Joe Macek, Investment Advisor Portfolio Manager iA Private Wealth

Are You Ready for the Impact Higher CPP Contributions Will Have on Your Take Home Pay? In the past, one person’s income  could easily support a family of four, but things have changed.  Nowadays,  most families need two incomes because the cost of living has gone up a lot.  To adapt to this, the Canada Revenue Agency (CRA) has a program to improve the Canada Pension Plan (CPP).  When you retire, this program aims to give you 33–50% more money from CPP to help you keep up with the higher living costs and lifestyle changes. BUT !!! CPP Contributions are rising… To achieve a higher payout,  there needs to be a higher contribution.  Recognizing that many people live paycheck to paycheck, the Canada Revenue Agency (CRA) can’t drastically increase the Canada Pension Plan (CPP) contribution all at once.  Therefore, the increase is being done in two phases. In the first phase, the CRA raised the CPP contribution rate from 4.95% in 2019 to 5.95% in 2023. T...

In an era inundated with an ever-expanding digital landscape, seeking financial advice has undergone a significant transformation. The rise of social media and online platforms has democratized information, enabling a plethora of voices to emerge, offering guidance on financial matters. However, amid this abundance of information, the challenge remains. H ow do we discern credible financial advice from the noise? There are some pretty big warning signs we should pay attention to when we’re looking for trustworthy financial influencers — or finfluencers.  For instance, most times their facts aren’t accurate, or their information is all over the place.  Most seem more focused on selling products, or courses rather than giving genuine advice to help us out. I’ve also noticed that  most finfluencers don’t seem to be experts in the topics they cover.  Then there are those who act unprofessionally or make promises they don’t keep, and  many finfluencers say things wit...

Retirement at 55 is possible, but it takes  careful planning and discipline. Many people dream of retiring at 55, but achieving this goal requires careful planning. While the traditional retirement age is 65 or older, early retirement can give you more time to pursue your passions and interests. However,  it is important to have a strong financial foundation  before retiring in your mid-50s. Running some calculations can help you determine if retiring at 55 is realistic for you.  An investment advisor portfolio manager can also help you estimate when you may be ready to retire. Want more AWESOME CONTENT in VIDEO FORM! Check Me out on YouTube! Is it Realistic to Believe I Can Retire at 55? There are no legal barriers, or any other rules that prevent retiring at 55.  In fact, some people in the FIRE movement aim to retire as early as 40. So, retiring in your mid-50s is perfectly legal and possible. However, it’s important to remember that  retiring at 55 is n...