Should Irene melt down her RRSP to try to save some of her OAS from being clawed back?

Should Irene melt down her RRSP to try to save some of her OAS from being clawed back?

Shannon VanRaes/The Globe and Mail In the year or two after her husband died, Irene got a crash course in financial planning, hiring and firing a series of investment advisers, selling her stocks and then reinvesting, and plotting a strategy to hang on to as much of her Old Age Security benefits as possible. “I … Read more

Can Ed and Lisa retire next year with an income at least the same as they have now?

Can Ed and Lisa retire next year with an income at least the same as they have now?

November 8, 2022. Amber Bracken for The Globe and MailAmber Bracken/The Globe and Mail Ed and Lisa would like to retire from work next year with income “at least the same or greater than they have now,” Ed writes in an e-mail. He is 62, she is 63. Ed earns $95,550 a year working for … Read more

How can Hayley, 64, live off her investments in a tax-efficient manner?

How can Hayley, 64, live off her investments in a tax-efficient manner?

Hayley is drawing $72,000 a year from her savings and hopes to continue doing so without running down her $2-million in capital.CHAD HIPOLITO/The Globe and Mail At age 64, Hayley is on her own again, starting a new consulting business from scratch and drawing on her lump-sum settlement, the result of a separation agreement with … Read more

Can Ezra, 52, retire early without jeopardizing the lifestyle he and Daphne want in retirement?

Can Ezra, 52, retire early without jeopardizing the lifestyle he and Daphne want in retirement?

Daphne does occasional contract work, while Ezra earns $120,000 a year in his management job.Galit Rodan/The Globe and Mail Ezra was diagnosed with prostate cancer and underwent surgery recently. He is 52. As of now he’s in good health, Daphne, his wife, writes in an e-mail, but they can’t help but worry that the cancer … Read more

Can Jill, 60, afford to retire to Nova Scotia while keeping her suburban Toronto home?

Can Jill, 60, afford to retire to Nova Scotia while keeping her suburban Toronto home?

**FINANCIAL FACELIFT DO NOT IDENTIFY* Tijana Martin/ The Globe and MailTijana Martin/The Globe and Mail With her 60th birthday approaching, Jill wonders if she can “retire responsibly” soon or if she needs to work longer. Jill is single again, with three adult children, a salary of $81,000 a year, and a $1.2-million house in a … Read more

Are Barry and Beth saving enough to retire at 62, help their kids with down payments and take a big trip soon?

Are Barry and Beth saving enough to retire at 62, help their kids with down payments and take a big trip soon?

Barry and Beth.Tijana Martin/The Globe and Mail At age 52, Barry and Beth are enjoying their peak earning years, bringing in a combined salary of more than $450,000 a year. He works in education, she is a senior executive at an investment firm. They have two children in university. Beth and Barry have a $2-million … Read more

Jim and Shirley fear the market downturn will eat into their retirement savings. Should they buy an annuity to see them through?

Jim and Shirley fear the market downturn will eat into their retirement savings.  Should they buy an annuity to see them through?

Jim and ShirleyChris Donovan/The Globe and Mail “My wife and I are retired and nervous with this downturn that we will not have enough funds to see us through,” Jim writes in an e-mail. “We are looking to buy an annuity to improve our stability.” Jim is age 60, Shirley 61. They have three adult … Read more

When should Peggy and Howard sell their rental property – and their own family home?

When should Peggy and Howard sell their rental property – and their own family home?

Justin Tang/The Globe and Mail When they first had a Financial Facelift, Peggy and Howard were just starting out, “first home, first kid, first professional jobs,” Peggy writes in an email. A quarter century has passed since then. They’ve moved from the Prairies to an Ontario bedroom community. Howard is now 62, Peggy is 60. … Read more

Keith and Beverly retired early to travel in an RV, but what should they do with their condo?

Keith and Beverly retired early to travel in an RV, but what should they do with their condo?

Keith and BeverlyDARREN CALABRESE/The Globe and Mail The loss of a loved one recently lent a sense of urgency to Keith and Beverly’s future plans; suddenly, life looked precious and brief. So, they abruptly quit their work and hit the road in their RV, planning to spend as much time as they want traversing North … Read more

Leo and Linda should reboot their retirement spending plan to buy a bigger townhouse

Leo and Linda should reboot their retirement spending plan to buy a bigger townhouse

**FINANCIAL FACELIFT DO NOT IDENTIFY** rb-gi-facelift-07XXX Tijana Martin/ The Globe and MailTijana Martin/The Globe and Mail In their early 50s, with well-paying executive jobs, Leo and Linda want to sell their two-bedroom Toronto townhouse and buy a larger one, which would mean taking on substantial new mortgage debt. They have no children “and are in … Read more