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  • Anti-aging pill for dogs one step closer to reality as it’s certified ‘effective’ by FDA. What does this mean for your budget?

    Anti-aging pill for dogs one step closer to reality as it’s certified ‘effective’ by FDA. What does this mean for your budget?

    There’s a famous quote that goes "the only thing ‘wrong’ with dogs is that they can’t live forever." A dog’s lifespan can range anywhere from nine to 15 years on average, and when you consider a dog as part of the family, that’s just not enough time. But what if there was a pill that could extend your dog’s life? Good news — that pill just came one step closer to reality.

    More time with our best friends

    Loyal, a biotechnology startup focusing on canine health solutions, received a significant milestone on Wednesday, February 26, when the Food and Drug Administration (FDA) granted their new medication a "reasonable expectation of efficacy" certification.

    Before veterinarians can begin prescribing this anti-aging treatment, the FDA must still verify its safety and confirm the company’s ability to scale up manufacturing. Loyal expressed confidence in meeting these requirements, citing "extensive data" supporting both aspects, and projects receiving conditional FDA approval by the end of 2025.

    The company is seeking FDA approval for their beef-flavored pill to be used in dogs that are at least 10 years old and weigh a minimum of 14 pounds. According to Loyal, the medication targets "metabolic health," which naturally deteriorates as dogs age.

    While promising, the treatment does have limitations. Loyal indicates that the medication could extend a dog’s healthy lifespan by at least one additional year (that’s seven dog years!).

    Next steps

    Loyal plans to introduce its medication through the FDA’s conditional approval pathway for animal drugs. This process permits companies to begin marketing treatments deemed safe and likely effective by the regulatory agency. Simultaneously, the company continues collecting additional evidence to conclusively demonstrate the drug’s efficacy while it’s already available to consumers.

    There’s no word on how much the pill will cost pet parents, but Loyal said that it wants to make treatment accessible to as many dogs as possible, ideally for less than $100 per month.

    Read More: A surprise trip to the vet can cost $1,000 or more. Don’t get caught off guard. See how pet insurance can ease the stress — and cost — of caring for fur babies. Protect yourself now

    How much more do I need to budget (if my dog lives longer)?

    The average cost of owning a dog in Canada averages between $660 to $4,430 per year, depending on the breed you own. And if you consider your pet as part of your family, this added cost to keep your dog with you for another year is a drop in the bucket. But these are the senior years of your dog’s life and there are going to be added costs, including special dietary needs, supplements and more frequent vet visits. This means you would need to budget for the higher end of the cost spectrum. Be sure to take these factors into consideration when putting together a budget.

    This article Anti-aging pill for dogs one step closer to reality as it’s certified ‘effective’ by FDA. What does this mean for your budget?originally appeared on Money.ca

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • What to expect when you’re expecting: First year cost for pets

    What to expect when you’re expecting: First year cost for pets

    It’s easy to go overboard when you’re getting a new pet. Whether it’s supplies, toys or even clothes, some things are just too cute to pass up. But these things quickly add up, even if you try to stick to necessities. It’s possible to budget and plan for your new furry addition, and we’ve put together a list of expenses to plan for during that first year.

    Canadians love their pets

    Pet ownership in Canada has reached new heights, with about half of households sharing their homes with furry family members. According to the Canadian Animal Health Institute, that equates to 7.9 million dogs and 8.5 million cats. While these furry companions bring immeasurable happiness and joy to our lives, it’s important to recognize and plan for the financial responsibilities that come with pet parenthood.

    The commitment extends far beyond the initial adoption or purchase costs. Pet parents need to provide essential care, including quality nutrition, regular grooming services, veterinary care and various other necessities. Statistics from Rover.com highlight a significant 12% increase in pet-related expenses since 2022, mainly due to inflation that’s caused everything from pet food to vet bills to go up in price, making financial planning more crucial than ever.

    Fortunately, by being proactive, you can manage and reduce pet care costs.. By understanding and anticipating both immediate and long-term expenses associated with pet ownership, you can develop a practical budget that ensures your beloved companion receives the best care while maintaining financial stability.

    If this is the year you’ve decided to bring home a pet, we’ve broken down the costs you can expect in the first year for a new dog or cat. We’ve focused on dog and cats for the purpose of this article as they are the most popular (and expensive) pets, but I do know there are other pets out there, such as bunnies and guinea pigs, that people love to have in their homes.

    Bringing a new dog home: First-year costs

    When you bring a new dog into your home, there are several initial expenses to consider. These one-time costs include both the price of acquiring your pet and essential supplies needed to provide proper care.

    We’ll also cover the must-have items you’ll need before welcoming your new companion, including feeding equipment, grooming tools and walking accessories.

