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RRIF rules need updating: C.D. Howe

Posted by on Sep 27, 2014 in Portfolio/Saskatchewan Pension Plan, Retirement | 0 comments

25 September 2014 By Sheryl Smolkin   A recent policy paper from the C.D. Howe Institute[I] documents how the current mandatory minimum withdrawals from registered retirement income funds (RRIFs) and similar accounts have not kept pace with the increased life expectancies of Canadians – a problem for retired Canadians trying to balance their need for current income against the risk of outliving their savings. Since 1992, the Income Tax Act has obliged holders of RRIFs and similar accounts to...

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Sept 23: Best from the blogosphere

Posted by on Sep 27, 2014 in Consumer savings, Portfolio/Saskatchewan Pension Plan, Retirement | 0 comments

23 September  2914 By Sheryl Smolkin   I recently put together a list of 40 highly-regarded but very different personal finance blogs and this week Best from the Blogosphere taps into this resource to bring you some new voices. Switching careers is a life-altering decision, and one that needs to be thought through with care. The gals at Frugalista Finance have been there and done that. In Careers 101: Planning for a career change, they compile a step-by-step checklist to help you make sure you’re...

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Manage your retirement expectations

Posted by on Sep 27, 2014 in Portfolio/Saskatchewan Pension Plan, Retirement | 0 comments

18 September 2014 By Sheryl Smolkin A CIBC poll conducted by Nielsen reveals that younger Canadians are more optimistic about their retirement and ability to save but they are less likely to be taking action. The poll also found that expectations of older Canadians fall dramatically. Thirty per cent of Canadians aged 18-24 say they expect to live better in retirement than they do today but the number falls to 17% for 25-34 year olds and continues to drop to three percent of those aged 55-64. Despite their...

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Sept 15: Best from the blogosphere

Posted by on Sep 27, 2014 in Deleted | 0 comments

15 September, 2014 By Sheryl Smolkin I’m back at my desk after a week in Orlando with my daughter’s family, including our two year old granddaughter. While Disney and pool time were lots of fun, I’m not sorry to return to late summer weather in Canada. In my book, clear skies and 20 degrees is as good as it gets. As the new the business year kicks off,  Best from the Blogosphere gets back to some retirement basics. How much do you need to retire? When can you afford to retire? Where do you want to...

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Should you consider a target-date fund?

Posted by on Sep 27, 2014 in Portfolio/BrighterLife, Retirement | 0 comments

By Sheryl Smolkin Brightetlife.ca September 16, 2014 You’ve opened a registered retirement savings plan (RRSP) or joined the company-sponsored savings plan and you’re making regular contributions. But that’s only the first step on the road to achieving your retirement savings objectives. To reach your destination successfully, you have to invest your money effectively over time. But if managing your own money for the next 30 years or more seems like a daunting challenge, a target-date fund (TDF) may...

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Tom Drake manages multiple blogs on the night shif

Posted by on Sep 14, 2014 in Money management, Portfolio/Interviews, Portfolio/Saskatchewan Pension Plan | 0 comments

11 September 2014 By Sheryl Smolkin     Hi, as part of the SavewithSPP.com continuing series of podcast interviews with personal finance bloggers, today, I’m talking to Tom Drake, author of the personal finance blogs Canadian Finance and Balance Junkie. He also partners on three other sites and writes guest posts on several others. Tom lives with his wife and two boys in Edmonton. He’s a financial analyst for all of the Sobeys stores west of Ontario. He’s always looking for ways to reduce...

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BOOK REVIEW: More money for beer and textbooks

Posted by on Sep 14, 2014 in Money management, Portfolio/Saskatchewan Pension Plan | 0 comments

4 September, 2014 By Sheryl Smolkin   “More Money for Beer and Textbooks” by Kyle Prevost and Justin Bouchard is 200 easy-to-read and digest pages of down-to-earth advice about how to finance a post-secondary education without going into massive debt. And the authors do not advocate living an austere party-free existence. Both are in their mid-twenties and graduated from the University of Manitoba. Kyle is a high school teacher and Justin is the Dean of Residence at St. John’s College on the...

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How to save for retirement (Part 3)

Posted by on Sep 14, 2014 in Portfolio/Saskatchewan Pension Plan, Retirement | 0 comments

28 August 2014 By Sheryl Smolkin See Part 1 and Part 2. In the first two parts of this series on how to save money for retirement we focused on how to get started and some of the registered and unregistered savings plans available to Canadians. This final segment looks at some other ways (in no particular order) you can both grow and preserve your retirement savings. And making sure your children are educated to effectively manage their finances is a big part of this discussion. Keep fees low: You ignore...

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Aug 25: Best from the blogosphere

Posted by on Sep 14, 2014 in Money management, Portfolio/Saskatchewan Pension Plan | 0 comments

25 August 2014 By Sheryl Smolkin   Welcome to the back to school issue of Best from the blogosphere. Regardless of what part of the country you live in, days are getting shorter, nights are cooler and there is a touch of colour on the few leaves that are already drifting to the ground. That can only mean that soon the kids will be back in school and your “to do list” includes school supplies and provisions for school lunches. In the Toronto Star, Dana Flavelle reports on a survey that says back to...

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Financing Post-Secondary Education: It’s a family affair

Posted by on Sep 14, 2014 in Money management, Portfolio/Saskatchewan Pension Plan | 0 comments

21 August 2014 By Sheryl Smolkin Before your child heads off to university or college this year, you need to have a frank discussion about how much it will cost and how much you can afford to contribute to his or her tuition and living costs. If you opened a registered educational savings plan (RESP) when Janice or Jasper was much younger, that nest egg will be a big help. Some young people have also had summer or part-time jobs for many years and have a healthy balance in their savings account. But with...

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