money matters
DESCRIPTION
Advice for retirement.TRANSCRIPT
Don’t have the cash for an RRSP?Do you have RRSP contribution Room?Take advantage of our “Take Ten RRSP Loan”and take up to 10 years to repay.
For all your RRSP needs speak with one of our qualified Investment or Loan Specialists today!
www.accentcu.caQuill Lake Branch 383-4155Kelvington Branch 327-4728Jansen Branch 364-2057
It begins with a conversation.
Ask about our in-depth wealth program to help drive the performance of your investments.
Talk to our wealth experts today.
advantagecu.com
Ask about our in-depth wealth program to help drive the performance of your investments.Talk to our wealth experts today.
advantagecu.com
Will your retirement savings last your lifetime?Now that you’re retired, do you wonder how much of your savings you can afford to spend each year? You want to get the most out of retirement but, don’t want to run the risk of outliving your money.
There’s plenty to consider:‣ What’s your retirement income‣ Which expenses are essential and
which are discretionary?‣ What’s you age? How’s your health?‣ What are your plans for your money?
Let’s talk about growth potential, tax-efficiency, guarantees on your capital and innovative payout strategies. If you’re unsure where you stand financially, I can help.
1511 - 8th AveCanoustie Center306-682-6173
™Trademark owned by IGM Financial Inc. and licensed to its subsidary corporations.MP1104 [01/2011]
Jeff BernhardConsultant
Regan Bernhard, CFPExecutive Financial Consultant
Richard VoellmeckeAssociate Consultant
Everyone needs to save for retirement, but not everyone needs to worry about it. With a plan and
a program you can be a savings success story.We can help you get there.
LeRoy Credit Union Limited offers many different fully guaranteed investment options – RRSP’s, RESP’s and Tax Free Savings Accounts. We also offer different RRSP loans to help you get started, such as the Take 10 and RRSP Quick Loan. We can help design a savings plan that will meet your goals.
Call us today at 306-286-3311.
LeRoy Credit Union Limited101 - 1st Avenue NE, LeRoy, SK
Phone: (306) 286-3311Fax: (306) 286-3377
E-mail: [email protected]
MONEYMATTERSRetirement is a goal for nearly every
working adult. Long considered a time to enjoy the fruits of a life’s worth of labors, retirement has become some-thing else entirely over the last several years, when the struggling economy has convinced many aging workers that their opportunity to safely retire may never present itself.
But retirement does not have to feel like a wild goose chase with the end goal nowhere in sight. In fact, many men and women who develop a plan early on can retire early, reaping the rewards of their success at an age when many people are still wonder-ing if they can retire at all, much less retire early.
* Conduct an im-mediate audit of your finances. The road to early retirement begins, quite frankly, very early. If your retirement goal is to retire early, conduct an audit of your finan-cial situation as soon as possible, even if you are a relative newcomer to the professional sector. Examine all of your debts and other liabili-ties, as well as your income and your po-tential earnings. It may be difficult to forecast potential earnings, but paint a realistic forecast with regard to your earning potential, and then use that to deter-mine your standard of living and how much
money you will need to maintain that standard upon retirement. This should give you an idea of how close or how far you are from early retirement and what you need to start doing now so early retirement can be a reality later on.
* Don’t sell savings short. Men and women who retire at the traditional retirement age can count on certain benefits that early retirees aren’t eligi-ble for. Senior discounts can decrease the cost of living for typical retirees, who can also access retirement ac-counts like a 401(k) or an IRA without paying a penalty. Younger retirees are not eligible for senior discounts, and accessing a retirement account before a certain age can result in a substantial penalty.
So men and women whose goal is to retire early should not underestimate the value of a healthy savings account. Retiring early will require a more robust savings account than if you were to retire at a more typical age, so calculate how much more you will need to save in order to retire early. Once you have calculated that figure, ask yourself if it’s realistic that you can save that money and what effect this increased emphasis on savings may have on your quality of life between now and the day you’ve targeted for
early retirement? If you cannot realis-tically save enough money or if you have to sacrifice too much to make early retirement happen, then you might want to reconsider this goal.
