This article explores the financial planning of a 53-year-old government worker named Larry, who is considering retiring in 2026. It also discusses the impact of the U.S.-Canada tariff war on personal finances and the housing market, urging Canadians to prepare for potential economic hardship. Additionally, it examines the myth that everyone is equally affected by inflation, highlighting the growing wealth disparity in Canada.
Can this 53-year-old afford to retire from his government job next year? Plus, is now a good time for snowbirds to sell their American nests?Since his first Financial Facelift in 2009, Larry has been longing to leave his now $144,000-a-year high-tech government job and “chase what I love, although I haven’t yet found out what that is,” he said at the time. But he stayed for the defined benefit pension, “and I’m in a position now where I’m thankful for that,” Larry writes in an e-mail.
Starting immediately, all your near-to medium-term financial decisions need a Donald Trump overlay, writes personal finance columnist Rob Carrick in this Opinion article. Maybe you feel you’ve been nagged to buy Canadian in the past. Now, says Carrick, it’s an economic necessity.The economy is hurting almost everyone. That’s the main message Canadians have heard about inflation, writes Paul Kershaw in this personal finance article.This interpretation is frightening, says Kershaw, at a time when solutions to challenges we face will require many of us to step up. We must deal with demands from U.S.
Inflation of housing values drove most of these gains, especially for the country’s top 40 per cent of earners. We accounted for 60 per cent of the appreciation in financial assets since 2019, according to Royal Bank of Canada. With the loonie tanking to 69 US cents and threatening to drop further with Donald Trump’s tariff threats, as well as Canada’s uncertain political future, many snowbirds are hurrying to sell their U.S. properties.
Adam Chapman, certified financial planner at YESmoney in London, Ont., says the specific survivor benefit options often aren’t known until the employee is a few weeks from retirement. Many clients approach him when they receive a before-you-retire package from their employer at the 11th hour and tend to be overwhelmed by the choices.
RETIRED TARIFF WAR INFLATION WEALTH DISPARITY HOUSING MARKET
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