“Like Many Intellectuals, He Was Incapable of Saying a Simple Thing In a Simple Way” – Marcel Proust
U.S. Markets Continue Record Levels, TSX Slips On Friday
Canada’s main stock index closed lower Friday, its first decline in nine days as it pulled back from Thursday’s record high, pressured by losses for resource shares as oil and copper prices fell. Losses for the Toronto Stock Exchange’s S&P/TSX composite index came as concerns over the French election and weak data in Britain weighed on global stocks, while investors looked for clarity on U.S. President Donald Trump’s policies on tax and trade. The S&P/TSX composite index closed down 25.54 points, or 0.16 per cent, at 15,838.63. The Canadian dollar was off 0.16 to 76.30 cents (U.S.).
Trading was mixed as investors digested recent record highs fuelled by the “Trump Rally” that has seen the S&P 500 rise about almost 10 per cent since the November presidential election. The Dow Jones Industrial Average closed up 4.28 points or 0.02 per cent at 20,624.05 points, while the S&P 500 added 3.94 points, or 0.17 per cent to 2,351.16. The Nasdaq Composite added 23.68 points, or 0.41 per cent, to 5,838.58. For the week, the Dow was up 1.7 per cent, the S&P gained 1.5 per cent, and the Nasdaq added 1.8 per cent.
The Canadian dollar fell 0.11 of a U.S. cent at US76.34¢. Canadian financial markets are closed on Monday, Feb. 20 for various provincial holidays. American markets are closed for Presidents’ Day.
Older Canadians Unprepared for Lengthy Retirements
Only 33% of Canadians aged 55 years old or older are willing to adjust their retirement lifestyle plans to accommodate what will likely be a longer retirement as individuals continue to live longer, according to a new report from Toronto-based Royal Bank of Canada (RBC). Specifically, RBC’s Financial Independence Retirement Poll indicates that some Canadians could be spending up to three decades in retirement. But while 30 years in retirement could be a “gift of time” to Canadians to do what they want, when they want to, they also need to consider the importance of planning for those additional years.
Although most older Canadians are not considering adjusting their lifestyle for a longer retirement, 46% continue to wonder whether they will have enough money for retirement and a separate 46% say they are financially “somewhat short/nowhere close” to where they anticipated their retirement savings would be at this point in their lives. RBC’s research explores some of the more popular ways Canadians plan to spend their time in retirement. More than six in 10 (62%) say they want to take more time for themselves and 45% plan on spending more time with their spouse or partner. The third most popular activity is “getting more rest” for 43% of older Canadians while “travelling” is right behind with 42%.
Ipsos conducted the online survey of 2,033 adult Canadians from Nov. 25–30, 2016 for RBC.
The New BC Home Owner Mortgage & Equity Plan Explained
Sources: Bloomberg; Investment Executive; advisor.ca; RBC