By Sheryl Smolkin If you’re a younger worker with a large mortgage and small children, it may be a stretch to contribute even $100 a month to your registered retirement savings plan (RRSP). But as your income goes up, increasing your monthly contributions each year by only a small amount can make a huge difference. For example, let’s assume that you start an RRSP at age 35 and plan to retire at age 65. Initially, you contribute $100 a month ($1,200 a year) at...

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Flipp app is the easy way to browse flyers

Posted by on Jan 16, 2015 in Consumer savings, Saskatchewan Pension Plan | 0 comments

By Sheryl Smolkin January 14, 2015 I like a bargain as much as the next person, but I must confess I have a long way to go when it comes to browsing flyers for competitive prices and making sure I am in the right place at the right time to pay the lowest price for the groceries and household items we use regularly. I never had the time to carefully peruse every sale supplement that is stuffed into my mailbox and since we cancelled print copies of the newspaper and signed up for the Toronto Star Replica...

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Gail Vaz-Oxlade: Achieve financial literacy on mymoneymychoices.com

Posted by on Jan 16, 2015 in Consumer savings, Saskatchewan Pension Plan | 0 comments

By Sheryl Smolkin January 13, 2015   Hi, today I’m kicking off the 2015 SavewithSPP.com expert podcast interview series. I’m delighted that Gail Vaz-Oxlade has made time in her busy schedule to talk us. Gayle is truly Canada’s money maven. She has worked in the financial services arena for 25 years as a writer, reality-television host, public speaker and corporate spokesperson. Over the last several decades she has published 15 personal finance books, four of which were on the best-seller list at...

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Jan 12: Best from the blogosphere

Posted by on Jan 16, 2015 in Health, Retirement, Saskatchewan Pension Plan | 0 comments

By Sheryl Smolkin January 12, 2014 By now we have all taken the leap from the old year to the new, but during the transition, some of our favourite bloggers analyzed the year gone by and offered suggestions for the days and months ahead. In 2014, Mark Seed at My Own Advisor made some financial predictions. In  2014 Financial Predictions Final Update he revisits these predictions as compared to how things actually played out. He forecasted that the Dow Jones Industrial Average would finish the year at...

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What would you trade for a good pension?

Posted by on Jan 16, 2015 in Retirement, Saskatchewan Pension Plan | 0 comments

 By Sheryl Smolkin January 8, 2015 A recent survey of Canadians revealed that whether or not they currently have a workplace pension plan, the majority would gladly trade off other benefits for any retirement savings plan or a better pension plan at work. These data were collected by the Conference Board of Canada in a June 2014 comprehensive study into the experiences and perspectives of employers and individual Canadians. Conducted with the support of Aon Hewitt and the National Association of Federal...

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Another Look At Life Annuities (Part 2)

Posted by on Jan 16, 2015 in Retirement, Saskatchewan Pension Plan | 0 comments

By Sheryl Smolkin December 25, 2014 If you are considering purchasing a life annuity using funds in your registered (RRSP, RRIF, LIRA, RPP) or unregistered accounts (Savings Accounts, GIC, TFSA, etc) you will need to consider what features to select and how your decision will impact the level of benefits you receive. For example, a life annuity may be: A single life annuity based only on the age of one annuitant. A joint and survivor annuity that pays a portion of the benefit (i.e. 60%) until the death of...

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Another Look At Life Annuities (Part 1)

Posted by on Jan 16, 2015 in Retirement, Saskatchewan Pension Plan | 0 comments

By Sheryl Smolkin December 18, 2014 Receiving a regular paycheque makes it easy to budget. The amount that appears in your bank account every month is what you have available to spend on necessary and discretionary items. But once you retire and have to figure out how to make your lump sum savings last for the rest of your life, budgeting isn’t as easy. How much can you afford to spend? What if your investments earn less than you expected when you set up a withdrawal plan? One way to add financial...

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Dec 15: Best from the blogosphere

Posted by on Jan 16, 2015 in Consumer savings, Saskatchewan Pension Plan | 0 comments

By Sheryl Smolkin December 15, 2014 Whether you plan to spend Christmas holidays in the snow or on the beach, looking for the best deals can lighten the load on your budget, and observing some basic safety rules can minimize the risk of theft of both your property and your identity. RewardsCardsCanada and RewardsCanada are two sites to bookmark if you want to stay abreast of the latest travel card deals. For competitive prices on hotel rooms, take a look at Trivago and Priceline. Trivago’s hotel search...

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The Dreaded B word: Budgeting

Posted by on Jan 16, 2015 in Consumer savings, Saskatchewan Pension Plan | 0 comments

By Sheryl Smolkin December 11, 2014 Everyone has their own system for handling the family finances, but if you are carrying expensive debt and always borrowing from Peter to pay Paul, you definitely need to do some serious budgeting. If you think you can’t afford to save for your children’s education or your own retirement, closely scrutinizing how you spend your money will help you to uncover ways to free up the funds you need to plan for the future. Budgeting isn’t rocket science but it requires time...

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