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Ever thought about test-driving your retirement? Christine Benz, the director of personal finance at the independent analysis firm Morningstar, did that recently when she took a six-week sabbatical. She says her "faux-tirement" taught her a few things.
Give this article a read if you're looking ahead to retirement and wondering how to structure your life. Ms. Benz said her list of tasks that needed doing didn't take as long as she thought to complete, that home projects were a nuisance and that her spending was a mixed bag. With less stress in her life, she found she wasn't treating herself to "little goodies" as often. But at the same time, she had more shopping opportunities.
For a different perspective on what retirement is like, check out this Ask Me Anything discussion on Reddit. A guy who quit his job last year at 40 to become a stay-at-home dad reflects on his year of so-called retirement. "Home life is vastly improved," he writes.
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Ask Rob
The question: "We are debt-free renters with all our money in tax free savings accounts and registered retirement savings plans. The TFSAs contain a variety of stocks with a heavy focus on bank stocks, and the RRSPs are in a mutual fund. We are wondering how to best protect our investments if and when the Canadian real estate bubble pops."
The answer: "Cut down on your heavy exposure to the banks, which are very active in mortgage lending. Financial stocks, banks included, account for close to 35 per cent of the Canadian stock market. Capping your exposure to banks at one-third of your portfolio or less would be a way to contain any damage to bank stocks caused by a real estate correction. It's worth noting that Canada's banks are very resilient. Long term, I have no worries about them."
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Rob Carrick