An unlucky sequence of returns can torpedo a retirement portfolio. Compare asset allocation strategies to mitigate that risk and put it into context.| Physician Finance Canada
The concept of financial independence/retire early (FIRE) is all the rage in the personal finance space. The idea is to save a large percentage of your income (50% or more), live as frugally as possible, and retire in a short period of time while continuing to live frugally. Sometimes, fortunate young people with higher incomes can do this and retire in their 30's, and in some cases, their late 20's! In any case, the biggest concern with retiring early is running out of money. The earlier th...| Million Dollar Journey
Moving from the accumulation stage of my professional career, to withdrawing investments in early retirement was more difficult than I would have predicted a few years ago. For those who haven’t been following me since I started writing Million Dollar Journey back in 2005, I have slowly-but-surely detailed my rise from a very average net worth, to building an investment portfolio that allowed me to reach complete financial independence. Here are some of the key articles that I’ve written ...| Million Dollar Journey
After writing a deep dive article on whether the 4% safe withdrawal rate still works for retirement at various ages, I received a lot of questions basically asking: “Ok, so 4% is a good rule of thumb, but when I actually go to withdraw money from my various investment accounts, to put into my chequing account & high interest savings account in order to pay for day-to-day expenses, what is the best way to avoid taxes?” Upon reading many of these types of questions, I realized that I wasn...| Million Dollar Journey
For income-oriented Canadian investors the choice between a Bond (or Bond ETF), a GIC, or a high interest savings account has become more important than ever. With interest rates at historic lows (for a little while longer anyway) choosing the best option for the “safe, low risk investing” part of our portfolio can make a big difference! Read on to find our picks for the best Bond ETF, the best GIC rates in Canada, and our pick for top Canadian high interest savings account. Best Cana...| Million Dollar Journey
Long-term investing is one of the most powerful ways to grow your wealth. As the name implies, long-term investing means that an investor buys an asset with the intent to hold it for some time. The time frame can be years or even decades. Over time, long-term investing has the potential to produce excellent returns due to the magic of compound interest. While this strategy might not appeal to everyone, especially those with a high risk tolerance, it has historically proven to be an effectiv...| Million Dollar Journey
You’d think it’d be a relatively easy quest to answer the question: How much will a Canadian spend in retirement? When I set out to create the first retirement course for Canadians looking to retire in the next 25 years (or in the early stages of retirement) I figured that determining how much the average Canadians spent in retirement would be pretty straightforward. You can check out what that course has to offer by clicking here. I also knew that it was quite important to get this infor...| Million Dollar Journey
The concept of a safe withdrawal rate (and the 4% rule) is a key planning tool for Canadians of all ages. After all, if you don’t have a general withdrawal plan, how can you know how much you need to save in the first place? If you have been reading MDJ for years, you already have an idea of how to use a Canadian online broker account to DIY-invest your way to a solid nest egg. Now you’re planning for retirement (whether it’s 20+ years away or next year) and you’re wondering how to ...| Million Dollar Journey
How and when to pay yourself through your business. Are dividends better than a salary? Should you use income splitting, are pensions worth it and more.| Million Dollar Journey
Old Age Security - better known as OAS - is one of the least understood aspects of Canadian retirement planning that I’ve come across. In order to full wrap your head around OAS and how you can get the most out of it for your particular situation, this deep dive is going to cover: (use the table of contents below to jump to the section that pertains to you) OAS Eligibility (Who gets full or partial OAS) What is the OAS Clawback? (How Do I Keep My Whole OAS Cheque?) How Much OAS Will I Get? ...| Million Dollar Journey