Retirement

The power of individual pension plans compared to RRSPs

An IPP offers a robust alternative for entrepreneurs and incorporated business owners https://financialpost.com/personal-finance/when-individual-pension-plans-beat-rrsps #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp

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The Most Dangerous Early Retirement Strategy To Follow: Coast FIRE

In 2009, I established my first rule of FIRE: generate enough passive income to cover your basic living expenses. Once achieved, you attain financial independence and the freedom to pursue your desires. Since then, various permutations of FIRE have emerged, one of which is Coast FIRE. Coast FIRE involves front-loading your retirement savings and then

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How to build a retirement ‘paycheque’ to replace your work paycheque

Ted Rechtshaffen: From deferring CPP to taking out a HELOC, these strategies can help you create cash flow https://financialpost.com/personal-finance/retirement/how-build-retirement-paycheque-replace-work-paycheque #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp

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How to Choose an IRA Provider

What’s the best place to open an individual retirement account (IRA)? The answer may depend on a number of factors: your investment goals, need for advice, costs and fees, the provider’s track record and your comfort level. In 2024, you can contribute up to $7,000 to a traditional or Roth IRA—$8,000 if you’re age 50

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I’m Unwilling To Change The Rules Of FIRE To Win The Game

I’ve been documenting my journey in Financial Independence Retire Early (FIRE) since July 2009. I’m not aware of any other blogger who commenced their FIRE journey earlier, is still currently retired or unemployed, and has maintained a consistent writing presence like I have on Financial Samurai. When I began sharing my FIRE experiences, I was

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A new way to use the old retirement laddering strategy to manage risk

Martin Pelletier: GIC strategy not that appealing for majority of income-seeking investors https://financialpost.com/investing/new-way-use-old-retirement-laddering-strategy-manage-risk #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp

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Blew Up My Passive Income, No Longer Financially Independent

My family and I could have been set for life. Instead, due to my inability to beat back real estate FOMO, I blew up our passive income. And because our passive income is now much lower, we are no longer financially independent. Desire is the cause of all suffering. Due to my desire to own

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How Much Do I Need to Retire: A Guide for Retirement Saving [2024]

How much do you need for retirement? Experts say the average individual will need $1.2 to $1.5 million to maintain their lifestyle with 80% of their annual pre-retirement income. The average American retires with $200,000 to $250,000 between various retirement savings accounts—just a measly one million dollars shy of the recommended amount. This explains why

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Roth vs. Traditional IRA: Which Is Best for You in 2024?

What is the difference between Roth and traditional IRAs? The key distinction between Roth and traditional IRAs comes down to taxes. With a Roth IRA, you contribute after-tax dollars. With a traditional IRA, you contribute pretax dollars, which means your money is taxed when you make withdrawals in retirement. You’ve heard it before—it’s never too

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FP Answers: I’m only 31 years old. Do I have to save and invest for retirement?

Take a balanced approach to investing and goal setting so you have a good life now and in the future, experts say https://financialpost.com/personal-finance/retirement/only-31-years-old-save-invest-retirement #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp

FP Answers: I’m only 31 years old. Do I have to save and invest for retirement? Read More »

Can You Afford Your House in Retirement?

Staying in your home after retirement is a comfortable choice but, increasingly, it isn’t necessarily affordable. A growing number of retirees spend more than 30% of their incomes on housing, with 41% still carrying a mortgage at ages 65 to 79, according to a 2023 Harvard study. An analysis of retirement spending by T. Rowe

Can You Afford Your House in Retirement? Read More »

Financial Moves to Make in Each Decade of Your Life

The way you manage your finances will likely evolve as you move through different phases of your life. Whether you’re building your career or are already retired, being strategic with your money can pay off. Here are some key financial moves to make in each decade of your life. In Your 20s Think of your

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Should I Take an Early Retirement Package?

Getting an early retirement offer can be a double-edged sword. On the one hand, it’s an opportunity to kickstart early retirement with a bit of severance pay and, potentially, extended benefits. On the other hand, receiving an early retirement offer can feel like an invitation to leave work before you’re financially and emotionally ready. Employers

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Annuity vs. IRA: Which Is Better for Retirement?

Annuities and individual retirement accounts (IRAs) are both vehicles for generating income in retirement, but they each offer a different set of potential benefits. IRAs are tax-advantaged accounts that let you save and invest flexibly. Annuities offer guaranteed payments, which can provide a welcome measure of predictability when you’re retired. Which is the better retirement

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How to Open an IRA in 4 Easy Steps

Opening an individual retirement account (IRA) is as simple as choosing an account type, finding a provider, opening an account and transferring in your funds. Opening an IRA is your first step toward independently funding your retirement while taking advantage of tax benefits to maximize growth. IRAs are fundamental to retirement savings: More than 4

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What Is the 60-Day Rollover Rule for Retirement Plans?

If you’re considering moving money between retirement accounts to access better investment options, consolidate accounts or keep control of your retirement funds when you change jobs, it’s important to know the 60-day rollover rule. The 60-day rollover rule allows account holders to withdraw funds from a 401(k), individual retirement account (IRA) or other qualified retirement

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401(k), 403(b), And IRA Contribution Limits For 2024

The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. In addition, the limit on annual contributions to an IRA increased to $7,000, up from $6,500 in 2023. Not bad! Given the new three legs of the retirement stool

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FP Answers: How will cashing in my stock options affect my CPP contributions for the year?

If you are healthy there may be a benefit to considering CPP deferral https://financialpost.com/personal-finance/retirement/how-will-stock-options-affect-cpp-contributions #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp

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Deferring CPP and other ‘real-life’ retirement strategies

Watch personal finance expert Jason Heath on his approach to retirement planning https://financialpost.com/personal-finance/retirement/deferring-cpp-retirement-strategies #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp

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The Stash 100: Money tips everyone needs to know

You want to be better with money but don’t know where to start. This year, with high inflation, the return of student loan repayments, and global uncertainty—perhaps your finances have paid the price. All that to say: Improving the bottom line has never been harder for hardworking Americans. So in service of helping you get

The Stash 100: Money tips everyone needs to know Read More »

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