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Boston Globe
09-05-2025
- General
- Boston Globe
Readers appreciation lesson in community learning in Jamaica Plain
posted on Learning is very important as one ages — it is known to help keep dementia at bay, and it is particularly beneficial if done with others. Many universities offer programs at very low cost for retirees/seniors. The one I belong to now is a great resource. We have classes, hold outings and parties, and do a dining trail through the Lowell area to explore the history, food, and culture of the different ethnic groups there. The program, LIRA — Learning in Retirement Association— is associated with UMass Lowell. Our classes are held there and pretty much all are hybrid, so you can attend via Zoom. Our members range in age from 50s to one who is over 100 and often attends in person! Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Margy Roeck Advertisement Dracut This is great. Doesn't have to be a high-rise either; any community, apartment complex, neighborhood, etc., can do the same. . . . I would recommend having a book club with neighbors. Something to bring neighbors together and learn more about them. GardenFan64 posted on JP@Home is a community organization that fosters the same connections as Towering Minds. It promotes enrichment and community among seniors with the aim of helping them stay in their homes in a rich and healthy way. JP, Roslindale, Hyde Park, Brookline, West Rox residents are welcome. There is a membership fee, but it's manageable. Advertisement wumberlog posted on I'm sitting here in the original Pelican Cove in Sarasota, Florida, where our ($40/year) resident-taught education programs continue. ... Past very popular courses included US Security, the American Political System, discussions of American Short Stories, and Music for All. This year there was a lecture on one man's opinion of the Best Rock Band (ever — and why), Watercolor Painting, and Flora and Fauna of Pelican Cove, Sarasota, to name a few. In the evening we have nationally known musicians nearly every week for 13 weeks. Many (but not all) residents are retired. The 'University' courses and beautiful shady campus convinced us to buy here! jmmurph47 posted on While it was enjoyable to read Salvatore Tagliareni's piece about the connections of residents living in the 30-story Jamaicaway Tower, it doesn't diminish the angst I feel whenever I view this architectural monstrosity rising high above the Emerald Necklace and Jamaica Pond. As old-timers such as myself recall, it was constructed well above the height restrictions of the area, due to the permissiveness of so many political connections that sanctioned an end-around of height limitations for this tree-lined area. Joe Galeota West Roxbury Another lifelong learning opportunity is at the University of Massachusetts Boston — the OLLI institute. OLLI stands for the Osher Lifelong Learning Institute and is the 'best deal in town.' Check it out! Hilarity Ensued posted on Going Underground I loved the Your Home: Renovations issue (March 30). I have one question regarding Advertisement Judy Rehfeld Epping, New Hampshire Beautiful renovation but yikes when it comes to those granite stairs to the basement. Hope that glass is reinforced and well-sealed against water intrusion. And if they'd built in any drainage down there, it would have helped a lot to mention it in the article. filmlady posted on How much does it cost to dig that deep and create the renovated basement? It must have been pretty disruptive to the neighbors. It's certainly an interesting idea. nantucketgirl37 posted on My husband who is an architect did same for us in Brookline — it's found space! brilliant22 posted on I know from experience that excavating a basement is costly. Fifteen years ago, my wife and I decided we would stay for the long haul in a modest bungalow in Central Mass., which led to a major renovation. I had the back half of my house up on 28 jacks. We excavated roughly 150 cubic yards of hardpan clay, and lowered our basement by 36 inches. I have 7-foot ceilings there with four I-beams holding up the house. . . . It was a ton of money and a ton of work. Often there is too much focus on the 'eye candy' aspect of renovations. Many readers want to know the costs, timelines, setbacks, and all of the important stuff behind the scenes that no one ever sees. jjshello posted on CONTACT US: Write to magazine@ or The Boston Globe Magazine/Comments, 1 Exchange Place, Suite 201, Boston, MA 02109-2132. Comments are subject to editing. Advertisement
