The MoneySense Guide to Retiring Wealthy

A few weeks ago, I had the privilege of working on the MoneySense Guide to Retiring Wealthy, which has just been published. The guide is now available at retailers such as Chapters, Indigo, Shopper’s Drug Mart, Walmart and Loblaws, or online for $9.95 plus $3 shipping.

This 132-page book — co-edited by MoneySense editor Duncan Hood, long-time contributor David Aston, and me — collects the best retirement and financial planning articles from the pages of MoneySense and organizes them by decade of life. We start with young investors in their 20s, who are just learning to form good financial habits, and we go all the way to managing retirement in your 70s. Everything has been fully updated to include the latest statistics and most current information about government programs and regulations.

As Duncan Hood explains in the introduction:

Unlike dull retirement books stuffed with dense calculations, or chatty volumes bubbling with lightweight tips, MoneySense’s complete retirement guide has just what you’re looking for: proven retirement advice delivered in a straightforward manner—all of it backed up by the editors of Canada’s most-read personal finance magazine.

We’ll tell you how to put together a realistic financial plan, and how to stick to it. We have sections on how to retire early, how to stress-test your retirement plan, and why you don’t need to save a million dollars after all. Every chapter is packed with useful information, but you can always skip straight to the decade you are in to make sure you’re on track. At the end we even include a self-test so you can find out how you’re doing so far.

I’m giving away three copies of the MoneySense Guide to Retiring Wealthy to Canadian Couch Potato readers. To enter the draw, leave a comment below with your most pressing question about retirement. Are you worried you haven’t saved enough? Concerned that your workplace pension may not deliver what it promised? Or is your only concern that you’ll run out of great places to play golf? Let us know what’s on your mind.

Tweet this post to your followers and receive three entries in the draw.

Contest closes at midnight on Tuesday, October 26. I’ll announce the winners on Wednesday.

While we’re on the subject of giveaways, congratulations to Yang S. and Paul E., both of whom won a pair of tickets to see Richard Branson and Peter Aceto at Toronto’s Westin Harbour Castle on Wednesday. The skill-testing question asked for the names of the index funds offered by ING Direct Canada and Virgin Money UK. Everyone got the first one (ING Direct’s Streetwise Funds), but the Virgin product was a little trickier. The correct answer is the FTSE All-Share Tracker Fund, which holds more than 600 stocks trading on the London Stock Exchange. Thanks to ING Direct for supplying the tickets.

80 Responses to The MoneySense Guide to Retiring Wealthy

  1. Al October 26, 2010 at 11:57 am #

    Balancing retirement savings with paying down mortgage and putting aside money for RESPs. I can’t do it all and I’m concerned that I don’t have the allocations right. I think that debt in retirement is a huge problem but perhaps I’m focusing too much on that for my stage (mid 30s).

  2. Guy October 26, 2010 at 12:31 pm #

    Very interesting, I’d like to see the stats on what people are actually retiring on today!

  3. Want the book, need a guiding hand. October 26, 2010 at 1:00 pm #

    I just moved back from the US. I’m retired, in my early 50’s and have managed to save 1.8 million dollars, mostly through diligence and delaying any purchases until I need them. Most of the money is outside of my retirement funds. I was living in the US until the downturn so most of my money is in American dollars. I would like to repatriate my cash to Canada, but don’t want to lose out on the currency exchange. In April I sold my Canadian mutual funds that were in my RRSP, because the MER’s that were being charged were all 2.5%. So basically I’ve gone to cash, which is not where I want to be. I’m currently hold my 401k in index funds in the US, Vanguard, but don’t know anything about Canadian index funds and am looking for advice. Please help.

  4. Ron October 26, 2010 at 1:09 pm #

    There are many, many books and information on how to build up a retirement portfolio, but very little guidance on the best way to dismantle that portfolio to produce a steady stream of income during a retirement. That is my interest.
    Ron

  5. AL October 26, 2010 at 3:23 pm #

    I invest in unregistered dividend paying stocks. I understand the dividends we receive are grossed up and I have to report more income than I actually receive on my taxes. I think this will be a problem when I retire and hope to access governments funds such as the GIS and other income tested government benefits. What to do?

  6. Helen October 26, 2010 at 3:46 pm #

    My question: I will recevie a 40% of my pay as pension when I hit 65. How much money do I have to save to retire at age 60 and take a couple of trips per year in my early 60s.

  7. David October 26, 2010 at 4:13 pm #

    Hmmmmm……..must think of a question to win retirement book…………
    …….What are the best strategies of finding BALANCE in saving for retirement and living today? We have our investments all selected, but are still finalizing how much to contribute per month. Use a retirement calculator online?

  8. Pat October 26, 2010 at 4:20 pm #

    I am a new graduate with a fairly high income and I am doing my best to fight lifestyle inflation and save as much as I can while I am young so I can take advantage of compounding interest. My biggest concern regarding retirement/investing is where I should be putting my money now to give me the best possible return over the next 25-30 years. So far I am going with the couch potato in my RRSP, and Dividend investing in my TFSA and unregistered account, but I am always open to new ideas or strategies.

  9. Paul October 26, 2010 at 5:01 pm #

    My concerns are minimizing taxes when I begin withdrawing my RRSP’s. I have a decent pension and wondering if there is a way to collapse the RRSP to minimize tax implications.

