U.S. personal finance guru Suze Orman says that if you stop working in your 60s, you might need to support yourself for another 30 years. How can you afford to live well into your 90s? One way is by working until age 70.



To some extent, this is a U.S. perspective driven by higher health care costs than we face in Canada. But Ms. Orman is definitely onto something in terms of how longer lifespans are affecting personal finance. If we live longer, working past 65 can make sense from both an emotional and financial point of view. "Every dollar you don't spend in your 60s is a dollar that can keep growing for your 70s and beyond," she says.



She offers three suggestions for, as she puts it, resetting your retirement to age 70:



1.) Delay tapping retirement benefits until age 70: She refers to Social Security, but you could make the same argument for delaying Canada Pension Plan benefits.

2.) Lay the foundation to work longer: Talk to your employer before retirement about how you could continue to contribute on what could be a part-time basis.

3.) Take the long view: Working longer will give you more confidence that you're financially set for retirement.



The average retirement age in Canada is around 63, which compares to 61 a little over a decade ago. Retirement at 70 seems like a leap from where we are now, but it can be a problem-solver if you're worried about whether you've saved enough.



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Calling all seniors

Some colleagues and I want to look at when various generations reached milestones like buying a house, getting married, having kids and retiring. We've heard from lots of people in all age groups except people who are 65 and older. If you're in that group, please help us out by filling out our short online survey.



Rob's personal finance reading list…



Costco will love this

The U.S. billionaire Mark Cuban talks up the benefits of buying in bulk when things are on sale. For example, he suggests buying a two-year supply of toothpaste when it's half off.



Money wisdom from a Nobel winner

Some insightful thoughts on money from Richard Thaler, who won the Nobel Prize in economics recently. Mr. Thaler's a pioneer in factoring human psychology and behavior into thinking about finances.



Here's how much cash Bill Gates carries around

The ultra-wealthy philanthropist is seen here with a crisp $100 bill in his wallet. But most other times, he apparently carries little or no cash.



This $1,000 bagel sounds pretty tasty

I like to include stories of this sort so you can enjoy decadent food experiences without wasting your own money. This baby has white truffles on it, which alone are worth a few hundred dollars.



Today's featured financial tool

The federal government has announced that the Canada Child Benefit will be indexed to inflation starting next July. Here's a calculator to help you find out how much you're entitled receive in CCB and other benefits.



Ask Rob

The question: "Lots of warnings are popping up around a potential recession. In a doomsday scenario, what would happen to my money if Questrade, BlackRock or Horizons claimed bankruptcy?"



The answer: Questrade is an online brokerage firm, while BlackRock and Horizons are investment firms that offer exchange-traded funds. ETF assets are held by a third-party custodian, so they should not be affected in a bankruptcy. Questrade is part of the Canadian Investor Protection Fund (CIPF), which protects assets of up to $1-million from the insolvency of a member firm.



Do you have a question for me? Send it my way. Sorry I can't answer every one personally. Questions and answers are edited for length.



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