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[ad_1] If you are like most Canadians, the investment choices you make during your working years may have a significant impact on your retirement. But the importance of smart investing doesn’t end when you retire. In fact, post-retirement investing can have an even larger impact on your retirement well-being. There are two reasons why. First, retirements are much longer now. Many Canadians are living well into their late 80s and 90s. At the same time, many are retiring, semi-retiring or switching to less remunerative pursuits earlier. So, those leaving full time work at age 60 or 65 must consider the potential for a retirement of 30 years or more. As a result, many will be investing for a longer time period after their retirement date than during their working years.  Second, there is more money at stake. Hopefully your nest egg will grow as you approach retirement (assuming decent market conditions). Also, at some point you may receive a large cash infusion from an inheritance, from downsizing your residence, or selling a business. Or perhaps you have an employer RRSP or other plan that may be switched at retirement to a personal RRSP, LIRA or other registered account that you manage.  Given increased longevity and relatively large portfolios, a modest increase in your investment rate of return during retirement can have a meaningful impact on financial well-being. If you are among the millions of Canadians who invest through mutual funds, your greatest opportunity to increase returns may be to reduce your costs. Consider the following simple example.  When they retire at age 60, Nicole and Michael will have accumulated a combined $1 million in their RRSPs, which are invested in balanced mutual funds. They plan to withdraw $67,000 from their RRSPs annually. Let’s assume the mutual funds will produce an average return of 6% before charges of 2.25%, thereby providing a net annual return of 3.75%. At this rate, the RRSP will last until Nicole and Michael are age 83.  If they were to switch to lower cost index ETFs, whether through the same advisor or a new one, and generate the same average 6% return before total charges of 1.25%, their net annual return would be 4.75%. This 1% extra net return would enable the couple to continue drawing $67,000 for an additional four years to age 87.  Alternatively, if Nicole and Michael were to switch to DIY investing and buy balanced ETFs which produce the same average 6% return before charges of 0.25%, their net annual return would be 5.75% giving them a total of 12 additional years of $67,000 withdrawals to age 95. In total, a 2% reduction in costs would produce about $800,000 in added lifetime income assuming the same pre-fee return. How long will your nest egg last? Assume a $1 million nest egg invested at age 60, earning 6% before fees with annual withdrawals of $67,000 How can you determine whether you should reduce your investment costs in order to make your nest egg last longer? First, take some time to improve your knowledge of investment basics. The industry portrays investing as mysterious and complex, but it can be quite simple. Don’t be intimidated. You might even enjoy the learning experience and the increased confidence that comes with it! There are some great online sources like OSC’s Get Smarter About Money, BCSC’s InvestRight and this publication, as well as some excellent books focused on lower cost investing (one of my favourites is John Bogle’s Little Book of Common Sense Investing).  Next, find out how much you are currently being charged for investment products and services.  All forms of investment include costs, but a lack of investment industry transparency has contributed to poor investor understanding of this critical factor. This was underscored by a recently published Canadian Securities Administrators study, which found 50% of Canadian investors are unaware they are paying any fees at all! In my experience, even among investors who know they are incurring costs, very few have a sense of the total.  To determine your costs, email your advisor with the following request: “Please provide me with details of all fees/costs/charges that I am incurring including fees charged directly by your firm and any indirect costs including MERs charged by mutual funds and any other investment products in my accounts”. I highly recommend you do so even if you are confident that you already know your costs. Once you know your costs, get a sense of their long-term compound impact with a simple online tool like the InvestRight Fee Calculator or the T-Rex Score calculator (on my website).  Once you know what you’re paying, you can assess whether you are receiving enough value in return from your advisor. If so, good for you. But if not, you might consider alternatives, including lower cost traditional advisors, robo-advisors or DIY investing though index ETFs. If you choose DIY or robo investing, you could separately utilize a fee-only financial planner from time to time to provide detailed retirement and other financial advice.  Both before and during retirement, reducing your investment costs can make your precious nest egg last years longer. No matter what your age, take some time to discover if lower cost investing may be right for you. As Warren Buffett declared: “The best investment you can make is in yourself.” Larry Bates is the author of Beat the Bank: The Canadian Guide to Simply Successful Investing. After working in the banking industry for 35 years, and with several major financial institutions in both Canada and the U.K., including as Global Head of Debt Capital Markets for RBC, he has been an independent investor advocate, author, consultant and speaker.  MORE ON INVESTING: The upside to waiting until age 70 to take CPP benefits Should you delay your retirement because of COVID-19? What investors need to know about Canada Should you buy real estate through a corporation?   The post How to make your retirement savings go farther and last longer appeared first on

