July 22, 2022

How to Confidently Spend Your Money in Retirement

"As a financial planner, Warren MacKenzie applauds the efforts of his clients to save money for retirement. But he sees many struggling to spend the funds they so carefully put away once they’re retired.

Mr. MacKenzie tells the story of one Ontario-based retiree in his late 60s, with a net worth of $8-million, who has the cashier at McDonald’s ring through his breakfast order in separate transactions. That way, he can avoid paying the provincial sales tax, which doesn’t apply to restaurant meals under $4 – a saving of 56 cents on a total food bill of $7.

He says the example is not uncommon among people who are used to being frugal, regardless of their net worth..."

Read the full article, by Mary Gooderham:
https://www.theglobeandmail.com/life/article-how-to-confidently-spend-your-money-in-retirement/