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Questions answered: 11

Apr 12, 2012

Q:: I am 51 and approaching a divorce. I have $300,000 in an RRSP and I will have a pension for 10 years. I don’t have any debt and I will have half the house assets to use for a home purchase. I will need to make future financial decisions for myself versus as a family and want to plan and likely change some things, but want to avoid financially hurting myself in the long run. Can you please provide some guidance. asked by J., medical adjudicator, Victoria, BC
A:: The best advice I can give for you at this point is to sit down with a financial advisor, especially one who specializes in working with individuals going through a divorce. read more »

Apr 3, 2012

Q:: I would like to invest for my retirement but I am undecided whether I should invest in an annuity, rental property or just purchase insurance for critical illness. I am 52 years old and I would like to retire around age 60. I am single and good at saving money, so I won't need much to live on - but I am concerned about how I would manage if I were to develop a critical illness. What to do? asked by Anonymous, accounting assistant, North York, ON
A:: What I might recommend is taking some time to first look at what guaranteed pension income or other income you will have coming in at your desired retirement age versus what expenses you estimate to be going out. The shortfall (if any) will help determine how much you need to be saving and how to be investing. Rule of thumb - you want those essential or overhead costs to be covered by guaranteed incoming income. As such, if you have a shortfall in your income versus expenses at age 60, you might look to an annuity to fill the income need. I would highly advise before doing anything that you seek out the advice of a financial advisor. read more »

Mar 6, 2012

Q:: I'm a single mom of young adults considering early retirement in a few months at age 60. I will apply for CPP (no employer pension of any kind). My plan is to give up my stressful day job and instead rely on my self-employment income which should generate about $1,100 per month. After I sell my home, the equity and small RRSP will amount to about $45,000. Ideally, I'd prefer to move to a small town and live without a car. My question is, would I be better off buying a small condo or renting an apartment? asked by Anonymous, small town, ON
A:: You are definitely someone who should sit down with a financial planner. You are at a stage when you want to make important life choices; as such, it is best to take all your facts and figures to a professional to have them assess your personal situation and provide advice as to the best direction or steps to take. read more »

Mar 1, 2012

Q:: Is your line of credit rate negotiable? asked by B., Calgary, AB
A:: Line of credit interest rates can be negotiable to a point. The banker or advisor usually has a spread that they can work within. It is often based on the client’s value to the institution and outside competition. read more »

Jan 24, 2012

Q:: I just turned 50 and have started with RRSP contributions after a life-changing situation. I have $2,500 in savings and will continue to contribute monthly. Currently, my money is in a savings account; where should I put my money from here? I may purchase a condo apartment in about 5 years - other than that, my money is for retirement. Please help. asked by E., self-employed, Orleans, ON
A:: Fifty is usually around the age people start to seriously look at retirement. Starting late in the game still gives you a good 10 to 15 years to aggressively save. However, if any health issues start to arise, this could jeopardize your ability to work and save. read more »

Jan 23, 2012

Q:: My husband wants to retire in Mexico. He's 47 and will retire at 65. I'm 33 and not really thinking about retirement. We are both, however, on the same path when it comes to purchasing a retirement property in Mexico... asked by Anonymous, newspaper copy editor, Toronto, ON
A:: Well, $980,000 in 18 years at 3% inflation is about $1.6 million. Doing just straight math and not taking other factors into account, if you were to buy that home in Mexico without owing anything on it, you would need to save around $50,000 plus a year. If that is not realistic, then you will have to look into how you might be able to finance your dream. read more »

Nov 28, 2011

Q:: Is there an investment vehicle that would be suited for annual accumulation towards April's income tax payment time? asked by Sandy, retired, Winnipeg, MB
A:: I would suggest investing in something very secure and liquid. Either a regular savings account or even a money market fund. You can set up monthly automatic contributions to be directed into the account. This is a great way to budget and to ensure your savings grow. read more »