Medical insurance options for early retirees are probably more attractive, given that they usually don’t qualify for any financial assistance before 65. Is it worth having private health insurance if you’re under 65 and spending thousands on prescription drugs? Probably, but again, it is important to do the math before signing up for any plan.
However, the downside of retirement freedom is having to rely on a fixed income. If that income is inadequate, the retirement dream can soon turn into a nightmare. A national survey of Canadians aged 60-plus found that almost half of them have at least one financial concern.
There are five other CPP pension benefits that people are much less aware of. While slightly less known, they are worth knowing about, as they could help boost your retirement income or your family’s income.
As well as having an impact on Canadians’ health and personal lives, Covid-19 has also affected many Canadians’ ability to make a living. Unemployment could rise to 13.5% and over a million Canadians have applied for unemployment benefit. Forty-four per cent of Canadian households have at least one person who has lost their job or now works reduced hours.
How exactly does CPP work? Is everyone eligible to receive it? And when can you start receiving it? We take a look at the answers to these questions as well as how much you can expect to receive from your CPP retirement pension.
One of the top tips to get out of debt is to know exactly how much you earn and spend and then make a budget. This all starts with going through your bank account to work out how much you spend on everything, including essentials, variables and discretionary spending.
However, many people aren’t aware of some of the TFSA rules. We often hear people ask, “How much can you contribute to a TFSA, what is my TFSA limit and what is TFSA eligibility?” This article will answer all of those questions and look at ways that a TFSA can benefit retirees.
Nearing your golden years and looking forward to being free from work? Making big plans to pursue hobbies and other activities that you have always been passionate about? Already retired and unable to decide what to do now?
HomeEquity Bank explains the various stages of retirement and how seniors can prepare to get transitioned into retired life to continue enjoying their life after retirement.