    While these are typically considered one-time purchases, it’s important to budget for eventual replacements. Items may need to be replaced due to normal wear and tear, and puppies will outgrow their initial supplies as they mature into adult dogs. You may want to spend more on quality, brand name products that will last years instead of months. For instance, a well-made harness will cost more up front, but replacing it with a cheaper model every few months or years will add up over time.

    You can expect to pay upwards of $5,000 to $7,000 in the first year of getting a puppy (it’ll be closer to the higher end if you’re purchasing a purebred puppy from a breeder, and of course, it depends on the dog breed).

    You’re thinking to yourself “What? That much for a puppy?! But I’m planning to adopt, won’t that bring down the amount?” While most adoptable dogs are cheaper than ones from a breeder (plus, they come spayed or neutered), that’s just one piece of the puzzle. If you’re planning on bringing home an adult dog, it’s a bit cheaper — the price is more like $4,000.

    Read More: A surprise trip to the vet can cost $1,000 or more. Don’t get caught off guard. See how pet insurance can ease the stress — and cost — of caring for fur babies. Protect yourself now

    Here are just a few of the common costs that can come with the first year of puppy/dog ownership (these are approximate costs):

    • Breeder costs: $1,000 to $4,500
    • Adoption fees: $200 to $800
    • Total veterinarian bills: Around $2,000
    • Veterinary exams with vaccines: $500 to $600
    • Neuter/spay: $750 to $1,200
    • Microchip dog cost: $45 to $95
    • Deworming medication: $70 to $80
    • Pet Insurance: $600 to $1,800 per month
    • Pet food: $1,100
    • Grooming: $60 to $150
    • Collar and leash: $50
    • Bed: $30 to $70
    • Crate: $100 to $300
    • Obedience classes: $500
    • Licence: $35

    Additional costs to consider when owning a dog include pet care services like dog walkers or doggy daycare, especially if you work full-time out of the home. These services ensure your pet gets proper exercise and attention during the day. When planning vacations, you’ll need to factor in boarding facilities or pet sitting services, unless you opt for pet-friendly travel destinations.

    Property damage is another financial consideration of dog ownership. Dogs may occasionally have accidents indoors, and puppies or anxious dogs might exhibit destructive behavior like chewing furniture or causing damage to flooring and carpets (I know this one too well). It’s important to budget for potential repairs or replacements of damaged items.

    Bringing a new cat home: First-year costs

    The financial commitment of cat ownership is less than that of dogs, with Canadian pet parents spending an average of $2,542 annually on their feline friends, according to Statista. First-time kitten parents should prepare for higher initial costs compared to subsequent years of cat ownership. The Ontario Veterinary Medical Association reports that the first year of kitten care typically costs between $3,091 and $3,231. This higher first-year expense is due to one-time purchases and essential medical procedures that set your kitten up for a healthy life.

    Here are just a few of the common costs that can come with the first year of kitten/cat ownership (these are approximate costs):

    • Total veterinarian bills: $1,500 to $1,800
    • Vaccinations: $500 to $600
    • Spay/neuter: $600 to $800
    • Microchip: $45 to $95
    • Deworming medication: $70 to $80
    • Peet insurance: $29 to $35
    • Pet food: $500 to $700
    • Collar: $20
    • Bed: $50
    • Scratching post: $40
    • Litter and litter box: $275
    • Licence: $15

    Final word

    It’s easy to get in over your head when it comes to the first year of pet ownership costs. But by planning ahead and budgeting, your new dog or cat will have everything they need when you welcome them into your home.

    Sources

    1. Canadian Animal Health Institute: Biennial pet population survey shines a light on how pet population statistics changed over the course of the COVID-19 pandemic, and pet owner habits.

    2. Rover.com: Home page

    3. Statista: Annual cost of caring for a cat in Canada

    4. Ontario Veterinary Medical Association: Annual cost of caring for a cat in Canada

    This article What to expect when you’re expecting: First year cost for petsoriginally appeared on Money.ca

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • I’ve officially handed in notice to my boss that I’m retiring this year, which has made retirement feel a lot more real. How do I prepare for the rest of my life financially?

    I’ve officially handed in notice to my boss that I’m retiring this year, which has made retirement feel a lot more real. How do I prepare for the rest of my life financially?

    If you’ve handed in notice to your boss that you’ll be officially retiring in a few months, you’re likely both nervous and excited.

    That’s understandable, retirement is a big life transition. However, it helps to have a solid financial plan, as well as the resources to support it, to feel comfortable as you wave goodbye to your working life.

    Here are some ways to prepare for the transition.

    What to do before you retire

    The final months before retirement are a crucial time to determine how much money you have and finalize a withdrawal strategy to ensure it lasts.

    Budgeting for current and future expenses will help you come up with an effective withdrawal plan.

    For many, the 4% rule is a decent guideline. This entails withdrawing 4% of your retirement savings in the first year, then adjusting the amount for inflation in subsequent years. (However, due to the current rate of inflation and cost of living, that number has recently dropped to 3.7%.)

