Tag Archives: RetirementRedux

May 28: Best from the blogosphere

Of the 500+ blogs I have written for savewithspp.com, monitoring the blogosphere to link you with the best of the personal finance world has been the most rewarding. While some personal finance bloggers generate money from google ads on their websites,  forge corporate relationships, sell courses or develop an enhanced reputation in their chosen field, the vast majority write for free, just because they have information they want to share with others.

Here is a completely unscientific list of some of my favourites who I have featured time and time again in this space. If you want to continue following them, sign up to receive emails notifying you when their latest blogs are posted.

Boomer&Echo: Rob Engen and his mother Marie Engen are the writing team that generate a consistent stream of always engaging blogs about everything to do with saving and spending money.

Cait Flanders: Cait Flanders has written about all the ways she continually challenges herself to change her habits, her mindset and her life. This includes paying off debt, completing a two-year shopping ban and doing a year of slow living experiments. And in January 2018, she published her first book, The Year of Less  (a memoir), which became a Wall Street Journal bestseller.

Canadian Dream: Free at 45: I have been reading Tim Stobbs since we blogged together on moneyville for the Toronto Star. He has beat his initial target, retiring recently at age 40, but his blogs about retirement are still a great read.

Jessica Moorhouse:  Jessica Moorhouse is a millennial personal finance expert, speaker, Accredited Financial Counsellor Canada® professional, award-winning blogger, host of the Mo’ Money Podcast, founder of the Millennial Money Meetup and co-founder of Rich & Fit. Don’t miss How I Survived a Trip Across America Using Only Chip & Pin.

Millenial Revolution: Firecracker and Wanderer are married computer engineers who retired in their early 30s. They blog on Millenial Revolution. They opted to not buy a home because they believe home ownership is a money pit. Instead they travel the world living on their investment income. Reader case studies where Wanderer “maths it up” are particularly fascinating.

Money After Graduation: Money After Graduation Inc. is an online financial literacy resource founded by Bridget Casey for young professionals who want to build long-term wealth. Whether readers are looking to pay off student loans, invest in the stock market, or save for retirement, this website has valuable resources and tools including eCourses and workshops.

Retire Happy Jim Yih and his team of writers publish top quality financial planning information. They believe there is a need for timeless information because too many financial and investing sites focus on minute-by-minute investment ideas, changing markets and fast paced trends.

Sean Cooper: Sean Cooper’s initial claim to fame was paying off his mortgage by age 30 which he has documented in his book “Burn Your Mortgage.” Since then much of his writing has focused on real estate-related subjects. He has recently qualified as a mortgage broker and will be leaving his day job as a pension administrator to launch a new career.

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For me, retirement beckons. This is my last Best from the Blogosphere for savewithspp.com. My own blog RetirementRedux has been dormant for some time as I have focused on writing for clients but I plan to revive it now that I have more time. Feel free to subscribe if you are interested.

May all of your financial dreams come true, and when the right time comes, I wish you a long, healthy and prosperous retirement.

 

Written by Sheryl Smolkin
Sheryl Smolkin LLB., LLM is a retired pension lawyer and President of Sheryl Smolkin & Associates Ltd. For over a decade, she has enjoyed a successful encore career as a freelance writer specializing in retirement, employee benefits and workplace issues. Sheryl and her husband Joel are empty-nesters, residing in Toronto with their cockapoo Rufus.

Jun 8: Best from the blogosphere

By Sheryl Smolkin

Over the last few weeks bloggers and mainstream media have been reacting to Finance Minister Joe Oliver’s surprise pre-election announcement of the government’s intention to add a voluntary component to the Canada Pension Plan. Here is sample of some of the buzz created by this proposal.

I wrote Voluntary CPP contributions will favour high earners on RetirementRedux and the blog was re-posted by John Chevreau on the Financial Independence Hub. I believe that too many questions remain unanswered and if voluntary CPP contributions are locked in until retirement, even when middle or low earners finally bite the bullet and set up a payroll savings plan, chances are they will opt for an RRSP or TFSA so they can get at the money in an emergency. Because employers probably won’t have to match contributions, there will be incentive for employees to contribute more money to CPP.

On Retire Happy, Jim Yih questions whether voluntary CPP contributions are a good idea. Yih also notes that the devil is in the details, and suggests that if there is no employer matching there is little difference between voluntary contributions to CPP or RRSPs (individual and group). Lower cost investing may be a plus but he says investors already have access to lower cost investments through Exchange Traded Funds (ETFs).

In the Globe and Mail, Bill Curry reports that the Conservative government rejected a voluntary expansion of the Canada Pension Plan five years ago as overly expensive and misguided, a history that is raising questions as to why it is now proposing that very idea. “This was rejected unanimously by our partners in the federation when we met and discussed the issue because it would not work and because the CPP would be unable to administer it,” Finance Minister Jim Flaherty told the House of Commons in September 2010.

In the StarPhoenix, Andrew Coyne writes Whether voluntary or mandatory, there is no need to expand the CPP. He says, “If people are saving about as much as they want to  now, then forcing them to save more in one way, through an expanded CPP, may simply result in an offsetting reduction in their other savings, in their RRSPs or TFSAs.” He also opines that those of modest means are already well-served by the existing CPP and the further you climb the income scale, the hazier the case for public intervention becomes.

And finally, a Toronto Star editorial says Harper’s pension ‘fix’ falls short. This piece suggests that by far the best way to forestall a retirement income crisis would be to expand and enhance the existing, highly acclaimed CPP, by upping the input from employers and employees alike. With $265 billion in assets and an enviable 18.3% return last year, the plan has expert management, huge scale and a low-cost structure. Employers and workers pay equally, to a combined maximum of just under $5,000 this year. It locks in contributions over the long haul and it provides a safe, predictable retirement income.

Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?” Share the information with us on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.