Yahoo
09-04-2025
- Business
- Yahoo
Alberta-based Corinne, 69, wonders if her retirement savings will last
Alberta-based Corinne* has been happily retired for the last three years, but at 69, she wants to make sure her retirement savings will last and potentially fund a retirement home until her death. Over the past 10 years, Corinne has prioritized paying down debt and saving while also helping her young adult children pay for university, a down payment for a home and the purchase of a new vehicle. Today, she is a mortgage-free homeowner and avid traveller, spending about $10,000 a year on trips. While she describes herself as comfortable financially, since retiring she has had to draw down $15,000 a year from her registered retirement savings plan (RRSP) to help meet unexpected expenses and maximize contributions to her tax-free savings account (TFSA). Corinne receives a total net income of $48,000. This includes $20,800 in Canada Pension Plan (CPP) and Old Age Security (OAS); $23,000 from a defined benefit pension plan that is indexed to inflation; and $5,000 from a registered retirement income fund (RRIF) that was converted from a locked-in retirement account (LIRA). Her total annual expenses are: $43,350 (this does not include TFSA contributions). Corrine's home is valued at $650,000. While she is open to downsizing, the cost of a condo plus condo fees in her desired area don't represent a significant savings. Her investment portfolio includes: $110,000 in cash and cash equivalents; $165,000 in a TFSA invested in Canadian equity mutual funds; $320,000 in an RRSP invested in Canadian fixed-income mutual funds; $2,000 in Guaranteed Investment Certificates (GICs); and $53,000 in a LIRA invested in fixed-income mutual funds and Canadian common shares. She also has a whole life retiree life insurance policy from her employer valued at $10,000. While she has been working with a financial planner from her bank, she acknowledges she doesn't have a clear understanding of investing. 'Am I invested in the right investments? When should I convert my RRSP to a RRIF? What are the tax implications of drawing down funds from my RRSPs and how do I avoid any OAS clawback?' Corinne is also concerned about current economic conditions, cost-of-living increases and the devaluation of the Canadian dollar. 'Should I cut down on travel and only budget for $3,000 annually? Will I be able to afford to move into an assisted living residence if necessary?' Corinne's focus on living within her means and paying down debt has placed her in a comfortable financial position and allowed her to be generous with her children, providing an early inheritance, said Graeme Egan, a financial planner and portfolio manager who heads CastleBay Wealth Management Inc. in Vancouver. 'Her pension income and Life Income Fund NOT MENTIONED IN QUESTION … RATHER 'LIRA'? payments more than cover her living expenses, and Corinne's investments – specifically her non-registered cash account – can fund her annual $10,000 travel budget for the next two years until the end of the year she turns 71, when she is required to convert her RRSP to a RRIF.' At that point, her RRIF income should safely cover travel and she should not have to use her cash account for living expenses, Egan said. 'Her minimum annual RRIF payment will be about $17,000 per year (5.28 per cent times $320,000 current balance) so that amount added to her existing income will bring her close to the OAS clawback threshold of $93,000 without exceeding it.' While the Canadian dollar may slip further, Egan said there isn't much she can do except hold U.S. dollars or euros. 'Having some non-Canadian equity exposure should play some defence in offsetting a weak Canadian dollar.' When it comes to her overall asset mix, he recommended investing a portion of her RRSP in equities so that her overall mix is closer to 40 per cent equities and 60 per cent fixed income — it is more conservative than this at present. 