Planning your parents' retirement

Most people I know think that they won't be impacted financially by their parents as the parents get older. In fact, if I raise this topic I usually get an answer along the lines that the parents don't have much, so the kids aren't expecting an inheritance when the parents pass away.

Okay, so there won't be any funds flowing from your parents to you, but will there be funds flowing from you to them?

As you plan for your own retirement, have you thought about whether you'll need to support or partially support your aging parents? If they "don't have much", chances are good that the cost of long-term care or even hanging onto their home might be more than they can handle financially.

There is a really good article about this by Ted Rechtshaffen in the Financial Post. Click here to read it. Along with discussing how it might impact you, Mr. Rechtshaffen also suggests some solutions.

Attached photo by Vincent Kessler/Reuters.

Dispelling the family-owned business retirement myth

This article from http://www.symcoandco.com/ discusses how business owners think about their businesses and their retirements. It gives some thought-provoking insight into changing how business owners think. Click here to read the article.

Retirement can get old very fast

According to the National Post, the concept of retirement is changing dramatically, egged on by the debt problems faced by governments funding pension programs. Click here to read the story.  The attached photo is by Chloe Cushman for National Post.

Choosing CPP start date requires the whole picture

Retirement planning takes a lot of calculating and planning. One of the factors that must be considered is CPP retirement benefit, particularly as the plan underwent some changes this year. Click here to read an article from the Globe and Mail about taking your CPP start date into consideration.

Middle class retirement outlook takes hit

There doesn't seem to be much good news when it comes to getting ready (financially) for retirement. At this rate, I'm on the freedom-95 plan. Click here to read the latest from the Globe and Mail.

Boomers reluctant to curtail spending in retirement

I believe I'm going to be one of those people who doesn't want to reduce spending in retirement, assuming that I ever retire. Apparently this would put me in the majority, at least according to a recent study in the US. This article from a delightful blog called "Who moved my dentures? Essential information on healthcare, aging and caregiving" discusses that study. Click here to read it.

Living longer: the good news and bad

Statistics say that life expectancy has increased. This should result in changes to the financial plans we make for our retirements, but apparently many of us are resistant to that idea. Click here to read the story from SmartMoney.com.

Dream of retiring at 55 is dead, Conference Board says

There's absolutely no chance that I'll be retiring at 55. Apparently this makes me somewhat typical for a boomer, according to a new report by the Conference Board of Canada. Click here to read an article about this in the Financial Post.

Pre-emptive retirement planning

What kind of retirement planner are you? This article from bankrate.com will let you know whether you're a snoozer, an active resister, a wood-knocker or one of a few other types of planner. Click here to read the post.

5 things to consider before handing over your business

This article from BusinessNewsDaily has five great tips for owners of small businesses who are considering the future of the company. Click here to read the article.

Retire early, it's cheaper

This article from the Financial Post discusses a couple of strategies for maximizing money available at retirement and reducing your tax hit. Click here to read it and see if one or both of these strategies might work for you.

Retirement health, happiness require planning

This article from the Globe and Mail discusses the fact that many people plan the financial part of their retirement, but don't really think beyond that. The article says that we have to think about what we are going to DO all day. I personally will have to put some real thought into this, as I can barely get through a two-day weekend without fidgeting. Retirement might be really awful if I don't think ahead. Is anyone else in the same boat? To read the article, click here.

Retirement a distant dream for many entrepreneurs

This is a really good article from the Globe and Mail that talks about how having a plan is necessary for an entrepreneur to retire. It has some good analysis that I think you'll find interesting. Click here to read the article.

Boomers feeling the financial pinch

I suppose it isn't news any more that a lot of retirement nest eggs were turned into omelettes over the last few years thanks to a volatile world economy. This article from the Globe and Mail gives some details about that, and gives what it calls the key to survival. Click here to read the article.

Retiring some pension options

For those of you keeping an eye on what the Canadian governnment is doing about reforming the Canada Pension Plan, click here for an update.

Why 68 or 70 should be the new 65

This article from the Globe and Mail makes the point that the CPP eligibility age should be raised above its current age 65. The author makes a persuasive, informed argument, in my view. See if you agree by clicking here to read the article.

Retirement planning daunting for newcomers

Retirement and estate planning can be tough enough as it is, but especially so for immigrants to Canada who may have different traditions surrounding money, families and death. This story from the Globe and Mail looks into this further. Click here to read it.

Why women need to save more than men for retirement

I'm attaching an interesting article from the Globe and Mail that talks about why women typically need to save more than men for retirement. It's a function of earning less during our lifetimes and living longer. Click here to read the article.

Retirement means you continue working

At this rate, I'm on the Freedom-85 plan. How about you? Click here to read this story from the Globe and Mail.

Women more worried about retirement than men

A new study has shown that women are more likely than men to be worried about affording retirement. I didn't participate in the study (nobody asked me) but I can vouch for the fact that I personally worry about affording retirement, especially on the days my daughter's university tuition fees are due. To read the story in the Globe and Mail and learn more about the study, click here.