A major Canadian bank brokerage recently said that it wants 25% of client portfolios in “alts” within five years. Translation: high-fee, hard-to-leave products.| Boomer & Echo
When you are 1-5 years away from retiring, a checklist like this can be helpful to get yourself into the retirement readiness zone.| Boomer & Echo
If taking CPP at 70 is such a good idea, why not also defer OAS to age 70? Here are 3 reasons why you should defer OAS:| Boomer & Echo
A recent Financial Post Family Finance column profiled a 71-year-old woman who found herself in a financial mess. She owned two rental properties, was forced into mandatory RRIF withdrawals, and was receiving CPP and OAS. The result? A giant tax bill and a lot of frustration. Her mistake was waiting until her 70s to get…| Boomer & Echo
Losing your spouse changes everything. But it does not mean you have to surrender control of your money or your future. Surround yourself with people you trust. Take the time you need before making big decisions. Get clear on the numbers.| Boomer & Echo
This guide lays out the puzzle pieces: what to do before you retire, what happens in the first year, and how three different retirement scenarios look in practice.| Boomer & Echo
Let’s dive into everything you need to know about RRIFs – from opening a RRIF to what happens when you kick the bucket (yes, we’re going there).| Boomer & Echo
A guide to Old Age Security, including OAS payments dates, when to apply for OAS, and how much you can expect to receive from the government.| Boomer & Echo
The CPP decision doesn’t start at 65. It starts at 60. And if you frame it that way, the difference between taking CPP at 60 and waiting until 70 isn’t 42 percent. It’s 121.9 percent.| Boomer & Echo
Millions of investors keep their retirement savings in the same bank-managed balanced mutual funds. They pay about 2% a year for mediocre performance and little to no advice.| Boomer & Echo
What I wish I’d known at 18, 24, and 30 - from parents and grandparents who’ve been there, and a financial planner who can translate those experiences into actionable advice for today| Boomer & Echo
One of the biggest decisions as you edge closer to retirement is when to take CPP. Early, late, or somewhere in between:| Boomer & Echo
The dividends-versus-total-return debate has (mercifully) cooled. Most investors now accept there’s nothing magical about dividends – it’s just cash carved out of total return. The real “magic” is reinvesting, i.e., putting the slice back into the cake so it keeps baking. And yes, ex-dividend, a stock’s price typically drops by roughly the dividend amount –…| Boomer & Echo
We just got back from Scotland – a trip that involved epic hiking in the Highlands, duck-feeding along Loch Ness, and a quick stop in Glasgow so our daughter could “manifest” her future university choice. We covered nearly 500 miles in a rental car, used our umbrellas exactly once, and, thanks to some smart credit…| Boomer & Echo
Like a lot of money nerds, I’ve always loved a detailed budget. There’s comfort in seeing where every dollar goes, especially when life throws its usual mix of irregular income and surprise expenses. Still, I was curious: what would happen if I ditched the details and looked at our finances the way author Ramit Sethi…| Boomer & Echo
Mental accounting tricks us into treating money differently based on where it comes from or how we plan to use it. Here’s how these mental shortcuts can lead to costly financial mistakes—and how to avoid them.| Boomer & Echo
A Canadian personal finance blog with smart ideas on how you can achieve financial freedom at any age.| Boomer & Echo
A few months ago I wrote about some changes I plan to make to our kids' RESP portfolio. We've used TD's e-Series funds for this account, but will switch to an ETF portfolio using Justin Bender's excellent RESP strategy. Along with this portfolio reboot, I'll also change how we fund…| Boomer & Echo
I got a three-month head start on working from home after I quit my full-time job in December 2019. At first, I worked from a laptop at the dining room table. It wasn't ideal, especially when our kids were sent home for online school. We later carved out a section…| Boomer & Echo
My DIY investing journey began after the global financial crisis in 2008-09. It wasn't until markets crashed by as much as 50 percent that I started to take notice of my investment statements and performance. Aside from the significant decline in my portfolio, the most alarming number was the 2.7%…| Boomer & Echo
CRA My Account is intended to allow individuals to access and manage their own personal income tax and benefits information. Here's how it works:| Boomer & Echo
