Retire Wealthy

Retire Wealthy



The new Golden Age of retirement

The doomsayers are wrong: with pension funds and the stock market returning to a normal growth rate, here’s why you’ll be wealthier, healthier and happier in your golden years than any other generation has been.

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SNAPSHOT: LIFE AFTER WORK



10 retirement stocks to buy now

While income stocks and bonds have traditionally made up the bulk of a retiree’s portfolio, the time has come to add a little growth

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Invest like a pension fund manager

If you are managing your own retirement investments, you might want to see what the pros are doing: your RRSP is like a personal pension plan, right.

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Alice Cooper now owns a chain of restaurants and DJs a radio show. What will you do when your career is over?

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Hate Florida but can’t take the heartless Canadian Januarys? Here are some winter getaways designed for affordibility, comfort and safety – plus adventure.

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10 Ways to Retire Early

1) Turn a hobby into a part-time job: even a small income can dramatically reduce the amount you need to save while working. So find something you love to do and get paid for it.

2) Plan ahead—way ahead. The sooner you decide to retire early, the more time you have to adjust your spending, saving and investing.

3) Adjust your spending now. A luxury purchase today can mean fewer years of freedom later.

4) Adjust your spending later. Don’t assume your cost of living will stay the same when you retire.

5) Live off a single income. If you’re in a two-salary family, you can save fast by living off one of them and putting the other aside.

6) If you’re not in a two-salary family, think long and hard about starting one—preferably through a handy dating service like this: MillionaireMatch.com.

7) Become a landlord. Investing in residential or commercial real estate is a great way to insure a passive income stream for your retirement years.

8) Join your pension plan. Most are a very good deal. Almost all defined benefit plans will result in your getting significant contributions from your employer.

9) Power-save in your 50s: once your mortgage is paid off and your kids are out of the house, expect your disposable income to balloon. Save that extra cash instead of spending it.

10) Have more kids: children are the original RRSPs. Just make sure one of yours is a doctor.

10 Ways to ensure you don’t outlive your money

People are living longer and are more active now than they ever were. That means greater demands on your retirement savings: Here’s how to ensure your savings don’t run out before you do.

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10 ways to beat low returns

To keep your retirement goals on track, your investments need to grow even when the market is tepid. Here’s how to do that:

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SNAPSHOT: LIFE AFTER WORK

Paul Martin

Former Prime Minister of Canada
Retired: February 2006

What do you do for fun now that you’re retired?

When I’m not flying somewhere, I’m playing probably the worst golf that has ever been played by any human being, but with great enthusiasm. I live on a farm and I occasionally like to take out a piece of farm equipment as well. The most fun in the world, overwhelmingly, is playing with my grandchildren.

Is your retirement everything you hoped it would be?

I enjoy everything I’m doing, whether it’s working with First Nations or driving a tractor. I even enjoy the terrible golf I play.

SNAPSHOT: LIFE AFTER WORK

Nancy Hughes Anthony

Former CEO of the Canadian Bankers Association
Retired: March 2011

What do you do for fun now that you’re retired?

I really enjoy travelling a lot with my husband, particularly to Europe. I also enjoy swimming, Pilates, reading and cooking in my wonderful kitchen. I’m still on the board of HSBC Bank Canada, which I very much enjoy, and I’m on the board of my community homeowners association here in Toronto.

Is your retirement everything you hoped it would be?

I think it is–because I planned it quite some time ago with my husband. We’re fortunate enough that we could retire at the same time and we have similar goals and tastes.

SNAPSHOT: LIFE AFTER WORK

Patrick Daniel

Former CEO of Enbridge
Retired: October 2012

What do you do for fun now that you’re retired?

Travel. I’ve been to see the grandchildren in Charlotte more often. I’ve done some fly-fishing—we caught beyond the counting point in the three hours we were out there today. I visited Africa, climbed up Mount Kilimanjaro, did a safari. I was in Scotland for a week with my siblings. Went down for the Kentucky Derby. I was in Paris on business for a week. I even went hiking and kayaking in Alaska.

Is your retirement everything you hoped it would be?

It’s great to have the flexibility to do everything you want to do, though at the end of the day, you don’t feel like you’ve accomplished everything you used to accomplish. I’m having a hard time adjusting to that.

SNAPSHOT: LIFE AFTER WORK

Richard Peddie

Former CEO of Maple Leafs Sports and Entertainment
Retired: December 2011

What do you do for fun now that you’re retired?

I live in three places, and each one offers me something different. I have a condo in Miami for the winter. I have this cottage (where I’m playing golf). I have a pond. I garden. Then I have Toronto. When I get to Toronto, it’s very busy with meetings—I’m helping private equity companies.

Is your retirement everything you hoped it would be?

I didn’t want to be bored, and I didn’t want to be overly busy, so I guess I found that middle ground.


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