    Depending on your portfolio, this strategy should ensure that your retirement savings last 30 years or so.

    If you’ve invested in a workplace pension plan, look at your individual benefit statement to find out how much you’ll receive each month. Married couples may have different choices if an employer offers spousal benefits.

    Depending on your age, you may also qualify for the Canadian Pension Plan (CPP) or Old Age Security Pension (OAS). The monthly benefit you’ll receive is based on your earnings and contributions throughout your working life.

    The Government of Canada website offers an online tool to calculate your retirement income. This includes CPP and the OAS.

    When budgeting for retirement, keep in mind that you may not spend money the way you did while you were working — maybe you’re close to paying off your mortgage, leaving you with extra funds or perhaps you want to travel more, increasing your travel costs.

    Don’t forget to budget for the long term as well, factoring in things like home renovations to help you age in place or the funds you might spend on health care down the road. Without the healthcare benefits that came with your job, you might need to look into alternative coverage.

    In the course of this budgeting process, you may discover that you don’t have enough money to sustain you in retirement. If that’s the case, consider boosting your income by continuing to work (e,g., part-time job), downsizing your home (to cash in on equity and save on housing costs) or selling a car you don’t need anymore.

    How to ensure a smooth transition

    Finances are just one part of your retirement plan. Creating a sense of routine and purpose can help you ease into your new lifestyle, and prevent anxiety and stress.

    For example, you can establish a morning routine that incorporates a daily walk and logging into an online writing class. Or volunteer at an animal shelter a few times a week, leaving other days free for relaxing activities like reading or sitting by the beach.

    Staying socially engaged is crucial, as 39% of Canadians age 65 or older reported feeling lonely at least some of the time, according to a report by the Women’s College Hospital Research Institute.

    With your budget set, and a daily routine filled with purpose and pleasure, any retirement jitters you have will be replaced with a sense of opportunity in this next stage of your life.

    Sources

    1. Government of Canada: Canadian Retirement Income Calculator

    2. Women’s College Hospital: Loneliness epidemic among older adults in Canada

    This article I’ve officially handed in notice to my boss that I’m retiring this year, which has made retirement feel a lot more real. How do I prepare for the rest of my life financially?originally appeared on Money.ca

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • Robert Herjavec says 1 part-time job helped turn him into a billionaire — he learned how to spot wealthy men and ‘sell to them.’ Here’s the business legend that taught him ‘everything’

    Robert Herjavec says 1 part-time job helped turn him into a billionaire — he learned how to spot wealthy men and ‘sell to them.’ Here’s the business legend that taught him ‘everything’

    Croatian-Canadian entrepreneur and Shark Tank star, Robert Herjavec, is well known for his savvy investments in tech companies, but the 62-year-old says he gained his most valuable business skills in an unlikely place — a men’s clothing store in Toronto.

    In a recent interview with YouTuber Lewis Howes, Herjavec says when he was young, he decided to get a part-time job at Harry Rosen, a luxury menswear store, after he learned about the 50% employee discount on high-end suits.

    However, he also learned about another perk available to employees: A chance to learn from the company’s founder.

    “The guy who owns the place called Harry Rosen … used to teach on Saturdays if you showed up an hour before the store opened,” Herjavec told Howes, adding that he jumped at the opportunity because of Rosen’s reputation. “The guy’s a legend! Even then, it was like the biggest shop in Canada.”

    These weekly mentorship sessions ultimately taught Herjavec everything he needed to know about running a business and selling to wealthy clients.

    Spotting wealth

    Harry Rosen, a high school dropout, transformed his humble men’s fashion store into a business empire that generated revenues approaching $350 million in 2023. Key to his success was his focus on training employees, such as Herjavec, on how to develop and sustain a good relationship with customers.

    Besides learning how to dress and inspect suit fabric, Herjavec says his mentorship sessions with Rosen taught him “how to spot someone with money” and sell to them. These lessons were so valuable that Herjavec couldn’t believe he was learning while also getting paid.

    “I would have paid him to teach me,” he said. “It was great, he taught me everything.”

    Herjavec used some of these skills to sell his cybersecurity company BRAK Systems to AT&T Canada for $30.2 million in 2000, as well as a majority stake in his other cybersecurity startup, Herjavec Group, which was sold to private equity firm Apax Partners in 2021.

    “I’m probably one of a handful of the top cyber people in the world,” Herjavec explains to Howes. “But I’m not wealthy because of my knowledge of a task, I’m wealthy because of my knowledge of sales.”

    Here’s how the art of persuasion can help your career and business, too.

    The art of selling

    Like Herjavec, learning to spot high-value customers — or a receptive audience for your pitch — could be your key to career success.

