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Based on the ages of people divulging data in the "Introduce Yourself" thread, it seems most of the people posting on this excellent new discussion forum are in their 20s or 30s. Speaking as a 56-year old baby boomer, I'd like to say I envy you for several things:
1.) The new Tax Free Savings Accounts. Clearly, many of you see this as a centerpiece of your retirement planning 20 or 30 years out. The boomers had nothing like this: just non-registered investments: the gift that keeps on giving (to Government tax coffers) every time you crystalize capital gains or receive dividend or interest income. Yes, we had RRSPs but they're taxable in the end game and the more we have in Defined Benefit pensions, the less we could stash in RRSPs.
2.) The boomers paid inflated prices for stock for the last 20 or so years. You guys get to buy in during an historic bear market, at far more reasonable prices than we ever had.
3.) Internet tools. You have a wealth of web-based free resources, from social networking sites to online news feeds to online discount brokerages to forums like this one.
4.) Exchange-traded funds (ETFs). Another investment product that didn't exist when the boomers started out. You can build tax-efficient (if non-registered) portfolios with very low costs.
That's my short list: i'm sure there are others.
www.wealthyboomer.ca
1.) The new Tax Free Savings Accounts. Clearly, many of you see this as a centerpiece of your retirement planning 20 or 30 years out. The boomers had nothing like this: just non-registered investments: the gift that keeps on giving (to Government tax coffers) every time you crystalize capital gains or receive dividend or interest income. Yes, we had RRSPs but they're taxable in the end game and the more we have in Defined Benefit pensions, the less we could stash in RRSPs.
2.) The boomers paid inflated prices for stock for the last 20 or so years. You guys get to buy in during an historic bear market, at far more reasonable prices than we ever had.
3.) Internet tools. You have a wealth of web-based free resources, from social networking sites to online news feeds to online discount brokerages to forums like this one.
4.) Exchange-traded funds (ETFs). Another investment product that didn't exist when the boomers started out. You can build tax-efficient (if non-registered) portfolios with very low costs.
That's my short list: i'm sure there are others.
www.wealthyboomer.ca