10 comprehensive retirement checklist
1. Update your budget as a retiree: Your spending habits and expenses will be different.
2. Decide when to apply for pension benefits: Most Canadian seniors and retirees are eligible to receive income from Old Age Security (OAS) and the Canada Pension Plan (CPP) or the Quebec Pension Plan (QPP)1.
3. Consider the tax credits you may be eligible for: You may be eligible for tax credits even if you’re getting a public pension1.
4. Review and update your insurance coverage: Make sure it meets your current and future needs1.
5. Consider what might happen to your pension if you continue to work: Learn about working while collecting a pension1.
6. Consider pension income splitting and/or pension sharing with your spouse or common-law partner: Pension income splitting may lower the amount of tax you have to pay in retirement1.
7. Protect yourself and the people you love against financial fraud and abuse1.
8. Plan for a possible loss of financial independence: At some point, you may become mentally or physically unable to manage your finances1.
9. Make or update your will: Making a will is a good way to make sure that your wishes are honoured after your death1.
10. Consider where you will live when you retire and how much it will cost1.
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10 Tips: Learn from a living-proof saver to invest in your Future with OldMoneyAdvise.
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Set mini goals as part of your long-term plan: Decide what you’re saving for and calculate how much money you need to meet your goal.
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Decide how much you should put away each month: The ideal amount of money you put away (best is 20% of your total income) ultimately comes down to your goals and how much of your income is left after meeting monthly expenses1.
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Track your spending and savings: A key part of saving is tracking your money with Mint. This will help you develop conscious spending habits.
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Create a comprehensive budget: Write down how much money you receive from your salary, bonuses, benefits reimbursements and other sources. Compare that to all of your expenses to ensure you have enough money to cover everything you need.
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Spend less by trimming day-to-day costs: Identify areas to save, such as on your cell phone and cable television plan, or by planning meals and groceries to avoid takeout lunches and last-minute
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Eliminate unnecessary costs: Make a list of your current bills and their due dates, and pay your bills on time to avoid late fees and penalty charges.
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Find ways to pay less interest on your debts: Focus on paying off debts with the highest interest rate first.
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Set clear goals to help accelerate your savings: Write down all the things you’re saving for, then work out how much you need to set aside each month to reach your goals in the timeframe you want then “pay” yourself this amount each month as if it is another bill.
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Don’t pay more tax than you need to: Find out what tax bracket you and or your spouse are in, and submit claims like child care costs, medical expenses and charitable donations with the tax return for whoever is taxed at a higher rate.
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Make the most of workplace plans: Take full advantage of group retirement plans, including matching programs, and reduce taxes and out-of-pocket expenses with flexible spending accounts and health benefits. Click below for my Instagram at oldmoneyadvise for more tips.
What is the term Money Leak
What is the term Money Leak?
A money leak is a small expense that may seem insignificant on its own, but when combined with other small expenses, can make a big dent in your overall financial wellness and ability to achieve your financial goals.
For example, if you buy a $5 coffee every day, that adds up to $150 dollars per month or $1800 per year. Or on average we spend $2000 a year for delivery of online shopping. That’s a significant amount of money that could be put towards paying off debt or saving for the future.
Other common money leaks include subscriptions that you don’t use, eating out too often, and impulse purchases of make up and duplicate items. There is a saying, I haven’t been everywhere, but it’s on my list. I just need to stop buying avocado toast :)
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Money Leaks links to check out
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IG:oldmoneyadvise
WGA STRIKE
WGA Strike day 114!
This ongoing dispute involving entertainment writers is affecting many popular shows.
The writers are striking for various reasons, including frustrations with wages and residuals. One of their concerns is the role of artificial intelligence in their industry and the possibility of being replaced by AI software.
In other words, they don't want to be replaced by robots and this is pretty wild when you think about how quickly this scene has changed from just a year ago, the idea of something like ChatGPT being able to take over for writers being a joke.
This has become a major issue with the strike negotiations.
We've already seen examples in media of AI taking over various writers job and it's massive profit value offered by replacing living breathing and salary demanding workers with a piece of software. Is AI a threat or a challenge to be better?
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IG: oldmoneyadvise
Should I invest or pay down my credit card?
Either is a worthy goal. Here’s how to decide:
Investing vs. Debt Repayment: If you can earn more interest on your money by investing it than your debts are costing you, then it makes sense to invest. However, if your debt carries a relatively high interest rate, it might be better to pay down the debt first. Best ways to pay down your credit cards.
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I hope this information is useful to you!
IG: OldMoneyAdvise
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