Will you retire at 65 or will you keep working - til 100 : 0. This lady did it...

[lizzie bargain]

Since retiring I worked at one provincial election-it was a very long day though of about 12+ hours if I remember correctly.

[Lynn49]

Financial Advisors are not commission-based and have no reason to advise their clients to make any purchases which line their pockets. They are not compensated through the products that they sell. These people will often earn income by charging an annual, flat fee. Generally, this guarantees a more objective service. Under this pay structure, advisors have no ulterior motivation but to keep your best interests in mind.
Fee-based advisors are good for clients with more complex and established assets. For people who require more comprehensive management, a fee-based advisor will provide objective and personal advice in a cost efficient manner.

Financial Advisors who are self-employed, or commission-based advisors, earn their money by charging a percentage every time they sell a product. For example, a commission-based financial adviser may earn 2% when you buy a certain mutual fund. This can be problematic. Many also charge anywhere from $150-200+ per hour for their services.
Advisors who earn their money this way may have an incentive to sell you particular products, instead of helping you save. Since their success is dependent on how much you buy, your goals, and the goals of your advisor, may not be in line.
While commission-based compensation has an associated risk, it can be helpful for people with fewer assets. If you are looking for infrequent advice, commission-based advisors offer a great way for people with less disposable income to save.

[Lynn49]

Interesting nformation, FYI...
http://www.mymoneycoach.ca/

[French Lady]

I don't plan to ever completely retire if I can help it. I enjoy feeling productive and the contacts that work brings me. That being said, as time goes on I'm making more time for things I enjoy and things I believe in. A truly balanced life goes far beyond just money.

[lucy16076]

Retirement means I have "enough." It means I can choose to work, or not. It means I've saved my entire working career, was smart with my finances, and now have the means to choose what I will do with my "free" time. In retirement many are MORE busy than prior to, but it often creates a more relaxed self fulfillment because it's not done out of necessity! That's retirement to me & I hope to retire by 59...that gives me about 15 years to figure it out!

[Lynn49]

Retirement means I have "enough." It means I can choose to work, or not. It means I've saved my entire working career, was smart with my finances, and now have the means to choose what I will do with my "free" time. In retirement many are MORE busy than prior to, but it often creates a more relaxed self fulfillment because it's not done out of necessity! That's retirement to me & I hope to retire by 59...that gives me about 15 years to figure it out!

Exactly, Lucy. For some people, "enough" means getting through the days without getting into debt; for others, it affords them the opportunity to travel, to see the world, to volunteer (which often is an expense in itself), to help their kids, etc.
Retirement means different things to different people, which is what I meant by "expectations". My needs and wants may differ from other people, which may warrant a different financial need than others may have.
Each to their own...

[SnowFlakey]

Even before hubby retired, i voluntered for years managing seniors based activities. I run and manage 3 activities mainly for seniors but everyone is welcome. Together, these are about 10 hours a week. Not much timewise, but its my way of giving back.

But i also ``work`` at a hobby that i truely enjoy which is Ebaying. I love EBay; its the worlds greatest garage sale. Everyone accumulates tons of stuff during their lives and then you realize its time to downsize and downgrade. So what do you do with all your stuff that you dont need or want anymore? An elderly man (now deceased) introduced me to EBay about 12 years ago and i got hooked. I rarely buy anything on eBay because that would defeat my purpose of downsizing. But its a nice little sideline and something to do in my spare time and also make some money.

[blueeyetea]

i didn't ask..... but i know they are both divorced long ago and probably didn't save much?
they're just working part time though.

Divorce is definitely not budget friendly. Having said that, I have a friend who's nearing retirement, but she spends and spends some more. When she found out the rule about working was dropped for collecting CPP, she went ahead with it because she needed a new car and her CPP payments covered the loan payments. She didn't factor in the ramifications of accepting her reduced CPP at 60, even though she plans to work full time until she's 65. It will be a rude awakening by then.

[blueeyetea]

Financial Advisors are not commission-based .... will often earn income by charging an annual, flat fee. Generally, this guarantees a more objective service. Under this pay structure, advisors have no ulterior motivation but to keep your best interests in mind.

Fee-based advisors are good for clients with more complex and established assets.....