One way you may be able to increase your CPP benefits is by taking advantage of the Child Rearing Dropout Provision. Here's how it works:| Boomer & Echo
This article is about something I call the retirement risk zone: The period of time between retirement and the uptake of delayed CPP and OAS.| Boomer & Echo
Old Age Security (OAS) was originally intended to be a universal program to provide income support payments to Canadian seniors. Here's how OAS works:| Boomer & Echo
My inbox has been flooded lately with worried investors who feel anxious about the current market environment. It seems once again we find ourselves in unprecedented times. While the future is always uncertain, the stock market is a forward-looking machine and is constantly gathering new information to assess the outlook of individual companies and the broader economy. If you're worried about the impact of tariffs, you can rest assured that millions of other investors share the same sentime...| Boomer & Echo
It was my tremendous honour and privilege to speak with the one and only David Chilton (aka The Wealthy Barber) on his latest podcast episode.| Boomer & Echo
Prospective clients come to me when they're on the cusp of retirement and looking for answers to key questions like when can I retire, how much can I spend, how long will money money last, and, ultimately, am I going to be okay? I gather information about their current situation (income, account balances, asset allocation, expected income from a pension and/or government benefits, property value, debts, etc.), and ask them to list their financial goals and burning questions. Then I plug those...| Boomer & Echo
In previous articles I've looked at reasons to delay taking CPP until age 70, along with explanations why you might want to take CPP earlier at age 60. But in this article I'm going to explain why you shouldn't take CPP at age 65. The most compelling reason to defer CPP is the increase or enhancement of your benefit - 0.7% for every month you delay past 65. Wait until age 70 and you'll receive 42% more CPP than if you took it at age 65. Taking CPP early can also be an attractive option for th...| Boomer & Echo
Vanguard changed the self-directed investing game in Canada with the launch of its new suite of asset allocation ETFs. Now investors can get an ultra low cost, globally diversified portfolio of equities and bonds with just one product. The funds first came in three flavours - VCNS, VBAL, and VGRO - each with a different target asset allocation for the conservative, balanced, and growth-minded investor. Shortly after came the sweetener, at least for me, when Vanguard introduced an all-equity v...| Boomer & Echo
It's generally not wise to voluntarily take up to a 36% reduction in income, especially if that income is paid for life. But that's exactly what happens when retirees choose to take CPP at age 60. I'm a big proponent of delaying CPP up to age 70 to help protect against longevity risk and enhance your monthly pension benefit in retirement. Only a small percentage of retirees do so, however, as many prefer to take CPP as soon as they're eligible. Why Take CPP at Age 60? Taking CPP early may not...| Boomer & Echo
The amount of your CPP payments depends on two factors: how much you contributed, and how many years you made contributions between 18-65.| Boomer & Echo
I share how I invest my own money to help you simplify your portfolio, reduce your costs, and ultimately lead to a better long-term outcome.| Boomer & Echo
Fee Only Advice You can call me a fee-only advisor, fee-for-service planner, advice-only planner, or a money coach - it does not matter. What does matter is that you get unbiased financial advice from someone who's knowledgeable and trustworthy. But what exactly is fee only advice? At Boomer & Echo financial planning, I don't sell products or get paid commissions to refer you to someone who does. Instead I offer sound financial advice to help you get out of debt, manage your spending, and dec...| Boomer & Echo
It might seem counterintuitive to spend down your own retirement savings while deferring government benefits such as CPP and OAS past age 65. But that's exactly the type of strategy that can increase your income, save on taxes, and protect against outliving your money. Indeed, the key to more lifetime income for many retirees is to defer CPP until age 70. Why Take CPP at age 70? Here are three reasons to take CPP at age 70: 1. Enhanced Benefit - Take CPP at 70 and get 42% more! The typical ag...| Boomer & Echo