Good morning! Money stress is at a record high for Canadians right now, but today isn't about the stress, it's about the plan. What to check off before you retire, why time, not just your account balance, might be the real payoff of getting it right, and what actually puts you ahead.
On The Money Today:
Retiring within 5 years? The checklist to run through first
Why time, not just money, may be your best retirement payoff
The 5 wealth markers that put you ahead of the average Canadian
Let’s dive in.
RETIREMENT
The final stretch before retirement calls for a few specific moves, from locking in your CPP timing to stress-testing your portfolio, here's what to line up before you hand in your notice.
IN PARTNERSHIP WITH National Bank
Some Canadians qualify for banking perks built specifically for their profession. National Bank's banking offer for professionals covers more than 150 professions — from healthcare and IT to law, engineering and education — with eligible professionals saving up to $1,313 a year.
Depending on eligibility, the offer can include:
Up to 3 bank accounts with no fixed monthly fees, plus an eligible Mastercard rewards credit card (certain fees apply)
Preferred rates on personal and home equity lines of credit
Value-added perks like legal assistance and identity theft protection
Access to a dedicated financial advisor
RETIREMENT
A TFSA-first, passive income strategy built on dividend ETFs or rental income could help you buy back your time sooner, working backward from your monthly expenses instead of just growing your net worth later.
FEATURE
Financial stress is at a record high in Canada, but check off even a few of these boxes, from low debt to a net worth above your age group's median, and you may be further ahead than you realize.
MONEY IQ
What's the median net worth for Canadians aged 45 to 54, according to StatCan's latest Survey of Financial Security?
ALSO MAKING THE ROUNDS TODAY
INVESTING: A Canadian banker just took the wheel at Berkshire Hathaway, and Warren Buffett is impressed
AUTO: Gas prices are up and EV rebates are back, how Canadians can save up to $5,000 on their next vehicle
MONEY IQ: HOW'D YOU DO?
Answer: C) $675,800
That's the median net worth for Canadians aged 45 to 54, per StatCan's 2023 Survey of Financial Security. The overall Canadian median is $519,700, and the number climbs with age, peaking at $873,400 for the 55 to 64 group before dipping to $738,900 for 65 and older. If your net worth beats the median for your age group, you're ahead of most Canadians at your stage of life.
That's a wrap for today! Before you go, we'd love to know what you thought of today's newsletter. Hit REPLY if you have more to share — we read every reply.
