MoneySense, Canada’s best-selling finance magazine held an event last weekend titled Retire Rich. The four featured speakers were Bruce Sellery, Duncan Hood, Malcolm Hamilton and Dan Bortolotti. Each person brought something different to the topic of retirement.
Bruce Sellery started the event with his panel on how retirement is not an activity but a life stage. The key to retirement is that you make plans and execute on them. Bruce wanted everyone that attended to do one thing in the next 24 hours to aid your retirement plans.
“@MoneySenseMag: What will you do in the next 48 hours to improve your money management? #RetireRich2014 pic.twitter.com/F2yVNxuMlV” #retirement
— Fred Marchildon MBA (@FM_TwoRoads) November 2, 2014
Next up, Malcolm Hamilton delve into the discussion of how much do you need to retire. Right away, Hamilton immediately counted out the 70 per cent of your income rule. Instead, Hamilton suggests that retirement is about having a similar standard of living. Hamilton gives the advice of start planning your retirement even though it may be decades away.
Only 59 per cent of Canadians have started saving for retirement, @BlackRockCA finds. #RetireRich2014
— MoneySense (@MoneySenseMag) November 1, 2014
After that, the editor-in-chief of MoneySense, Duncan Hood moderated a Q&A with Rick King. King’s take away message for retirees was to live within your means and enjoy life.
MoneySense reader Rick King shares his story now. Started with middle class #yyz upbringing. #RetireRich2014 pic.twitter.com/79WUxk7Jtf
— MoneySense (@MoneySenseMag) November 1, 2014
Lastly, Dan Bortolotti from Canadian Couch Potato gave seven steps to a perfect portfolio. He believes that investing is not about the right products but the right process. Below are his seven steps.
We don’t know where interest rates are going, says @cdncouchpotato. The key thing is think about your time horizon. #RetireRich2014
— MoneySense (@MoneySenseMag) November 1, 2014
If you could not attend the event, MoneySense was live blogging the event on Twitter. Here are some of the highlights.
A young family earning $120k needs to save 6 per cent of their income for 40 years for 52 per cent replacement income. #RetireRich2014
— MoneySense (@MoneySenseMag) November 1, 2014
If you get to 50 and you still have BIG debt, then you got a problem. #RetireRich2014
— MoneySense (@MoneySenseMag) November 1, 2014
#RetireRich2014 is about more than retiring with a lot of money. It’s about retiring with a rich life.
— Noel D’Souza (@TOMoneyCoach) November 1, 2014