'As she ages, her equity mix should reduce to 30 per cent at age 75 and 20 per cent at age 80. Her fixed income is placed in the most suitable account: her RRSP.' To lessen her cost of ongoing investment management, Egan said Corinne could consider exchange-traded funds (ETFs) instead of retail mutual funds, which can have high management expense ratios (MERs). ETFs generally have much lower MER fees. 'This will enable her to pay less in management fees annually and help to improve long-term performance. She may have to open a self-directed TFSA and non-RRSP discount brokerage account respectively at her bank's discount brokerage arm to invest in ETFs. This will apply to her RRSP as well if she wants to switch to low-cost fixed-income ETFs from fixed-income mutual funds. There are all-in-one asset allocation ETFs which provide an easy way for Corrine to self-manage.' Her TFSA is mostly Canada focused. Egan said she could consider diversifying geographically by allocating one-third each to Canadian, U.S., and international equities, noting that stock markets outside Canada have performed better over the long term. 'Corinne could invest the non-registered cash balance of $110,000 in a high-interest savings account ETF while she waits to move to a longer-term investment strategy for this money. Assuming she does not need that much cash in the long term, she could consider investing about 40 per cent of this money in a dividend-producing ETF, which pays out monthly dividend income that is tax effective and provides more income for her for travel purposes and general living expenses. A dividend-income producing investment vehicle has the possibility of appreciating in value, too, when equities rise.' Sticking with a retirement plan during times of volatility Can I work past age 70 while collecting CPP and OAS? Can Gerard and Penelope afford to leave the corporate grind? As for the growing cost of living, Egan said Corinne's pensions (defined benefit, CPP and OAS) are all indexed to a degree to inflation. 'Equity investments tend to track or keep up with inflation, so only her fixed income portion is not indexed. 'Looking down the road, she will likely have to sell her current property to create the capital to generate income to be able to move into an assisted living residence.' Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at with your contact info and the gist of your problem and we'll find some experts to help you out while writing a Family Finance story about it (we'll keep your name out of it, of course). * Her name has been changed to protect privacy.
Yahoo
07-04-2025
- Science
- Yahoo
Uranus' day is longer than expected, researchers find
(WHTM) – The Hubble Space Telescope has been measuring Uranus' interior rotation and determined that a day on the planet is longer than initially thought. According to a French-led team of researchers, a day on Uranus is 17 hours, 14 minutes, and 52 seconds. This is 28 seconds longer than the estimate obtained by NASA's Voyager 2 in 1986. Astronomers spot new tiny moons around Neptune and Uranus Scientists say reining in the exact timing of Uranus' full rotation took an 'innovative method' and used more than a decade of Hubble observations of Uranus' aurorae. The aurorae are described as 'spectacular light displays generated in the upper atmosphere by the influx of energetic particles near the planet's magnetic poles.' 'Our measurement not only provides an essential reference for the planetary science community but also resolves a long-standing issue: previous coordinate systems based on outdated rotation periods quickly became inaccurate, making it impossible to track Uranus' magnetic poles over time,' explains Laurent Lamy of LIRA, Observatoire de Paris-PSL and LAM, Aix-Marseille Univ., France. 'With this new longitude system, we can now compare auroral observations spanning nearly 40 years and even plan for the upcoming Uranus mission.' Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Lamy added that continuing to observe Uranus has been 'crucial' for researchers to achieve the level of accuracy in determining the full time of rotation. Uranus is known to be a 'very cold and windy' planet, according to NASA, and on average is 1.8 million miles away from Earth. The planet, which rotates on a nearly 90-degree angle, is surrounded by 13 rings and 28 moons. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
29-01-2025
- Business
- Yahoo
Now retired, how do we withdraw funds without running out of money?
