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Check out our latest blog posts…
High Investment Fees Could Cost You $1,000,000+
Imagine paying $1,000,000 in investment fees? It seems crazy, doesn’t it? There aren’t many things I could imagine spending that much money on, and investment fees would certainly be at the bottom of the list. And yet, there are millions of Canadians who could end up paying this much, or possibly more, in investment fees over the course of their life.
If given an extra $1,000,000, what would you spend that money on? Probably not investment fees. I would probably spend that money on a vacation, a cottage, a reno, or a hundred other things before choosing to spend extra money on investment fees.
But for a mutual fund investor in Canada, over time, high investment fees could easily add up to $1,000,000+.
If you don’t believe me, or just want to see the details, lets take a look at the numbers together…
Does The 4% Rule Make A Good Retirement Plan?
Does the 4% rule make a good retirement plan? Before we answer that question let’s first explore what the 4% rule is and some of its pros and cons.
The 4% rule is a great personal finance rule of thumb.
Like many rules of thumb, it provides good direction for financial goals, it’s simple, it’s easy to understand, and it’s relatively accurate.
Unlike other personal finance rules of thumb, the 4% rule is also backed up by quite a bit of academic research, so if there was any personal finance rule of thumb to use, it would certainly be the 4% rule.
Let’s review what the 4% rule is in more detail, the pros and cons, and why you may or may not want to use the 4% rule for your retirement plan.
Did You Know Your CPP Estimate Is Probably Wrong?
If you’re preparing for retirement, then you may have looked up your CPP estimate to get an idea of how much you might receive from the Canada Pension Plan (CPP) in the future.
But did you know that your CPP estimate is probably wrong?
If you’re wondering “How much CPP will I get” then its important to know that your CPP estimate is based on some pretty big assumptions. Unless you’re about to start CPP tomorrow, your actual CPP could be much different than your estimate.
When Service Canada creates your CPP estimate there are a few important assumptions they’re making about your future income and years of work. These assumptions are necessary to create an estimate of your future CPP benefits because CPP benefits are based on contributions which in turn are based on employment income.
But if your future employment income is different than their assumptions this could lead to your actual CPP being much lower or possibly much higher than estimated.
In this blog post we’re going to look at the three major assumptions that impact your CPP estimate and why the amount you receive from CPP could be thousands per year different than what the estimate suggests. We’re also going to look at how you can use a CPP calculator to get a better estimate of your future CPP benefit.