Weekend Reading – Canada Day Edition!
Welcome to my latest Weekend Reading edition – where I share some of my favourite articles from the week that was across the personal finance and investing blogosphere.
Happy Canada Day Weekend!
Do you know your Canada Day trivia and facts?
I’ll be honest, I didn’t know these ones:
- The term “trick or treat” was first used in Alberta.
- The first YMCA started in 1851 in Montreal.
- 77% of the world’s maple syrup is made in Quebec.
- And more…
I hope you have a safe and fun-filled Canada Day weekend. See you around the site this weekend and I’ll be back with some new articles next week!
Other articles…and a giveaway!
A reminder that I encourage you to enter this giveaway here from my personal finance library – enter to win a draft of this book Building Wealth and Being Happy – The Practical Guide to Financial Independence – a book I reviewed here.
The C.D. Howe Institute (who has a mandate to deliver independent, not-for-profit research about economic principles and government policy) released a statement this week suggesting most Canadians would be far better off (financially) if they deferred Canada Pension Plan (CPP) and/or Old Age Security (OAS) for essentially, as long as possible. To assist with this, they encouraged governments “push back” the potential deferral period for public pension benefits to age 75 from 70 as a first step in government benefits reforms.
“Our modelling shows this step could help retirees worried about running out of savings or not hitting their retirement income goals. Delaying public pension take-up would allow middle- and upper-middle income Canadians greater retirement planning flexibility, to the extent they have private savings to rely on in the meantime.”
I recently read an article about seniors – with almost $1.6 million in net worth – feel there are on the brink of financial disaster. It’s always interesting to read about the financial habits (and psychology) of others – although from the article, I personally wouldn’t want the majority of my assets tied up in real estate as a 60-something. My wife and I are working on having a diverse portfolio of assets in the coming years to fight market calamity and to help ensure our portfolio is sustainable for our needs:
- Maxed out TFSA equity assets
- Maxed out RRSP equity assets
- Non-registered equity assets
- A paid off home/condo
- ~20 years vested into a workplace pension (each)
- General savings/cash accounts
To avoid becoming a stress-out senior, a reminder millennials can get rich slowly if they follow the advice here – or anyone can for that matter. This post includes a link to a free ebook from the author.