All posts by Financial Independence Hub

Third Age education: Later-life learning

Posted By |
Mature students are very focused on their classes
\

By Aaron Hector, Doherty & Bryant Financial Strategists

Special to the Financial Independence Hub

Have you ever wanted to do or learn something, but never seemed to have the time? With commitments to family, friends, your career and hobbies, it’s easy to see how life can get away from you.

The term ‘Third Age’ refers to the stage in life after which you have retired and your children are independent. This is the stage at which you become liberated and finally have extra time.

It’s back-to-school season for our youth this fall – but why not for you too? Let’s look at some options for lifelong learning opportunities available during your third age.

First, it doesn’t have to be expensive! There are a number of low-cost to no-cost education options available. Seniors are offered discounts on many different products and services; including reduced bank fees, transit passes, discounted meals and even tax breaks. Perhaps the single greatest of all such discounts is the offer of free tuition – which has been extended by many universities here in Canada. If you consider that one year’s tuition can cost over $10,000, then a four-year degree could equal $40,000 in savings. Of course, you don’t need to commit to a four-year degree; you could get plenty of enjoyment from taking a single personal interest course.

Seniors and the Lifelong Learning Plan

The cost of various student fees, class materials, and textbooks are generally not free. For seniors on a strict budget, or for those who are trying to keep their net income below the Old Age Security (OAS) clawback threshold ($73,756 for 2016), taking advantage of the Lifelong Learning Plan (LLP) could be a suitable option to pay for these supplemental education costs. Continue Reading…

3 questions if you often carry a balance on your credit card

Posted By |

Attractive girls with bags and credit cards on a white backgroundBy Alyssa Furtado, RateHub.ca

Special to the Financial Independence Hub

When comparing credit cards, it’s easy to get seduced by reward programs offering cash back, travel points, or other benefits. If you pay off your entire credit card balance every month, then these types of cards are a great option. But if you don’t usually pay your balance off in full or you have an upcoming expense that’ll take you a while to pay off, using a rewards card might not be the smartest move.

1.) What’s the best type of credit card?

If you usually carry a balance on your card, you might want to consider getting a low-interest credit card.

As the name suggests, low-interest credit cards are specifically designed to offer competitive low interest rates on purchases, balance transfers, and cash advances. Not only will you pay less in interest, you will also be able to pay off your debt faster since your interest costs will be lower.

This is why a low-interest rate is one of the key features many people look for in a credit card.

2.) What’s the best low-interest card?

There are a number of fixed low-interest credit cards so it’s worth comparing them, but one of the best cards available is the BMO Preferred Rate MasterCard.

Continue Reading…

How executives can survive sudden job loss

Posted By |
51fpzsdfv7l-_sy344_bo1204203200_
Amazon.com

By Bill Treasurer

Special to the Financial Independence Hub

The transition of a leader’s career from the top of the crest to the other side can actually be a beautiful thing. This is the time when your wisdom is ripest, when the bulk of your legacy has been established, and when your influence has left a tangible and positive mark.

At this stage of your leadership career, you are a leader in full. It’s worth noting that the leadership influence of many leaders became fully expressed late in life. Benjamin Franklin was 70 when he signed the Declaration of Independence (Samuel Whittemore was 81). Ronald Reagan was 69 when he became president, and 77 when he left office. Golda Meir became Prime Minister of Israel when she was 71. Dr. Ray Irani, the CEO of Occidental Petroleum, is currently 75 years old, making him the oldest Fortune 500 CEO.

While your leadership career may span many years, the current average retirement age in the United States is 62. Given that average life expectancies have been steadily growing, figuring out what to do with all that accumulated leadership wisdom and influence before you retire, will help soften whatever butt-kicks may come when the gates of your career close. (By butt-kicks, I mean embarrassing and humiliating moments in your leadership that serve as a starting point to discover your strengths and values, and become better).

Butt-kicking tips for senior leaders

Continue Reading…

Retireby40’s take on Semi-retirement and Victory Lap Retirement

Posted By |
joeudo
Joe Udo of Retireby40.org

By Joe Udo, Retireby40.org

Special to the Financial Independence Hub

It might be surprising to new readers of Retire by 40 that I don’t believe in the traditional definition of retirement.

Yes, the site is titled Retire by 40, but I really meant Semi-Retire by 40. The idea is to leave the stressful corporate job life and continue to work part-time on something I enjoy. I don’t want to spend every day lounging by the pool or golfing at the country club. That sounds nice, but I’d be bored out of my mind in about three days! Full retirement can wait until I’m 70.

The problem is Semi-retire by 40 just doesn’t have the same impact as Retire by 40. There wasn’t a good word to describe what I was aiming for … until now. Mike Drak and Jonathan Chevreau’s new book Victory Lap Retirement describes exactly the lifestyle I wanted when I started blogging.

What is a Victory Lap?

The following paragraph from the book explains it perfectly: Continue Reading…

How Collecting can keep you young

Posted By |

Old postage stamps from various countries on wooden tableBy Cher Zevala 

Special to the Financial Independence Hub

For your entire adult life, you saved diligently for retirement, but if you want to make the most of your savings, you need to remain healthy for as long as possible. Being physically active will keep your body in good shape, but your mind also needs exercise as you age — which is why you should consider starting a collection.

Humans have a drive to collect things; it’s what helps our species survive and thrive in an unpredictable environment. However, now that you have the time, you can begin collecting items of interest that you can show off to friends and fellow collectors. Here are a few benefits to starting a collection so you can be happy and healthy for decades after you retire:

Reduce Stress

Stress is terrible for the mind and soul, but it does dreadful things to the body, too. Research shows that excess stress ages your body’s cells prematurely, causing all sorts of age-related diseases, such as Alzheimer’s and hearing and vision loss, before you might naturally develop them. Unquestionably, the less stress you have in your life, the better.

Research also shows that having hobbies can reduce stress as well as exercise, which is to say: quite a lot. Unless you feel like going for a run ― and few retirees can truthfully say they do ― you might start finding something to collect to cut down your stress.

Appreciate Beauty

There is beauty in the world, and with the right collections, you can prove it. Artwork, jewelry, books, and even droll items like stamps and coins can be evidence of the sublime. It doesn’t hurt to have pretty things around you, but you do have to locate and gather the things you find most precious and appealing.

Continue Learning

Continue Reading…