    Whether you’re looking for a job or trying to find new clients for your business, take the time to research your market and find companies and consumers that are most likely to say yes to what you’re offering.

    The ability to build and sustain a strong relationship with your clients or colleagues is also a key career skill. According to a study by LinkedIn, communication and customer service were the top two most sought-after “soft skills” by employers in 2024. Do yourself a favour and take the time to develop and hone these competencies to unlock better prospects for your career.

    Finally, consider finding a mentor who can help you develop these skills. Herjavec says he was fortunate to work not only with Harry Rosen, but also Warren Avis, who started the Avis Car Rental company.

    “I always think if somebody would’ve taken me under their wing and they were, like, a con man, I would have been a con man, right?” he told Howes. “I was just very lucky. I’ve just been really fortunate to have great role models who are good human beings.”

    You don’t need to find a billionaire celebrity to be your mentor, just someone who has achieved what you aspire to and has the time to share some insights.

    Check LinkedIn, alumni groups, industry events, professional associations or even within your current workplace to find people you admire and ask them for help.

    Sources

    1. YouTube: Shark Tank Host: My Parents & I Escaped Communism With $20! THIS Unlocked Wealth for Me! (Feb 5, 2025)

    2. The Globe and Mail: Harry Rosen launching $50-million overhaul of its retail stores over five years, by Susan Krashinsky Robertson (Mar 14, 2024)

    3. CNBC: ‘Shark Tank’ star Robert Herjavec’s first big splurge cost $6 million — and it wasn’t a house, by Sarah Berger (Feb 14, 2019)

    4. LinkedIn: ‘LinkedIn 2024 Most In-Demand Skills: Learn the Skills Companies Need Most, by Sonya Bessalel (Feb 8, 2024)

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • This NYC building offers $250 per month rent for homeless, disabled patients — here’s how to find affordable housing options when you’re living on a scant income

    This NYC building offers $250 per month rent for homeless, disabled patients — here’s how to find affordable housing options when you’re living on a scant income

    There’s relief for some NYC residents who are struggling to find budget-friendly housing.

    Low income and homeless New Yorkers can now live in an affordable housing building located in Bed-Stuy, offering a sense of security to those who live there.

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    “I have no words for how much this building has helped me,” Elvis Jordan, a current resident of the building, told News12 Brooklyn.

    Residents receiving housing support

    Woodhill II Residence is a building with 36 units meant for adults who have health-related issues and could face homelessness.

    The building is situated across from the NYC Health + Hospitals/Woodhill and helps those living with chronic health conditions and serious mental illness. Residents are referred through the hospital and can receive regular visits from health care providers directly from there.

    Those living at Woodhill II Residence can also receive services like health care integration and case management. However, residents’ ability to stay in the building isn’t predicated on receiving treatment.

    The organization that manages the building is CommuniCare and Blanca Ramirez, its CEO, says there is no time limit as to how long people can stay there. As long as residents can keep paying rent, they’re welcome to stay.

    Rent at Woodhill II Residence is much lower than what you’d find in many other places. Residents could pay as low as $250 per month, or 30% of the Area Median Income (AMI).

    How to seek affordable housing

    If you’re finding it extremely difficult to afford housing, there are several options available to you. Here are the four main types of government programs that help you find affordable rental properties.

    Subsidized housing

    This government program will pay owners of apartments to help reduce the rent for qualifying low-income residents.

    Eligibility is based on your household’s annual gross income and whether you have qualifying immigration status. In general, if you make less than a certain percentage of the median income in your area, you may qualify.

    To determine whether you qualify, contact your local public housing agency. If you are, you can use the U.S. Department of Housing and Urban Development (HUD) housing map to find participating apartment complexes.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Housing Choice voucher program

    Also referred to as Section 8, this program offers vouchers for paying part or most of your rent at qualifying housing units.

    To be eligible for the program, you need to be at or under the HUD income limit, an eligible U.S. citizen or non-citizen, be free of certain crimes, and a valid Social Security number for the head of household.

    You can apply through your local Public Housing Agency. Keep in mind that there may be long waitlists because of the high demand. In the meantime, you can gather paperwork such as proof of income, documentation of any public assistance you receive and proof of citizenship.

    Those that are approved for Section 8 housing assistance will need to attend a voucher orientation and tend to have from 60 to 120 days to find suitable housing.

    How much rent you’ll pay depends on your Family Rent Portion, or Total Tenant Payment. At minimum, you’ll usually be on the hook for 30% of your adjusted monthly income, but it could be as much as 40%.

    Public housing

    Instead of renting through a private tenant, you may qualify for housing managed by your local public housing agency. Eligibility requirements are generally the same as subsidized housing.

    In many cases, you may need to apply for public housing in person, though it can vary from state to state. Your local agency should help explain the process and provide you with which documents you’re expected to bring to your appointment.

