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By Rob Carrick
I came across these two articles within a 10-minute span one recent day. The first, headlined Retiring Retirement, describes a bright future for seniors in which many will remain happy, healthy and active, even in the workforce, into their 80s.
The second, written for HR professionals, killed that buzz in a flash.
It's headlined "How to prepare employees for the psychological impact of retirement" and describes how many people define themselves through their work and thus struggle to find meaning in retirement. The vastly different takes in these articles highlights the emerging split in perspectives on retirement. One on hand, retirement means freedom from a life of work. On the other, it can seem like a deadly dull void after an engaging career.
A compromise approach is to combine consulting, volunteering and leisure. "I call it consulteering," a woman interviewed in this New York Times article says. And remember to have fun in retirement. Here's how to pay for it.
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He sacrificed his hobby for his house
> Mark Brownlee loves sports. He also owns a house. These two realities are apparently not compatible. Last month, he cut his cable TV service, including several sports channels, to help balance his finances. Maybe Brownlee needs a "fun budget." The idea is to set aside money for things you like to do.
A different twist on home ownership
> This couple rents in Toronto so they can afford to build and own a cottage outside the city.
Divorced couples and the new federal child benefit
> Questions have been raised about how the new child benefit will affect divorced couples when spouses disagree over child support.
Your adult kids have moved home? It's normal
> Several years back, there was a novelty to the story of young adults moving back home in large numbers. Now, it's clear that this is a trend with legs, both in Canada and around the world. In the United States, more milllennials live with their parents than with partners, roommates or alone.
Does it cost too much to run the CPP's investments?
> One columnist thinks so, but a pension expert disagrees enough to have written this rebuttal in defence of how the CPP Investment Board is managing money.
The true cost of cheap eats
> A smart analysis of our attitudes toward the cost of restaurant food, as shown by the willingness to pay big bucks for French or Italian dishes while expecting Asian cuisines to be a bargain.
Today's featured investment tool
Looking for an online brokerage firm? The Globe and Mail's 17th annual broker ranking looks at 12 firms catering to mainstream investors. Curious about who's on the rise and who's in decline? Here's a link to the previous ranking, and the one before that.
Ask Rob
The question: "My wife has been laid off and will receive a large one-time cash settlement for her 20 years of service. We wonder if buying a flow-through share fund in the mineral and petroleum resource industry is a good way to decrease the impact of this cash payment on her 2016 tax bill. I worry mainly about the high risk in the shares of junior companies that make up these funds.
My reply: Short answer: No. This is an investment question that should be answered with financial planning that considers your current and future needs. Tax considerations are part of this, but they should in no way be the main driver of your investment choice. You are smart to worry about the risk, by the way.
Do you have a question for me? Send it my way. Questions and answers are edited for length.
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