Industry Articles

Brooke needs to boost investments to save for her son’s education and pay off her mortgage A

By: David Christianson, BA, CFP, R.F.P., TEP, CIM “Dollars and Sense” I became unusually incensed a couple

I noticed that there is a bit of a theme that has been running through the articles

Running out of money is a major fear for retirees, but there are ways to make sure

A specialist in his field of medicine, Victor knows his family is unlikely to ever want financially. He makes $280,000 a year before tax, some of which he saves in his professional corporation for retirement. His wife Vivian makes $85,535 a year working as a therapist. As such, she is part of a defined benefit pension plan indexed to inflation. They are both age 36 and are expecting their first child in a couple of months.

The debate about when to take CPP and OAS is one that is revisited frequently online and in financial publications. We will see if we can summarize the arguments pro and con, with credit to the financial writers and pundits who have also weighed in.

Family Finance asked Derek Moran, head of Smarter Financial Planning Ltd. in Kelowna, B.C., to work with Walter. “The good side of this story is that some of Walter’s income will continue even if he is not working. Income maintenance is supported by his employer and government financial programs. The downside is that he will go into retirement with two decades to run on his mortgage.”

As a result of the COVID-19 pandemic, many employers have been forced to lock down their offices,