[ad_1] This post may contain affiliate links. Read my disclosure policy here. Worried you missed some of the best Amazon Prime Day Deals? We’ve got you covered with this list! Wow! Prime Day 2020 has been GREAT this year with all kinds of HOT deals! Seriously, the deals over the past two days have been BETTER than last year’s Black Friday and Prime Day pricing! It’s been a crazy two days of deals — including tons of great deals from competitors and other shopping sites — so we wanted to do a quick round-up of all of the deals that are still available! Remember: Prime Day 2020 ends tonight at 11:59 p.m. PT, so you have until then to snag these deals. And don’t forget most of these are while supplies last, so definitely buy something right away if you want it. Stuff has been selling out SUPER FAST! {Hint: If something sold out or went up in price that you really wanted, be sure to keep checking back. It seems that some of the items are coming in and out of stock at their discounted pricing!} Top Deals From Today: *HOT* bObsweep Steel Pro Robotic Vacuum for just $123.24!! iRobot Roomba Vacuums as low as $199.99 shipped! *HOT* $10 off any $25 Purchase of Sharpie, Expo, PaperMate, and more! Hush Puppies Shoes for just $11.04 (Reg. $49.95-$79.95)! HOT Deals on Air Fryers! Macy’s: Winter Coats for the Family as low as $16 shipped! Up to 64% off Vera Bradley Bags, Backpacks and more! Dyson Ball Animal Upright Vacuum only $249.99 shipped (Reg. $500!) HUGE Sale on LeapFrog & VTech Preschool Toys! Keurig K-Mini Coffee Maker for just $42.73 shipped! GREAT Deals on Camping Equipment! HUGE Savings on Oral B Electric Toothbrushes!! HUGE Sale on Curtains = 2-Pack Panels as low as $16.49! HUGE Savings on Arts & Crafts Supplies! Up to 40% off Games from Hasbro, Exploding Kittens and more! Up to 60% off L.O.L. Surprise, Calico Critters and more! 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Top Deals From Yesterday: Buy 2, Get 1 Free Books on Amazon {Includes Many of My Favorite Reads!} Free $10 Amazon Credit with $40 Amazon Gift Card Purchase The Best Air Fryer Prime Day Deals! *HOT* Highlights Magazine 4-Month Subscription just $0.99! Fire Tablet Prime Day Deals! Echo Prime Day Deals! Kindle Prime Day Deals! Ring Video Doorbell with Echo Dot only $69.99 shipped! JCPenney Home Quick Dri Textured Bath Towels only $4.89 (Reg. $14)!! Fall Cardigans for just $9.99!! HUGE Savings on Ring Security Devices! Instant Pot Prime Day Deals! Kids Snow Boots for $9.99! Nike Women’s Dart 12 MSL Running Shoes for just $40 shipped!! Under Armour Women’s Workout Clothing Bundle for just $24.99! Apple AirPods with Charging Case just $114.99 shipped! Coredy Robotic Vacuums Prime Day Deals! Fitbit Versa 2 Health and Fitness Smartwatch only $127.95 shipped! HUGE Sale on Area Rugs and Rug Pads! Rubbermaid Brilliance 24-Piece Storage Set only $27.99 shipped! 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Not an Amazon Prime member? If you’re not already an Amazon Prime member, now is a GREAT time to sign up for the free 30-day trial of Amazon Prime so that you can take advantage of all these Prime Day deals before it ends tonight! What was your favorite Prime Day deal? We’d love to hear in the comments! [ad_2] Source link

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[ad_1] To deal with their changed financial circumstances, consumers have changed their behavioural patterns, cutting down on discretionary spends and setting aside more funds for emergencies. [ad_2] Source link

[ad_1] This post may contain affiliate links. Read my disclosure policy here. You can get 50% off select Playmobil Sets right now! Zulily is offering 50% off select Playmobil Sets right now! Even better, if you add them to your cart straight from this page, you’ll get an extra 15% off There are several sets to choose from. Shipping starts at $5.99. [ad_2] Source link

[ad_1] Israel stocks higher at close of trade; TA 35 up 0.46% [ad_2] Source link

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[ad_1] This post may contain affiliate links. Read my disclosure policy here. This is a HOT deal on Hush Puppies Shoes. Zulily is running a HOT sale on Hush Puppies Shoes right now! All styles are on sale for $12.99, but if you add them to your cart straight from this page, you’ll get an extra 15% off — making them just $11.04! There are several styles to choose from: flip-flops, sneakers, and slides. These are regularly $49.95-$79.95, so this is a GREAT deal! Shipping starts at $5.99. Not a Prime member? Sign up for a free trial of Amazon Prime to take advantage of this Prime Day Deal and get free 2-day shipping! See all the Prime Day 2020 Deals here. [ad_2] Source link