Personal Finance

Better Finances for a Better You

Topic: "Retirement Planning"

← Curating the web to find the most interesting and helpful information about your money.

Infographic of the week

Visualizing America’s Average Retirement Savings, by Age

Painting a concerning picture, the median retirement savings for Americans stands at a mere $87,000, a figure far lower than what is needed for a comfortable nest egg. This savings gap—the amount people have actually saved versus what they believe is needed for retirement—is significantly rising. In fact, a recent survey from Northwestern Mutual reveals that $1.46 million is the ideal savings target for retirement, up from $1.27 million last year.

Visualizing America’s Average Retirement Savings, by Age America’s Average Retirement Savings, by Age →

Investing

What Higher Interest Rates Mean for Retirement Cash Flows by Christine Benz

Retirement planning has undergone a seismic shift over the past few years because of a single factor: higher interest rates.

Now that interest rates are higher, should retirees try to live off of their portfolios’ yields? →

Saving

Retiring at age 30 with $1 million comes with a lot of leg work and a bit of luck. It’s not impossible, but a lot of things have to go right for you.

Eric Reed on How Long Will $1 Million Bucks Last Me If I Retire at 30? →

Infographic of the week

Retirement Planning Mistakes

According to professionals, the most common retirement planning mistakes are time-related, like outliving savings or not understanding how inflation can affect a portfolio over time. The number one mistake? According to 49% of financial planners, its underestimating the sizeable impact inflation has on the value of retirement savings.

Retirement Planning Mistakes Charted: Top 10 Retirement Planning Mistakes from the visualcapitalist.com →

Word of the week

Annuity

An annuity is a type of insurance contract in which the insured (you) and the insurer (insurance firm) agree that the insurer will pay you either on a regular basis or one-time disbursements to you as a payout for your contributions. Usually, people utilize an annuity as a retirement income source.

Use our free retirement calculator to see how an annuity make get you closer to your goals →

Infographic of the week

Charted: Retirement Age by Country

The retirement landscape can look completely different depending on what country you’re in. And charting the retirement age by country reveals a lot of differences in the the makeup of a labor force, both for economic and cultural reasons.

Charted: Retirement Age by Country Exploring retirement age trends around the globe →

Saving

Rob Carrick's Stress Test with Shannon Lee Simmons, a Toronto-based certified financial planner whose core clients are millennials and Gen Z, about shifting views of retirement and how you can best prepare.

Saving Podcast: Retirement might look different for Gen Z and millennials. Here’s how to plan for it →

Serious stuff

Canadians' confidence in their ability to retire on time and debt free declined between 2016 and 2022, according to a new research report released by the Canadian Public Pension Leadership Council (CPPLC).

Research shows Canadians losing confidence in their plans for retirement →

Serious stuff

The Canada Pension Plan enhancement – Businesses, individuals, and self-employed: what it means for you

How does the CPP enhancement affect you →

Word of the week

GIC (Guaranteed Investment Certificate)

"Guaranteed Investment Certificates (GICs) and term deposits are secured investments. This means that you get back the amount you invest at the end of your term. The key difference between a GIC and a term deposit is the length of the term. Term deposits generally have shorter terms than GICs."

Learn about the key details before buying a GIC →

← Curating the web to find the most interesting and helpful information about your money.