Operating lease

• Short-term, cancelable lease. A type of lease in which the period of contract is less than the life of the equipment and the lessor pays all maintenance and servicing costs.

• A cancellable contractual arrangement whereby the lessee agrees to make periodic payments to the lessor, often for five or fewer years, to obtain the use of an asset; generally, the total payments over the term of the lease are less than the lessor's initial cost of the leased asset.

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Managing Your Expenses on a Fixed or Reduced Income: Once you've retired, you finally have the opportunity to work at your dream job - keeping yourself happy. It's your chance to visit places you've always wanted to see, take up a new hobby and spend more time with your family and friends. But to be successful at this new position, you've got to make the most of your income and investments. Here are suggestions. More...

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