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Can this sixtysomething couple help their kids buy homes and still be comfortable in retirement? Plus, how loneliness can get in the way of a happy retirement Steve and Heather have a house in Toronto and a rental condo that is just breaking even. Both have mortgages. Steve and Heather are both information technology professionals. Heather took early retirement during the COVID-19 pandemic and Steve , who is earning $270,000 a year at a big consulting firm, would like to join her next fall.
This explains the unique tone of disappointment in the queries Carrick says he gets from readers about the CPP survivor’s pension. One person, he says, recently asked why she’s only receiving a very small portion of her husband’s CPP. He was only able to collect CPP for seven years – where did the rest of his contributions go?
“Retirement at 65 is crazy” Jack said. “When I was 65, I still had pimples” he joked, quoting the late George Burns. Truth be told, says Cestnick, Jack still needs to work to make sure he doesn’t run out of money before running out of retirement years. “Many people don’t necessarily know what’s going to be that thing that fills their time,” says Adam Chapman, certified financial planner at YESmoney in London, Ont. “So, suddenly, relaxing becomes the thing that we do.”“They basically just replaced their working career with TV,” he says. “I don’t think most people choose to retire to watch TV.”
“Money without a purpose is really quite boring,” she says. “If you don’t have a plan to spend the money or use it, why are you saving?”As with certain genetic traits, the passing of wealth sometimes skips a generation, with parents leaving children out of their will and choosing instead to provide an inheritance to their grandchildren.
“Everybody’s going to have a different motivating factor for wanting to skip a generation in their will,” says Gregory Moore, partner and portfolio manager at Richter LLP, a family office with locations in Toronto, Montreal and Chicago.I worry about the impact on my children if I become mentally incapacitated as I age. How do I prepare?As Canadians live longer and not always in great health, planning for aging and anticipating that a decline in health may occur, is critical.
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