Last year before retirement. What do I need to do? - Page 2
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Thread: Last year before retirement. What do I need to do?

  1. #11
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    Apart from all the usual it appears that you may have some taxable capital gains coming up.

    I would thinking about looking for a good tax accountant, a CPA, to give you advice on the most tax efficient way to move forward. Clearly your property disposal decisions should be based on market and business issues but setting up a tax strategy for the next few years may result in some savings.

    I would also consider looking into a fee for service financial advisor. Forget the free bank investment advisor route. They will give you a haircut on the management fees etc. They are sales people who, because of their employment and remuneration, place the bank's interest well ahead of your own.

    I would consider thinking about getting a proper will in place or up to date if you have one.

    Don't make any sudden lifestyle decisions. Things change when you retire. Remain flexible from both a financial and a lifestyle perspective.


  2. #12
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    You might want to pop over to the library and get Daryl Diamond's book Your Retirement income blueprint. It's a good read on how to manage your different streams of income. CPP, OAS, investments, etc.

  3. #13
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    Quote Originally Posted by Eder View Post
    Sorry to hear about your dad...happy to hear you will pull the plug early. After 8 years of retirement these are the things I wish I had done differently.

    1.Retire even earlier
    2.Put everything other than RRSP & TSFA money into a joint Investors Edge account.
    3.Start my RRIF right away.
    4.Eliminate any fiscal ties and responsibilities to my previous business.
    5.Did I mention retire earlier?
    Nice advises . especially I like 3. , gonna start my RRIF first year I don;t have income...

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  5. #14
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    Quote Originally Posted by TomB19 View Post
    We have the power of being happy in a non consumerist lifestyle. My wife taught me this.


    hey tomB i think that if you can say the above, then you already own your retirement!

    you can be happy without consuming things
    ie you are flexible
    you adapt well
    judging from the glimpses of work history you've offered this forum, you are resourceful, resilient, capable & entrepreneurial as well.

    i like the plan to do some charity work. My own experience has been that, after donating stocks to big charities (hospitals, university) for a number of years, i stumblerd upon emerging charities. These are the most fun, because they are almost exactly the same as emerging startup businesses. Both require realistic budgets, convincing performance goals, trustworthy management plus funding from outsiders. In fact, sometimes the same gummint programs provide financial assistance to both!

    my sense is that tomB, with his extensive experience in real estate, is someone who could make a difference to charities operating in the real estate sector. Enterprises like cooperative housing initiatives for young families ... rehabilitation of deteriorated sections in city cores & downtowns ... trade school programs for disadvantaged or at risk youth ... there's no end to venues that could benefit from tomB's wisdom & experience.

    don't forget politics, tom. Perhaps i'm wrong but i've always perceived you as a small-c conservative. Often these persons are fiscally conservative but socially fair-minded & moderate, ie they have a lot to offer to the sharing community that is canada.

  6. #15
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    Interesting how this goes.

    The OP's first post, starting this thread, shows him (on my computer) as a newbie, with 4 posts to his credit. Hence my comment about not knowing much background against which to give advice.

    Now I see his second post to this thread as giving him credit for 801 posts, which reveals him (as hp's post reveals) as someone here with some background. Perhaps a function of my aging iMac computer. The doggone thing as getting nigh on 9 years old!

    I keep watching MacRumours.com to see when the next update for iMacs is coming. That last was almost 2 years ago. I want to buy a new one, but I don't plan to buy one 2 years old. Apple only supports their equipment with new software for a fixed period, so timing one's purchase is important. I regularly now get websites telling me I need to update my browser, but that is no longer possible. My Apple laptop is much more recent and does not pose that problem, but I use it only for travel. I find using a laptop on a regular basis to be a pain.

  7. #16
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    Quote Originally Posted by Mukhang pera View Post
    Interesting how this goes.

    The OP's first post, starting this thread, shows him (on my computer) as a newbie, with 4 posts to his credit. Hence my comment about not knowing much background against which to give advice.

    Now I see his second post to this thread as giving him credit for 801 posts, which reveals him (as hp's post reveals) as someone here with some background. Perhaps a function of my aging iMac computer. The doggone thing as getting nigh on 9 years old!

    I keep watching MacRumours.com to see when the next update for iMacs is coming. That last was almost 2 years ago. I want to buy a new one, but I don't plan to buy one 2 years old. Apple only supports their equipment with new software for a fixed period, so timing one's purchase is important. I regularly now get websites telling me I need to update my browser, but that is no longer possible. My Apple laptop is much more recent and does not pose that problem, but I use it only for travel. I find using a laptop on a regular basis to be a pain.
    TomB16 was the OP and newbie, TomB19 chimed in later on and has the 801 posts. You're computer seems to be working just fine!

    They could be the same person, different user name?

  8. #17
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    Quote Originally Posted by Emjay85 View Post
    TomB16 was the OP and newbie, TomB19 chimed in later on and has the 801 posts. You're computer seems to be working just fine!

    They could be the same person, different user name?
    Thanks Emjay. I overlooked the 16/19 nuance. I think in part because when 19 chimed in, he appeared to be speaking as 16, saying thanks for the input. And hp spoke of him in terms suggesting he has a long and venerable history here and much known about him.

    I think this is a thread I was never intended to join. I dwell in a different universe.

  9. #18
    Senior Member humble_pie's Avatar
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    Quote Originally Posted by Mukhang pera View Post
    Thanks Emjay. I overlooked the 16/19 nuance. I think in part because when 19 chimed in, he appeared to be speaking as 16, saying thanks for the input. And hp spoke of him in terms suggesting he has a long and venerable history here and much known about him.

    I think this is a thread I was never intended to join. I dwell in a different universe.


    there is a tomB16/tomB19 glitch. there's probably nothing wrong with your machine, mukhang


    .

  10. #19
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    Quote Originally Posted by humble_pie View Post
    there is a tomB16/tomB19 glitch. there's probably nothing wrong with your machine, mukhang

    .

    Thanks, hp. More likely it's me. Getting on in years, like my machine. Time to get myself back to the factory for an overhaul. I need to upgrade. Install a new chip or two upstairs, add more RAM, a hard drive upgrade, maybe a new fusion drive. Once that's done, I can assess what else needs to be rebuilt/replaced to get me through a few more years.

  11. #20
    Senior Member humble_pie's Avatar
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    Quote Originally Posted by Mukhang pera View Post
    Thanks, hp. More likely it's me. Getting on in years, like my machine. Time to get myself back to the factory for an overhaul. I need to upgrade. Install a new chip or two upstairs, add more RAM, a hard drive upgrade, maybe a new fusion drive. Once that's done, I can assess what else needs to be rebuilt/replaced to get me through a few more years.

    me i think your current model is OK. You know how i think you are a fine seagoing_wolf, still limber & swimming well even if a few gray hairs appear in the fur pelt here or there.

    the problem was really caused by ole Tom himself, it looks as if he spun off a junior clone with the same language signature.

    .


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