    Assistance for veterans and the disabled

    The Supportive Services for Veteran Families (SSVF) program offers assistance for low-income veterans.

    Some affordable housing solutions the organization helps with include offering financial resources to prevent eviction, get re-housed quickly if facing homelessness, and finding more suitable housing.

    Typically, you’ll need to be very low-income, and a veteran or live with the head of household who is one.

    Those living with a disability and under 62 years old may be able to receive a non-elderly disabled (NED) voucher. This is similar to Section 8 housing where you’ll receive assistance in paying for and finding affordable housing.

    All of these abovementioned programs help to relieve the burden of living on a low income. If you still struggle to budget the money you earn, consider reaching out to local nonprofits or other relevant government agencies for assistance on necessities like food and health care.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • ‘No going backwards’: As Donald Trump’s tariffs fuel rising US-Canada tensions, dual citizen feels the ‘strain’ — how international relations can affect your wallet

    ‘No going backwards’: As Donald Trump’s tariffs fuel rising US-Canada tensions, dual citizen feels the ‘strain’ — how international relations can affect your wallet

    As political tensions rise between the U.S. and Canada, partly fueled by President Donald Trump‘s tariff policies, some people are caught in the middle.

    Denise Amato, who currently lives in Tonawanda, New York, is a dual citizen of both countries. She says the current political climate has been challenging to navigate with her family and friends.

    Don’t miss

    "I’ve noticed there’s some strain," Amato told WKBW TV in a story published March 24. "I’m a little concerned with that because we’ve been allies for so long."

    Born in Niagara Falls, New York, and raised in Welland, Ontario, she has deep roots on both sides of the border. She says recent conversations with family and friends increasingly revolve around politics.

    Tensions beyond trade policy

    Early in March, Trump imposed 25% tariffs on most imports from Canada, with an exemption for products that are compliant with the United States-Mexico-Canada Agreement (USMCA). On March 12, he placed 25% tariffs on global steel and aluminum imports, including from Canada. On April 3, the president imposed 25% tariffs on imported vehicles with some exemptions. Trump has also threatened further tariffs on Canadian dairy and lumber products.

    Canada, for its part, has responded by issuing retaliatory tariffs of its own on U.S. goods.

    But these aren’t the only actions that have caused friction between both nations. Trump has repeatedly suggested making Canada the 51st state of the U.S. — even mockingly referring to former Prime Minister Justin Trudeau as "governor" — comments Canadians perceived to be a threat to the country’s sovereignty.

    Regardless of whether or not Trump’s quips were simply playful jabs, current Canadian Prime Minister Mark Carney has signaled that the old relationship between Canada and the U.S. is over.

    "It’s clear the U.S. is no longer a reliable partner," he said at a press conference on March 27. "It is possible that with comprehensive negotiations, we could re-establish an element of confidence, but there will be no going backwards."

    Despite the turmoil and economic uncertainty between both countries, Amato insists she’s optimistic that the long-standing relationship between the U.S. and Canada will endure.

    “We are friends, and we will be friends forever,” she said. “So, let’s please not allow the political climate to affect that.”

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    How international relations can affect your wallet

    International tensions aren’t just another headline for American consumers — they can have real-world impacts on personal finances.

    In the case of Canada and the U.S., individuals living near the border — particularly those with income or assets in both countries — can feel financial strain beyond the effects economic tools such as tariffs have on sticker price. Fluctuations in currency exchange rates between the U.S. dollar (USD) and Canadian dollar (CAD) can significantly impact purchasing power, investment returns and the cost of living.

    For example, when tariffs escalate tensions, investor confidence may fall, causing currency volatility. If the CAD weakens, Canadians who earn income in Canadian dollars but have expenses or investments in the U.S. face reduced spending power. Conversely, a stronger CAD could mean Americans pay more for Canadian goods and services.

    Here are some ways to manage your personal finances in this time of uncertainty:

    • Don’t stop contributing to your 401(k) if you’re more than 10 years away from retirement. Market fluctuations can make contributing to retirement feel risky, but long-term investing can weather these swings.
    • Look for ways to spend less so tariffs don’t impact your budget as much. For example, now is not the time to invest in a new vehicle unless you must.
    • If you have funds in both countries, pay attention to exchange rates and identify favorable times to transfer funds between countries.
    • Limit large cross-border purchases when exchange rates aren’t in your favor — this includes everything from appliances to real estate.
    • Diversify your assets by holding investments or accounts in both currencies and spending from whichever account is more favorable.

    While politicians debate policy, consumers on both sides of the U.S.-Canada border are left navigating the ripple effects — making it more important than ever to stay informed and financially flexible.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • I’m 60, just divorced, and lost $1.2 million in the process — will I ever recover from this setback? Here’s how to build a secure retirement even when you have to rebuild your life

    I’m 60, just divorced, and lost $1.2 million in the process — will I ever recover from this setback? Here’s how to build a secure retirement even when you have to rebuild your life

    Even the most confident financial planner can question their future after a divorce.

