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Long term GICs
February 8, 2021
9:38 am
Alexandra
Victoria, BC
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Forum Posts: 154
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September 24, 2019
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Wow, thanks Loonie and RetEd for your contributions here. I really enjoy your posts. You should start your own retirement blog!!

Any of you out there pre retirement or on the cusp of retiring, remember that you will probably not be as strong physically at age 70 as you are at age 60. If you wait til you are 70 to fully retire, don't count on touring Europe, and after the age of 74-78, you probably won't want to go too far from home. While doing your retirement planning don't forget to factor in holidays (maybe up to $6K per person) per year.

I know many retirees love to cruise. I went on two. Never again.

February 8, 2021
9:41 am
Bill
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September 11, 2013
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Rick, you're right, what is the alternative to GICs for those who don't want to be in the markets in one way or another? I guess my answer would be HISAs. I don't get why someone would lock up $100K for 5 years, or even longer, to get less than $2K pre-tax annual income when you could get pretty much the same in a non-locked up HISA, maybe even more if you can get on promos, etc. Sure the HISA rate could go down (could go up too!), so you might lose a few hundred a year in that case, probably not going to change your lifestyle, but the cost of that insurance in the 5 year GIC is to be unable to access your money or benefit as you can in a HISA if inflation and/or rates do bump up. Some see that as risky, especially in a time of rampant money-printing/borrowing as the standard go-to economic policy.

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