'Now that we're retired, how should we be drawing income from our investments in the most tax effective way that will ensure we can maintain the lifestyle we want throughout retirement?' This is the question Walter*, 68, and Joanne, 67, have been grappling with for the past three years. 'We cannot get a clear understanding of which accounts we should be drawing down from and in what order from our financial advisors,' said Walter. The Alberta-based couple started drawing Canada Pension Plan (CPP) benefits when they each turned 60. After tax, Walter receives $1,060 a month in CPP payments and Joanne receives $812 a month, as well as $206 a month from a locked-in retirement account (LIRA) currently worth $40,000. They are also drawing down $6,500 a month (after tax) from a retirement income fund (RIF) worth $836,000. They have another $686,000 in a spousal registered retirement savings plan (RRSP) that has not yet been converted to a RIF, as well as $322,000 in tax-free savings accounts (TFSAs) largely invested in a diversified mix of more than 50 stocks across sectors and geographies managed by a broker with their bank. They continue to maximize contributions each year. They also have $150,000 invested in a real estate investment trust (REIT). They plan to defer receiving Old Age Security (OAS) payments as long as possible to prevent any clawback. In addition to their investments, Walter and Joanne have downsized and own a home valued at $850,000, a $700,000 stake in a shared family cottage and two term life insurance policies valued at a combined $1 million that will mature in a few years. 'Should we renegotiate at that time? Is it a good idea to have life insurance to cover death taxes and the capital gains implications of passing our estate on to our two adult children?' asked Joanne. 'Or should we be giving our children their inheritance sooner rather than later?' Monthly expenses are about $8,600 and include $1,500 directed toward a travel fund to pay for the multiple large and small trips they take each year. That said, travel and unexpected costs can sometimes cause monthly expenses to exceed monthly income. 'Sometimes we think we should be drawing $8,000 (net) a month from our RIF but worry we might run out of money,' said Walter. 'Can we afford to do this? Right now we're working with a stock broker and tax accountant but neither one has been able to give us a clear strategy.' According to Ed Rempel, a fee-for-service financial planner, tax accountant and blogger, Walter and Joanne should have enough to support their lifestyle plus inflation for life. 'Walter and Joanne are spending $8,600 a month, or $103,000 a year after tax ($126,000 before tax). To provide this income for life with an annual return of seven per cent they would need about $1.8 million in investments. They have just over $2 million. They are 15 per cent ahead of their goal, which is a reasonable margin of safety,' he said. They are paying about $23,000 a year in income tax now. This will rise to about $30,000 a year once they start their OAS, which he suggests they should both start now. Deferring it to age 70 gives them an implied return of 6.8 per cent a year, which is likely a bit lower than their investment returns, he said. To minimize tax, Rempel suggests they focus on income splitting and trying to stay in the lowest tax bracket. 'They should be able to split all their RRIF and LRIF income on their tax returns,' he said, and recommended they look into splitting their CPP. 'This will help them avoid having OAS clawed back.' He suggests their best strategy is to try to keep each of their taxable incomes, including their OAS and CPP benefits, below $57,000 a year (which is taxed at the lowest rate) by drawing from their RRIFs or LRIF. 'Their OAS and CPP would be about $21,000 a year each, assuming they income-split CPP. That means they should withdraw $36,000 a year each before tax (or $6,000 a month total) from their RRIFs and LRIF. 'This would mean they only pay 28 per cent tax or less on all their income and will save them about $10,000 a year income tax. Then withdraw the rest of what they need to pay for their lifestyle ($10,000) and to maximize their TFSAs ($14,000 a year) from their non-registered investments,' he said. 'Once their non-registered accounts are depleted, likely in about five years, they can start withdrawing the $10,000 a year from their TFSAs. At age 71, they will have to convert the rest of their RRSPs to RRIFs, which will lead to a higher minimum withdrawal and allow them to withdraw less from their TFSAs.' Deciding what to do with their life insurance policies, comes down to how much of an inheritance they want to leave their children, said Rempel. 'Their policies will be quite expensive to renew now that they are older. You still pay the same tax on death when you have insurance. It just means you leave a larger estate. Is it important to them to leave a larger estate? And regardless of whether the kids decide to keep or sell the cottage — which could be an inheritance of $750,000 each based on today's values — they are highly likely to have enough investments to pay the capital gains tax.' Are we OK retiring without defined benefit pensions? RDSPs a 'no-brainer' savings tool for people with disabilities Couple shy of retirement goals with $2.1 million portfolio The bigger challenge is giving the kids an early inheritance. Since almost all their investments are in RRSPs and RRIFs, this would trigger a big tax bill. 'What they could do is give them the cottage sooner. There would be capital gains tax to pay, but that should be far less than amounts from their RRIFs. My best advice is to make sure they have enough for themselves and the lifestyle they want, so that they never need anything from their kids.' Rempel recommends they work with a fee-for-service financial planner to create a comprehensive financial plan that will provide clear insight on exactly what to do, which can minimize the risk of running out of money. Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at with your contact info and the gist of your problem and we'll find some experts to help you out while writing a Family Finance story about it (we'll keep your name out of it, of course). * Names have been changed to protect privacy. Sign in to access your portfolio
