Longevity & Aging

No doubt about it: at some point we’re neither semi-retired, findependent or fully retired. We’re out there in a retirement community or retirement home, and maybe for a few years near the end of this incarnation, some time to reflect on it all in a nursing home. Our Longevity & Aging category features our own unique blog posts, as well as blog feeds from Mark Venning’s ChangeRangers.com and other experts.

Tontine: Retirement Plan of the Future?

Posted By Jonathan Chevreau | May 27, 2015

Here’s my latest MoneySense blog, entitled Tontine: Retirement Plan of the Future, which describes a new book by retirement guru Moshe Milevsky entitled King William’s Tontine. We will follow with a guest blog by Moshe himself on Thursday elaborating on his vision of tontine-like structures as a 21st century fix for declining Defined Benefit plan coverage and rising longevity expectations. In some respects, the Tontine — all but banished in many countries — resembles life annuities. Movie goers may recall a movie where the tontine prominently features: The Wrong Box.

Given this week’s press coverage of the voluntary expansion of the Canada Pension Plan (CPP), Milevsky’s book is all the more timely, since it ’s all about longevity insurance and true pensions: that is, life annuities and true Defined Benefit pensions. (NOT Defined Contribution plans, RRSPs, TFSAs, etc., which are really capital accumulation plans that have no implicit guarantee of an income for life, no matter how long you live to.).

Crashing Through The Retirement Barrier

Posted By Michael Drak | May 26, 2015

By Michael Drak,

Special to the Financial Independence Hub

On May 6^th 1954, Roger Bannister became the first person in the world to run a sub-4 minute mile. At the time no one believed the human body was capable of going that fast and although many had tried none had succeeded up to that point. Then along came Roger Bannister, who ignored the nay-sayers and posted a mile of 3 minutes 59.4 seconds.

The interesting thing is that after the sub-4 minute mile limitation was broken many other athletes posted sub-4 minute times, starting almost immediately after Roger Bannister proved it could be done.

Self-imposed mental barrier

So what happened, why the sudden success? Continue Reading…

The financial plight of the surviving spouse

Posted By Financial Independence Hub | May 19, 2015

By Doug Dahmer, Emeritus Retirement Income Specialists

Special to the Financial Independence Hub

Take me with you when you go, girl
Take me anywhere you go
I’ve got nothin’ here but me, babe
Take me with you when you go — Jack White

Over my nearly 30 years of financial planning, death in a client family has given me both agonizingly poignant moments but also moments of tremendous encouragement for the human condition.

I have had the opportunity to work with bereaved spouses where we were able to allow them to stay in the family home and give their families the support and foundation they so desperately need.

I have also had the achingly sad moments of having to tell others how their worsened financial future will unfold due to their altered financial circumstances. The difference generally can be attributed to the existence of forward tax planning for the financial implications of the “first to die.”

Husbands and wives rarely die at the same time

Weekly Wrap: Work may not end after Findependence, as Encore Careers beckon

Posted By Jonathan Chevreau | May 15, 2015

cf-old-and-new--timelines_500px — Graphic courtesy Challenge Factory Inc. and Retirement Redux

By Jonathan Chevreau

Financial Independence Hub

On Wednesday, the Financial Post ran an online column of mine it titled Life After Retirement: Your Working Career Probably Isn’t Over Yet — Welcome to the Encore Act.

Regular Hub readers will know that if I had my druthers, the headline would read more like “Why Work won’t end after your Findependence Day.” (that is, the day you achieve Financial Independence).

I don’t view the terms Retirement and Financial Independence as interchangeable. By definition, Retirement (or at any rate, traditional full-stop Retirement funded with a generous Defined Benefit pension) means no longer working for money. Financial Independence (aka Findependence), on the other hand, can occur years and even decades before traditional Retirement and so seldom means the end of productive work.

This very web site — which just passed six months in existence — is dedicated to clarifying this distinction. And of course the site also constitutes a big element of my own personal Encore Act: next Tuesday will be the one-year anniversary of my own Findependence Day. In my case, I define that as no longer working as an employee of a giant corporation or government entity, and having the financial resources to work if I choose to, and not if I don’t.

How to find your Encore Career

Weekly Wrap: Happiness without ambition, learning from divorce, how to hire a caregiver

Posted By Jonathan Chevreau | May 9, 2015

Can you be happy without ambition? That’s probably not a question many of us ask ourselves, but it was posed by Joe Udo the other day at his Retire by 40 site: Can you be happy without ambition?

I don’t know about Joe’s professed lack of ambition but in my view, achieving early Findependence by 40 and running a web site about how you did it qualifies as ambitious. And as I’ve often argued, such activities really do not constitute retirement in the sense of doing absolutely nothing all day long. Joe and the many other Early “Retirement” gurus are still working, and from what I’ve experienced the past year, are probably working pretty hard. Same with writing books and giving paid speeches. It’s still work but there is some freedom being outside the corporate gilded cage.

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