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“Mutual Funds Provided Through FundEX
Investments Inc.”
 Will
I have Enough?
Two of the most pondered retirement questions are: “How much
will I need?” and “Will I have enough?”
Everyone needs to know the answers to these two questions. Let me help you get this
important
process started.
Start by taking a financial inventory of your future retirement income sources:
1) Do you have a company pension plan? What type of plan is it, defined benefit or defined
contribution? How much will your estimated benefits be at retirement? Contact your
benefits administrator to get the answers to these questions.
2) Will you qualify for government benefits of CPP and OAS? Currently the maximum CPP
benefit at age 65 is $814 per month. You can receive your CPP benefits at age 60 but they
will be reduced by 30%. Your CPP benefits are based on your contributions made while
working so you may or may not qualify for the maximum benefit. Contact the government to
get an estimate of your CPP benefits at retirement. Currently the monthly OAS
benefit paid at age 65 is $466. After your net annual income exceeds
$59,790, your OAS benefits
will be clawed back.
3) How much will you have accumulated in your own registered and non-registered savings
and investments? You are allowed to contribute 18% of your earned income to a RRSP each
year to a maximum of $15,500. What percentage of your income are you contributing to your
retirement savings?
4) Do you expect to have other sources of income such as business or investment income or
even an inheritance?
Now do an inventory of your monthly expenses today and what you expect your expenses will
be in retirement. My experience shows that most people find that their expenses really
don’t change that much when they retire. There is always something you can spend your
money on.
If you anticipate a shortfall between your monthly retirement income and your monthly
expenses, now is the time to make adjustments to your savings and investments.
You only have a limited number of paychecks left to prepare for your future financial
security, don’t ignore your planning, get started now. Call Laurie Tregaskis, CFP at
403 290-0940 or e-mail ltreg@telus.net |