    But let’s say you’ve spent years as the primary breadwinner in your relationship, steadily building a comfortable retirement nest egg, only to lose both your life partner, along with $1.2 million following a costly divorce.

    Even if you’re debt-free, have no children and still have a cushy $2 million in retirement accounts and $500,000 in savings, you might still be reeling from what you’ve lost and find it hard to be hopeful for your financial security.

    It gets even trickier if you still co-own a home with your ex — especially if you plan to stay there for the foreseeable future.

    You may have enough saved for your next chapter on paper, but how do you know for sure? Here’s how to assess whether you’re truly ready to retire and start this new chapter all on your own.

    How to evaluate your situation

    Dividing up your assets and losing $1.2 million in a divorce isn’t just a blow to your net worth — it can completely reshape your financial future. Having the right strategy is key to retiring comfortably.

    The first step is to take stock of your current financial picture. Start by assessing:

    • Short-term liquidity: Do you have enough cash for emergencies and necessary expenses without dipping into long-term investments?
    • Monthly expenses: How much are your monthly expenses, especially if you plan to retire soon?
    • Housing decisions: If you still share property now that you’re no longer married, would buying out your ex make sense, or would selling and downsizing give you greater financial flexibility?

    Next, consider your financial stability. Evaluate the ideal time to claim the Canada Pension Plan (CPP) for maximum benefits. The longer you wait, the better. CPP benefits increase 8.4% per year until age 70.

    When it comes to withdrawals, running multiple scenarios, the straightforward 4% rule, or perhaps even testing a more aggressive 5% withdrawal can help you determine if your savings can support your lifestyle. Suppose you have $2.5 million in retirement accounts and savings. A 5% annual withdrawal would give you $125,000 per year, or about $10,415 per month — well above the average retiree’s income. Even sticking to 4% would translate to $100,000 a year or about $8,333 a month.

    For context, a recent by BMO survey found that Canadian adults believe they need $1.54 million to retire. However, the average couple aged 55 to 64 has $1,006,013 saved for retirement, with that number dropping to $339,910 for single individuals.

    With your financial foundation, you’re ahead of the curve, but to make your retirement more secure, you can continue rebuilding your finances in many ways.

    Rebuilding your investment strategy

    Rebuilding your finances after a divorce takes time, even if you have a solid amount saved. But not everyone will be fortunate enough to have $2.5 million to fall back on after a costly breakup.

    However much you’re working with, start by reviewing your investments. To lower your risk, you may want to redistribute your portfolio and diversify across different assets like stocks, bonds and savings accounts. Dividend stocks can provide regular income and improve your financial stability throughout retirement.

    If you’re unsure about retirement, work a few more years to increase your savings. You can delay CPP payments to increase your monthly benefits and get more income for the long haul.

    You don’t have to stick with full-time work to stay financially secure. Part-time or freelance jobs can help bring in extra cash. You can even rent out part of your home or start a small side business to add new income streams.

    A good tip is to consult a financial advisor even if the numbers say you’re in good shape. They can help you make smarter decisions about your savings, minimize taxes when withdrawing funds and decide whether to keep or sell your home.

    The right strategy will help you feel more confident about your financial future, allowing you to enjoy the retirement you deserve.

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • Trump’s presidency is slowing US tourism — here’s how much it’s expected to dip and what it could mean for your retirement plans

    Trump’s presidency is slowing US tourism — here’s how much it’s expected to dip and what it could mean for your retirement plans

    Though President Trump has been in office for a little over two months, sweeping changes in his international relations policies have created huge economic impacts, not least of which is the impact on the tourism industry in the United States.

    With both heavy tariffs and the threat of invasion impacting relations with our north-of-the-border neighbors, Canadian travelers are opting to spend their tourism dollars elsewhere.

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    Aviation analytics company OAG reported that travel to the US from Canada is down 70% year over year. Comparing flight bookings from March 2024 to March 2025, the firm noted that the decline is a concern for the airline industry. But it’s also bound to impact the tourism industry as a whole in the US.

    This may be more bleak news for retirement savers. Combined with the shaky stock market, those with significant investments in short-term rental properties and other retirement assets tied to the travel industry may see their nest eggs shrink as tourism numbers continue to fall.

    Tourism under Trump

    Tourism is a major contributor to our GDP, standing at approximately 2.36 trillion as of 2023, according to Statista. It’s also a major job creator, especially in popular destinations like Florida and California.

    Last year, the International Trade Administration expected the US to have 91 million international annual visitors by 2026.

