Ellen Roseman speaks with Kyle Prevost, co-author of the book More Money For Beer and Textbooks and self-proclaimed personal finance nerd, about his new retirement planning course for Canadians entitled "4 Steps to a Worry-Free Canadian Retirement." They discuss topics such as the incentive structure for advisors, the 70% rule of pre-retirement income in retirement, fee-only advice and a variety of personal finance topics including his four steps for a worry free retirement. They also discuss life living in Qatar.
When it comes to planning for a secure financial future, one term that often surfaced recently is "annuity." Annuities play a crucial role in retirement planning, providing a predictable and steady income stream for individuals during their post-work years.
Three years ago, a friend, Cam, told me about how his dad didn't see death coming. He didn't know that a truck would take him out while he was out doing errands for his wife.
He had no idea he was not going to return home. It was almost six months to the day since his mother had had a major stroke while she was in California.
His parents didn't have any insurance. So, they had to stabilize his mother to get her back home. That event essentially bankrupted them.
You work hard and save your money so that when you retire, you still have the income to do the things you want to do, and maybe save some money for your funeral and for your heirs or charities or the care of your pet parrot. There is a vast library of articles about estate planning, but have you looked at your beneficiary designations lately? If you have designated everything to flow to your “estate” and expect your executors to sort it out, read on. There are advantages to naming specific beneficiaries.
This article is intended as general information, and your personal circumstances may vary. None of the following information is intended to be financial advice, and you should always consult a lawyer, accountant or financial professional for specific advice about your personal situation.