  10. Irene October 26, 2010 at 6:12 pm #

    Thanks for the contest. Great blog.
    Question.
    Is a small emergency fund ($1000) enough if you are retired with sufficient cash flow? I prefer to have my savings invested and take the hit when an emergency arises.
    If I was working I would probably aim for 3 months since I could loose my job but my pensions etc are secure, I hope.

  11. jason p October 26, 2010 at 7:42 pm #

    My most pressing question about retirement is as a 28 year old should I be paying down family debt or should I be investing for retirement.

  12. AR October 26, 2010 at 8:58 pm #

    Fears:

    1) Will do everything right but then have my savings reduced to nothing via hyper-inflation or a financial collapse.
    2) Government action such as higher or new taxes.
    3) Having to shell out $9.95 if I don’t get the book for free.

  13. Steve L October 27, 2010 at 12:02 pm #

    1) Can you add some guidance to your model portfolios for those who want to add some dividend paying funds or stocks to their portfolio?

  14. Pacific October 27, 2010 at 2:05 pm #

    Pressing Question;
    Will my nest egg produce enough to stay ahead on inflation?

  15. Tracey H October 29, 2010 at 9:14 am #

    Should I go back to work for 10 years to help out our retirement funds (which took a hit with the stock market turn and which we aren’t so sure will grow the way we had hoped due to the economy) or can I still stay home until my husband retires?

  16. Susan Flynn October 29, 2010 at 11:01 am #

    I’m 42. If I sell my house now, rent for the next twenty years and invest $300,000 in my retirement at this stage, would I be better off in the end than paying off my house over the next 20 years and selling it then?

  17. Elliot October 29, 2010 at 4:59 pm #

    What is my magic number?

  18. Patricia October 30, 2010 at 12:24 pm #

    How do I get my RRSP savings out in the most tax efficient way? With a Defined Benefit Pension Plan and plans to take my CPP pension at age sixty, I will end up taking a 15% hit because of the OAS clawback if I wait until age 65 or older to get my RRSP funds out. I know conventional wisdom says leave funds in the RRSP as long as possible but in my case I’m not sure that holds true. What should I do?

  19. Doug Lemay October 31, 2010 at 6:24 pm #

    Question for a book, Hmmm.

    I have a pension and RRSP’s, what is the best use of a TFSA fo a person in my situation.

    Thanks

    Doug

  20. Traciatim November 11, 2010 at 1:56 pm #

    I would like to know if I should be planning on not including OAS/GIS in to my retirement plans since I won’t retire for a few decades.

  21. Tania November 15, 2010 at 4:15 pm #

    I am in my mid 40’s with younger children. Where do you keep retirement money safe and still growning? and what percentages of safe/risky investments…Am I on track? Will I have enough… It seems all financial planners tell you that it is SO individual, but seriously if you don’t want to be living on the street there has to be at least a range….

  22. James T October 21, 2011 at 8:17 am #

    If I am collecting CPP and still in debt, should I be thinking of going back to work?

  23. Thea C October 25, 2011 at 4:22 pm #

    I’m a newbie to the world of personal finance, in my mid-20s, and concerned with the pressure to increase my income in order to save enough for the future, and keep up with inflation.

    How do I make the most out of my money? Should I invest and save for retirement by renting cheaply and not buying a home? (if I am unable to drastically increase my income) Or save up for a mortgage and put less in the mortgage?

    Just trying to get my mind wrapped around juggling student loans, planning to own a home at some point, and an even further need to invest for the future.

  24. Susan October 25, 2011 at 5:20 pm #

    If I sold my house in Toronto today I would clear $300,000. Does it make sense at this point to rent and invest this amount towards retirement? I’m 43. Just noticed I asked the same question this time last year? No responses and no book… :(. Perhaps better luck this year.
    Susan

  25. Canadian Couch Potato October 25, 2011 at 5:25 pm #

    @James T, Thea C and Susan: This contest is a year old and the winners have long since received their books. Hope you understand that I can’t give financial advice to individuals, especially without knowing the details of your situation.

    Note that the book is still available in stores and online.

  26. Karen February 2, 2012 at 6:16 pm #

    My husbnd and I are 61 and 60. We have just started receiving our reduced CPP. We were told by almost everyone we knew to take it earlier rather than later. My question is this: We have been to bankers, private investing companies, scotia mcleod investing, investors thru our credit union and now we are going to see an accountant. We are not, nor do we have the time to learn about, the differences between dividends, stocks, bonds, etc. and what we need to retire. We do not know how to found a non partial retirement counsellor who will help us plan our future without wanting us to invest in his particular products. I really want to win your retirement guide as well. That will be a big first step. We have been floundering and losing sleep and money since our mid 40’s. Please advise.

  27. Canadian Couch Potato February 2, 2012 at 6:19 pm #

    @Karen: It sounds like you need to hire a fee-only financial planner who sells only advice, not products. You won’t find these at a bank or an insurance company/ Please email me and let me know where you’re located and I will try to give you some suggestions.

  28. Trevor Newton February 2, 2012 at 6:29 pm #

    I think the biggest concern is balancing the $ to time to die, when and if I should retire and how to manage it all without relying on the public system that in the longterm, is likely to implode. Managing the saving’s, making more than 3-4% return on the investments and trying to stay healthy so I or my family do not have to end up in institutionalized long term care

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