Media scan: Week of January 26th

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This week I wrote Long term care options for seniors: How much will you pay?  and Is Long Term Care Insurance really worth It? on retirementredux.com. How to get the life insurance you need was posted on savewithspp.com. On Brighter Life two new Working It Out columns appeared: How your RRSP can help you buy a home and How much should you save for retirement?

Here are some of the interesting articles and blogs I read:

I really like Patricia Gass’s Reflections From The Early Days Of Spending In Retirement, Part 1 on Let’s talk About Money re-posted on the Financial Independence Hub. We have just gone through a financial planning exercise and in spite of the numbers I too find it hard to believe our money will really last for the rest of our life.

Comparing Your Net Worth on Boomer + Echo by Marie Engen includes an income vs net worth calculator but she says these types of calculators and comparisons are useless because there is no other context. She concludes that having a comfortable life has less to do with how much wealth you have stored up and more to do with your state of mind.

Retire Happy blogger Sarah Milton says there are Four financial numbers you really need to know. your net worth, net income, savings rate and credit score.

On MoneyWise, Sean Cooper wrote Turning an RSP Into Income: My Mom’s Story. Like many baby boomers, his Mom Maureen found herself ‘house rich, cash poor’. After working so hard to pay down her mortgage she wasn’t too keen on a reverse mortgage, so she sold her house for top dollar and moved to a low maintenance, less costly condo.

The Big Cajun Mam Allan Whitten says in Smartsaver.org RESP: Helping Lower Income Families that this service helps lower-income families with kids at least have access to the Canada Learning Bond  funds available to them, without having to make any deposits. Sounds like a good idea to me too.!

Mr. Money Mustache presents a case study he calls Average Everyday Complainypants Seeks Redpon. In other words,how can a well-paid government worker in a cubicle move from rushing around like a chicken with her head cut off to early retirement and more time to enjoyi her life with her tiny humans (kids)? Check out his frugal and funny suggestions.

Banks fail ethics test by not lowering prime rates  Rob Carrick  at the Globe + Mail said recently  but several days later  CBC reported that the big banks dropped their prime lending rate almost a week after the Bank of Canada cut its key lending rate. But the kicker is they’re not passing along the entire .25% rate cut the central bank previously  announced.

Adam Mayers  at the Toronto Star offers 5 ways to use the twin energizers of cheap gas and lower rates.   He says think about locking in your mortgage at lower rates; set some rgoals and top up your savings to reach them; and, plug the leaks in your monthly spending.

If you think buying lottery tickets is a retirement savings plan, you will love Sad lotto winner stories by David Hodges on MoneySense. Of course dear readers, we would know better than to squander the money on big houses, fancy cars, exotic trips, handouts to family and loans to friends. Well, maybe a world cruise or two….

And finally, Melissa Leong shares Retirees’ biggest financial surprises both good and bad in the Financial Post. Two teachers found out they could retire comfortably on much less money. But a retired federal government employee who had $80,000 of debt when he retired ultimately had to seek out help from  to Consolidated Credit Counseling Services of Canada.

 

 

5 Comments

  1. Thanks for the inclusion this week, I am hoping the CLB program will help get a few more lower income folk into post-secondary programs.

  2. Appreciate the mention Sheryl…thanks! Enjoy your website and look forward to visiting more!

    • Ditto. I’m always on the look out for great sites that are new to me for my own blog and the writing I do for clients.

  3. Thank you for the mention, Sheryl. I’m glad you enjoyed the article. My mom had a blast helping me!

    • My pleasure.

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