Financial Advisors who are self-employed, or commission-based advisors, earn their money by charging a percentage every time they sell a product. For example, a commission-based financial adviser may earn 2% when you buy a certain mutual fund. This can be problematic. Many also charge anywhere from $150-200+ per hour for their services.
Advisors who earn their money this way may have an incentive to sell you particular products, instead of helping you save. ....

While commission-based compensation has an associated risk, it can be helpful for people with fewer assets. If you are looking for infrequent advice, commission-based advisors offer a great way for people with less disposable income to save.

This post is confusing and contradictory. The types of financial advisors that exist are:

Fee-only financial planners: this is someone a customer will pay by the hour or a flat fee, and will help you draw up a financial plan. Some will give advice on investments, some will not.

Fee and management fee financial planners and advisors (for the wealthy): they’ll provide a financial plan as well as manage your assets. It can be a combination of hourly rates, but typically they will charge a percentage of the assets they’re managing. You have $500,000 in assets, and they charge 1% a year, it means you pay them $5,000 a year. Depending on the planner, they will sell you investments for which they get a commission, others won’t. It varies a lot.

Commission based financial investment sellers: or financial advisors, or stock brokers. They get paid for every investment you buy. You buy mutual funds from them, let’s say, $2000/year, they get $40 or 2% (but can go up as high as 9%) off the top, and $1960 is deposited into the fund. That wouldn’t be so bad if the fund didn’t go and take another 2% (called MER, look it up) off your investment that you never see or know about, whether the fund turns a profit or a loss. After 25 years of investing $2000/year, assuming a return on investment of 5%, that translates to getting back $72K instead of the $92K you’d get if you invested in a fund that costs only ½ a percent. That’s $20,000 that’s not in your pocket after 25 years, or 22% less.

Financial Advisors at your local bank: are about the same as the commission based financial seller when it comes to conflict of interest, even though they don't charge a commssion. If they work at a bank, that means they are paid by the bank, and they will sell products that are pushed by the bank, aka, products that are profitable to the bank, period. The service wouldn’t be offered for free if the bank didn’t make so much money from it. In this case, if we repeat the investment above, $2,000/year for 25 years, you’ll end up with $74K instead of the $72K above, a difference of $18,000 that didn’t end up in your pocket.

[Lynn49]

Financial Planners who work in banks can and do sell third-party products. As well, their services cover more than investments...they also work with their clients to provide retirement planning, estate planning, education planning, cash-flow and debt management that will help their clients maintain the lifestyle they have, education planning as well as working with other professionals on your behalf such as lawyers and accountants. For the most part, the client must have a minimum of $100,000 to invest. Also, if funds are only averaging 5%, it's time to find a new Planner.

[Shwa Girl]

On 60 Minutes (CBS News) they talked about this new study. More people living over 90 years of age. What's their secret?
And, dementia and altzheimer -- now they are not sure if they have the fact right. But they are still checking things out.
Very interesting.

Major findings
Researchers from The 90+ Study have published many scientific papers in premier journals. Some of the major findings are:

• People who drank moderate amounts of alcohol or coffee lived longer than those who abstained.
• People who were overweight in their 70s lived longer than normal or underweight people did.
• Over 40% of people aged 90 and older suffer from dementia while almost 80% are disabled. Both are more common in women than men.
• About half of people with dementia over age 90 do not have sufficient neuropathology in their brain to explain their cognitive loss.
• People aged 90 and older with an APOE2 gene are less likely to have clinical Alzheimer’s dementia, but are much more likely to have Alzheimer’s neuropathology in their brains.

- See more at: http://www.mind.uci.edu/research/90p....18Os14H3.dpuf
Major findings

Researchers from The 90+ Study have published many scientific papers in premier journals. Some of the major findings are:

• People who drank moderate amounts of alcohol or coffee lived longer than those who abstained.
• People who were overweight in their 70s lived longer than normal or underweight people did.
• Over 40% of people aged 90 and older suffer from dementia while almost 80% are disabled. Both are more common in women than men.
• About half of people with dementia over age 90 do not have sufficient neuropathology in their brain to explain their cognitive loss.
• People aged 90 and older with an APOE2 gene are less likely to have clinical Alzheimer’s dementia, but are much more likely to have Alzheimer’s neuropathology in their brains.

- See more at: http://www.mind.uci.edu/research/90p....18Os14H3.dpuf

http://www.cbsnews.com/news/living-to-90-and-beyond/