    Now, with Canada and a number of European countries issuing travel warnings for the US, the number of inbound international tourists will decline sharply. One Mile At a Time reports that research firm Tourism Economics has changed its forecast from an expected 8.8% increase for 2025 to a projected 5.1% decline — a 13.9% shift in demand.

    Airlines are already cutting scheduled flights across borders, and travel writer Ben Schlappig projects it may be difficult to bounce back from, saying, “there’s only so much that can be done to stimulate domestic demand beyond what it already is.”

    Tourism is also in question due to safety concerns. Following the reduction of air traffic controllers and a number of reported plane accidents, confidence in domestic travel has taken a tumble.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    How tourism can shift your retirement savings

    The ripple effect of this drop in travel demand could be massive. Those who own shares of airline stock, for example, are directly affected by the industry’s success.

    And some stock prices are tumbling. American Airlines, the largest player in the US, has seen stock prices fall from a high of nearly $19.00 in January to a current low hovering around $9.00.

    Real estate may also suffer in this new travel climate. Investments in commercial real estate, such as hotels and resorts, and in residential real estate, like vacation homes, can lose favor.

    A report from CNN Business shows that Canadians are the top foreign buyers of US properties, accounting for 13% of all home purchases in 2024 (mostly in Florida and Arizona).

    For those who live in areas that are popular with Canadian snowbirds, the value of their own home may decline as demand lowers, causing property values to fall. If selling your primary residence forms a large part of your retirement plan, you should look to other, more fool-proof safeguards like diversifying your portfolio to ensure you aren’t losing out on earnings.

    In addition to airlines and real estate, the service and hospitality industries may also take a downturn. For many would-be retirees, this could affect their finances post-retirement.

    The Pew Research Center reports that 19% of adults ages 65 and older are employed as of 2023, compared to only 11% in 1987, and that “bridge jobs” often in the service industry continue to be popular for older workers. This growing desire to work past retirement age will probably only increase with rising inflation and a shrinking economy. If fewer jobs are available, retirees might find it increasingly difficult to make ends meet.

    So what can be done to ensure your retirement savings aren’t impacted? Beyond diversifying your portfolio, it’s a good idea to review your investments and consider the long-term value of any travel-related assets, without defaulting to panic-selling.

    You should also consider your retirement plan as a whole. Are you planning to take a part-time job to help meet expenses? The closer you are to retirement, the more important it is to ensure your skills are up-to-date and relevant to the type of work you’ll want to do.

    If you’re planning to travel in retirement, you might also review those plans and make adjustments. No matter what the future has in store for tourism in the US, a solid financial plan will help you weather the economic storm.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • I barely drive my Volvo SUV — but I can’t decide if I should downsize to save money or hold on to it for a few more years. Will trading it in sooner save me much more money?

    I barely drive my Volvo SUV — but I can’t decide if I should downsize to save money or hold on to it for a few more years. Will trading it in sooner save me much more money?

    Thinking of downsizing your vehicle to save money? Not so fast.

    Downsizing a vehicle could save you money if, for example, the new car offers better fuel efficiency and it’s a model that generally costs less to maintain. But your overall out-of-pocket costs will also depend on factors like how long you’ve owned your current car and your long-term financial goals.

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    In most cases, downsizing a barely used vehicle can help you save a decent chunk of money. Before listing the car for sale, however, carefully consider whether your choice is the best move, financially and practically.

    When it makes sense to downsize

    The two factors that you’ll need to think about when deciding whether to downsize are finances and lifestyle.

    Finances

    Downsizing a car to save on costs could be worth it if you can justify the savings. For example, if you’re swapping a foreign luxury SUV for a smaller domestic model.

    Switching cars could be a smart move if the new vehicle costs significantly less and you can get a decent trade-in price for your current one. That’s assuming you take on a new auto loan and the monthly payments or interest charges are lower than what you’re currently paying.

    Same goes for saving on other expenses, like your car insurance. Owning a more expensive or larger vehicle could mean higher premiums. By downgrading, you could save on your policy.

    Saving on depreciation costs could also be a reason to get a smaller vehicle. As soon as you drive a car off the lot, the value of it starts going down.

    According to Kelly Blue Book, new vehicles typically depreciate around 30% within the first two years and about 55% by the fifth year. A Consumer Reports analysis found that it’s typically better to replace a vehicle that’s several years old to cut your losses, in terms of depreciation, and purchase a cheaper car model.

    In fact, a vehicle that’s five years old — even if it’s paid off — could incur higher expenses, in terms of fuel and maintenance, compared to a smaller vehicle. Or, if you purchase a used vehicle, you can avoid steeper depreciation, saving you even more.

    Be sure to review all related expenses of downsizing, like taxes, registration fees and loan costs, to ensure you’re truly maximizing the financial benefits of this change.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Lifestyle

    Switching to a smaller or cheaper vehicle works if the car will also meet your lifestyle needs. A large family may feel cramped in a small vehicle. Or, a couple that works from home may not need to keep a big SUV that just sits in their driveway most of the time.

