You probably heard the news that in the latest federal budget, the government has changed the age at which payouts from the Old Age Security (OAS) payment program begin from 65 to 67. If you didn’t, you’re probably too young to think it matters to you. Well guess what, it does! Here, we review what the change means – and review some retirement planning options – based on your current age bracket.
Like most of us, you probably pledged to lose a little weight, get more active, and to get a better grip on your finances this year. Unfortunately, resolutions are much easier made than kept. If you’ve made a money-related resolution, but are having trouble staying on track, you might just need a little motivation. Below, I’ve provided a list of this year’s must-reads.
Not all savings accounts are created equal. Some offer you unlimited access to your money in exchange for a monthly fee, while others charge you nothing provided you leave your money where you put it. The type of account you choose really depends on you.
The old expression “Nothing ventured, nothing gained” is especially true when it comes to investing, but some types of investments are definitely safer than others. Before considering investing in stocks, bonds or commodities, take the time to do a personal risk assessment.
Nobody wants to lose a shirt; a good investment is a wise investment.
Any financial planner – or credit counselor – will tell you that the first step to creating a budget that you’ll stick to is tracking your ongoing expenses for two or three months.
Before you venture into investing, you need to determine two things: your personal risk tolerance and your needs and goals. In order to do this properly, you need to understand the different types of investments and the amount of risk involved with each.