Here's a bit of info:
I'm 40, single, no kids. I work for the federal government. I started late, and I am not certain I will remain there until retirement (I currently hate my job, but that's another story). However I do have a DB pension plan which - if I were to quit tomorrow, for example - would pay me 1575$ per month (indexed) for life (except for the adjustment at 65 when CPP kicks in) starting at 60 years old.
I'm in the process of "re-organizing" my finances. I have a bit of money in a bunch of places, including some high MERs mutual funds and I'm gradually moving it out of there (I've been educating myself over the last few months).
I'm trying to figure out what asset allocation I should use in the future. It seems I'm a bit in an "information overload" situation right now and guidance would be appreciated.
Do I need fixed income (bonds) or is that covered by my pension?
What about REIT/REIT ETF?
Should I get "regular" Cdn equities (most likely ETF) or should I go for something that pays dividends (either in an ETF or directly, although I probably don't have enough to get a diversified portfolio).
Also, as long as I keep this job, my RRSP contribution room is very small. So I can look at putting about 3000$ a year max in my RRSP, the rest is TFSA and non-registered.
Thanks for any guidance you can provide.
I'm 40, single, no kids. I work for the federal government. I started late, and I am not certain I will remain there until retirement (I currently hate my job, but that's another story). However I do have a DB pension plan which - if I were to quit tomorrow, for example - would pay me 1575$ per month (indexed) for life (except for the adjustment at 65 when CPP kicks in) starting at 60 years old.
I'm in the process of "re-organizing" my finances. I have a bit of money in a bunch of places, including some high MERs mutual funds and I'm gradually moving it out of there (I've been educating myself over the last few months).
I'm trying to figure out what asset allocation I should use in the future. It seems I'm a bit in an "information overload" situation right now and guidance would be appreciated.
Do I need fixed income (bonds) or is that covered by my pension?
What about REIT/REIT ETF?
Should I get "regular" Cdn equities (most likely ETF) or should I go for something that pays dividends (either in an ETF or directly, although I probably don't have enough to get a diversified portfolio).
Also, as long as I keep this job, my RRSP contribution room is very small. So I can look at putting about 3000$ a year max in my RRSP, the rest is TFSA and non-registered.
Thanks for any guidance you can provide.