    Take the time to think about what you use your current vehicle for and whether the one you want to replace it with will tick off all the boxes.

    Adjusting the budget after downsizing your vehicle

    If you choose to downsize, you have plenty of options when it comes to allocating any cash you’ve freed up.

    Before choosing any of those listed below, carefully track your budget to see how much you’re spending on related costs. This includes your new car loan payment, gas and maintenance.

    Use this amount to compare to how much you used to spend. The difference is the extra cash you’ve freed up.

    These savings could go towards your financial priorities, like starting or contributing to your emergency fund. Having savings set aside gives you more solid financial footing in case of unexpected circumstances, like a job loss, home repairs or an unexpected medical bill.

    Investing for the future, like for a home down payment or towards retirement could also be a good use of the money.

    Allocating the money towards other necessary expenses can also make sense. Maybe you were hoping to increase your food budget to account for rising costs or create a sinking fund for regular spending on, say, birthday gifts or vacations.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • Vanguard finds more Americans are treating their 401(k)s like emergency funds — here’s what to consider before making a hardship withdrawal

    Vanguard finds more Americans are treating their 401(k)s like emergency funds — here’s what to consider before making a hardship withdrawal

    Life doesn’t always go as planned. Maybe you lost your job or you’re facing uninsured medical expenses. And maybe you’ve already run through your emergency savings.

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    It may be tempting to tap into your 401(k), especially if you still have a few decades to go before retirement.

    But should you?

    More Americans are treating their 401(k) retirement savings like an emergency fund. That’s according to a preview of Vanguard’s How America Saves 2025 report, which says that 4.8% of participants initiated a hardship withdrawal in 2024, up from 3.6% in 2023. The full report, based on nearly 5 million defined contribution (DC) plan participants, will be available in June.

    A hardship withdrawal is a one-time withdrawal from your 401(k) for an “immediate and heavy financial need,” according to the IRS. This lump sum is limited to “the amount necessary to satisfy that financial need.”

    Why are more Americans tapping into their 401(k)?

    In 2024, 401(k) hardship withdrawal rules changed in accordance with the Securing a Strong Retirement Act of 2022 (SECURE 2.0).

    “Given that it’s now easier to request a hardship withdrawal and that automatic enrollment is helping more workers save for retirement, especially lower-income workers, a modest increase isn’t surprising,” noted the Vanguard report.

    Overall, despite a “few signals of a possible uptick in financial stress,” the report noted that participants are “generally resilient” and “maintain a long-term approach to retirement saving.”

    That could be, in part, because of the growing adoption of automatic enrolment (where contributions are automatically deducted from your paycheck) and the growing use of professionally managed allocations, which has helped to increase savings while improving “age-appropriate equity exposure.”

    However, these numbers reflect the economic trends of 2024, including real GDP growth, moderating inflation and low unemployment, along with strong consumer spending — though household debt continued to rise during the year.

    But the economic outlook isn’t an sunny in 2025, with analysts lowering their GDP forecast for 2025 and raising the probability of a recession.

    So it’s possible that hardship withdrawals could increase in 2025. “Given the current economic climate, a greater number of participants may be requesting hardship distributions from their retirement plans,” the IRS currently states on its website updated this month.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    What you need to know about hardship withdrawals

    Generally speaking, a hardship withdrawal is considered a last resort. If you’re thinking about going this route, you may want to exhaust all other options first.

    If you’ve already used up your emergency fund, you may want to consider other sources of income. For example, if you have two vehicles, could you sell one of them? Could you take on a side gig to earn extra money? Could you get a roommate to cut down on household expenses?

    You may be able to withdraw from your other retirement savings, such as a Roth IRA (that could be preferable to a hardship withdrawal, because these contributions have already been taxed). You may want to consult with your financial advisor to crunch the numbers.

    Another option is a 401(k) loan, which you have to pay back — but at least the interest you pay on the loan goes back into your account. However, not all plans offer 401(k) loans; you’ll have to check with your HR department to see if this option is available to you.

    When you make a hardship withdrawal, that money is considered taxable income. Plus, you’ll be subject to a 10% early withdrawal penalty unless you’re age 59½ or older or qualify for another exception. These may include the birth or adoption of a child, a federally declared disaster, or total and permanent disability.

    You may also be able to take one penalty-free withdrawal of up to $1,000 per calendar year for personal or family emergency expenses, but you will have to repay the distribution within three years.

    There are also the long-term costs of hardship withdrawals. You’ll lose out on the compounded earnings you could have made from that money if it was still sitting in your account.

    If you’ve exhausted all other options and still decide to go ahead with a hardship withdrawal, talk to your plan administrator so you understand how it works and the potential consequences.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.