Posts

Showing posts from 2009

Happy Halloween!

Happy Halloween! Here's a scary story. The 2005 Statistics Canada report says that a man today will live to age 78 and women will live to age 83. Married men tend to live longer than unmarried men. Thanks ladies! So men, be good to your wife. Not only that, we are also living longer and may actually live past 100 years old in the next 30 years. Anyway, imagine yourself being age 65 today. Your $500,000 RRSP last year is now down to $250,000 because of the market drop. During that drop in the market, you panicked and moved all your RRSP into a GIC. So you just realized all the losses and since the market recovered somewhat since March, you did not participate in the recovery. Assuming you live on $25,000 a year, would your $250,000 last? That means there will be 3 years for men and 8 years for women with no other source of income other than the $830 a month of CPP if you qualify for the whole amount and maybe some OAS. What if your income needs is $30,000 a year? Can you imagi