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By James Dolan

Pay off the mortgage

This one’s a no-brainer. Think of your mortgage as a giant

hole in the bottom of the “bucket” that is your retirement

savings. With a good portion of your savings spilling out

of the bottom of the bucket every month, the chance that

your bucket will eventually go dry is greatly increased.

Plug the hole, and the water will last a lot longer.

If you haven’t yet put your mortgage behind you, doing

so should become your new top financial priority. Delay

those expensive “dreams” for a bit (see the following page).

Consider part-time or consulting work to generate income

which you can put toward additional lump-sum pay-

downs. Tell the kids that they’ll have to wait for a couple

of years before you can help them with their financial

goals. Whatever action you decide to take, it will likely be

the single most important thing which you do to ensure

that you don’t run out of money in your golden years.

Don’t run on empty

How to ensure that you don’t run out of money during retirement

Professionals call it “longevity risk”: the chance that you’ll live too long – or, at least, longer than

your retirement portfolio. The combination of increasing life expectancies (and therefore, longer

retirements) and more ups and downs in the financial markets have made running out of retirement

money a distinct possibility for many Canadians.

It’s a scary prospect. So it makes sense to think about what you can do to make sure that it never

happens to you. Here are some practical tips.



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