By Michael Drak
Special to FindependenceDay.com
Today there are a number of early-retirement bloggers out there doing great work, teaching people how important it is to adopt a frugal lifestyle so they can quickly regain their freedom.
They continue to preach the merits of “early retirement” but as far as I can tell none of the one’ I follow are really retired. They continue to earn money from some activity but the key difference is that they earn that money on their own terms doing something they enjoy. They have earned the option to take a traditional full-stop retirement but for some reason have chosen not to. The question we all need to ask yourselves is why?
The other day I read an article in the Toronto Star about “Canada’s Youngest Retiree” and his book that outlines the strategy that enabled him to retire at the early age of 34. The article went on to say he authored six national best-selling books after retiring and became a millionaire through investing.
Why not retire at 14 and make millions revealing how you did it?
I found the article interesting and said to my son Austin (who still lives at home): “Why don’t you pack in school, and retire? Being 14 years of age we could probably get you into the Guinness Book of Records as the earliest retiree on record. Then all you have to do is write some best-selling books about how you were able to retire at such an early age, go out on the seminar circuit and preach to everyone about how you were able to do it.
You will make millions as people always want to find the quick-fix, the easy way to become financially independent without doing all the hard work. Austin was really excited about retiring and not having to go to school anymore but then the Contessa got involved and let’s just say that was the end of that.
I’m concerned we are being oversold on the illusion of early retirement as if it will be the solution to all our problems. Believe me on this, it will not be. You still need to have a well-thought game plan for what you plan to do for the rest of your life. In simple words, you need to find something fulfilling to do. Based on their actions most of the early-retirement bloggers and Canada’s Youngest Retiree would seem to agree.
A Retirement Lesson from my Father
Special to the Financial Independence Hub
The campaign of Working Canadians to save the $10,000 limit on Tax-free Savings Accounts is really gaining momentum.
We have always known Canadians love their TFSAs for their simplicity, flexibility and as a valuable tool to permit tax-efficient retirement savings.
Just this week our campaign was bolstered by an Angus-Reid public opinion poll, which reveals that the promise by the new federal government to reduce the TFSA limit is opposed by a majority of Canadians. So of the 11 million who have money in a TFSA, more than 5.5 million of them like the higher limit of $10,000 implemented by the Conservative administration earlier this year.
As well they should. The facts have convincingly shown that the justifications the Liberals claim to support the limit reduction – that “TFSAs are mostly a tool for the rich and cost the treasury too much in foregone revenue” – are just plain wrong.
All we want is pension parity for the middle class
When the federal government continues to pour tens of billions of our tax dollars into generous, indexed public-sector pensions every year, it’s hard to swallow the fact that a billion or so “lost” to TFSAs is somehow unacceptable. These public-sector pensions are also grossly underfunded. Read more