Top 10

If it appeared on the web in North America, is focused on Financial Independence, and involves a list of ten, we may present that blog or column here. For really good stuff, we may admit lists of 5, 7 and other numbers too!

Is your Findependence action plan truly game-ready?

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Adrian Mastracci

By Adrian Mastracci, KCM Wealth Management Inc.

Special to the Financial Independence Hub

No doubt, investors want to be ready for retirement or what this site calls Financial Independence/Findependence.

The bigger question is whether the Retirement/Findependence plan of action is truly game ready for them.

Investors face a multitude of decisions in mapping their roadway to retirement. Preferably, a roadmap that withstands the tests of time. Especially for those who are at the retirement doorstep. Planning retirement is about setting the long-haul course of action to achieve a specific personal return. The course is more than selecting stocks and funds. Some cases may require a total financial makeover.

Start the process at least 15 to 20 years prior to actual Retirement/Findependence. Longer is desirable. Investors need to find that delicate balance between spending for today and saving enough for tomorrow. At age 60, the plan can easily span 25 to 30 years, possibly more. It’s also likely that few if any savings will be added to the portfolio after retirement begins. The nest egg has to sustain income draws for the lifetimes of two spouses.

At KCM, we have assembled five fundamental steps to improve your game plan readiness prospects: Continue Reading…

Weekly wrap: Valentines tips, money stress for couples and why budgets are “stupid”

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Photo J. Chevreau

If you’re looking for last-minute Valentines shopping ideas that can save money to boot, check out this blog from financial blogger Tom Drake.

You can find more on the same theme here at Financial Highway, where the writer goes beyond the beaten path with his suggestion of writing a love letter. Or a “personal gift card” providing various future services to be rendered. (around the house, of course!)

Try the Everything Store

If you’re really stuck for ideas, try Amazon.com, which has set up a whole page of Valentine gift suggestions, including an Amazon gift card.

 Financial Tips for Couples Continue Reading…

5 tips to avoid a costly retirement

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Wes Moss, WessMoss.com

Wes Moss, an American author,  financial planner and radio host, has just published a blog entitled 5 tips to avoid a costly retirement.

Previously on the Hub, we have reviewed his book You Can Retire Sooner Than You Think. We’ve also focused some blogs on his “1,000 buck-a-month rule” for estimating how much you need to retire.

Go to Moss’s current blog linked above and you’ll see that the second half was contributed by me. You may also recognize the Canadian and U.S. editions of Findependence Day there as well.

Below are my working notes for my interaction with Wes. Keep in mind this content was aimed at U.S. readers.  Continue Reading…

10 Planning Steps to Take Within 10 Years of Retirement

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Roger Wohlner, The Chicago Financial Planner

By Roger Wohlner, The Chicago Financial Planner 

The ten years prior to retirement are when a lot of people start to take a hard look at their retirement readiness. This makes sense, as you are likely in a position to make some decisions about what your retirement lifestyle will look like.

This is also a good opportunity to deal with any retirement shortfalls while there is still some time to make adjustments. Here are ten planning steps to take within 10 years of retirement.

Maximize your retirement savings

The ten years prior to retirement will be among the highest-income years of their careers for many retirement savers. This is a time to maximize your contributions to your 401(k) plan, to IRAs or to a self-employed retirement plan. While these contributions will not have as many years to compound as those made in your 20s and 30s, these late-career retirement contributions are still important.

Review Social Security Continue Reading…

Two ways to downsize

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downsizing home to a smaller oneOnce you hit the Decumulation years, a common option new retirees consider is Downsizing from a large urban home. Friends of ours on our street are about to put their home up for sale in order to move to a small town an hour away. The difference in the home values will constitute a major nest egg to supplement meagre government pensions and part-time work.

Wednesday’s Financial Post has two articles on this theme. In the RRSP Special Report (I also contributed an article on a different topic), Garry Marr describes the strategy of finding lower-priced homes in small towns:

The small-town appeal is a huge factor for retirees because it can allow them to sell their house in a large city and extract the equity, which they can then live off for their remaining years.

Top reasons to rent during retirement

Continue Reading…