* Accept sacrifices. Making sacrific-es with an end goal of early retirement may be easier for younger men and women who have yet to grow accus-tomed to a certain standard of living. Regardless of their age, however, those who hope to retire early will need to accept that they will have to make certain sacrifices to achieve their goals. These sacrifices can be considerable, such as downgrading to a smaller home, or relatively minor, such as can-celling a cable television subscription, but for the average worker they will be necessary to make early retirement happen. The earlier you can make these sacrifices the easier they will be, as it won’t be as hard to sacrifice something you’re not used to having. In ad-dition, the earlier you make these sacrifices the quicker you will be on the road to early retirement.
* Periodically reas-sess how it’s going.
The road to early retirement will have its peaks and valleys, so periodically reassess how your plan is going and if you need to alter the plan in any way to make early retirement a reality. This reassessment should be conducted annually, and you must be completely honest with yourself. If the plan is going off course, determine the cause and if there’s anything you can do to catch up or if you need to change your targeted retirement date.
Early retirement is a goal for many people. And despite the uneasiness many people feel with regard to retire-ment, early retirement can become a reality for diligent men and women who develop a plan and stick to that plan in the years to come.
MM12C732
Make early retirement a reality
Your Dreams
Amanda FischerHumboldt, SK
We can help with your plan.
A Tax-Free Savings Account can help you get there.
Ask us how.
conexus.ca
Retirement savings behind schedule? Don’t give up - catch up! Registered
Disability Savings PlansFor the boomer generation, the concept of saving for a comfortable retirement has always been an important goal. Many boomers are in their peak earning years; some are at or near retirement; and with volumes of financial and investment information available, awareness of the need to save is greater than that of any previous generation.The truth; however, is that it’s not too late. By implementing some catch-up strategies, it may still be possible to reach your retirement goals.To catch up on retirement savings, consider doing the following:• Make Regular Contributions to your RRSP: Sometimes, people who are behind in their saving are reluctant to even explore strategies that could help them get back on track. Why? Because they think they can’t afford it. One approach is to start slowly, setting aside small amounts. Consider an automatic RSP contribution program to make these small steps a priority in your financial life.• Carry forward unused contribution room: Investors who don’t regularly maximize their annual RRSP contributions miss out on significant tax-deferred growth potential. The good news is that you can carry forward any unused contributions to future years.• Reduce your debt: Making regular payments to reducing debt can make it difficult to find money for an RRSP contribution. Generally, the best strategy is to start reducing high-interest debt such as credit card debt, then focus on lower-interest debt such as a mortgage.• Take out an RRSP loan: In certain situations, it makes sense to take out a loan to top up your RRSP. For example, if you have unused RRSP contribution room, you can borrow money to catch-up, and then use the tax savings to help repay the loan.• It may be you or someone you know who may qualify for the Registered Disability Savings Plan. Some huge grants/bonds are available from the government. Call me and I will explain.While it’s important to create a plan to help you meet your financial goals in retirement, it’s also important to focus on how you want your life to look in retirement. Take a step back from your financial worries and look at where your retirement future is going. It’s possible that anxiety about retirement savings can be put into perspective once your life plan is considered.
RBC INVESTMENTS
For more information about RRSPs, or to speak with a financial planning professional, please visit any
RBC Royal Bank® branch.Dan Tratch, RBC Investments
Financial PlannerHumboldt 682-8316 • Lanigan 365-5000
Wadena 338-5550
Income Tax for Individuals, Agriculture,Small Business & Corporations
Audits & Consulting
On/Off site Bookkeeping & Payroll Services/Training
AgExpert, QuickBooks & Simply Accounting Advisor/Trainer
517 Main Street Chamney PlatzP.O. Box 1508, Humboldt, SK S0K 2A0
Tel: (306) [email protected]
ACCOUNTING > CONSULTING > TAX MNP.ca
THINKING FWD.
Planning Todayfor Tomorrow
Tomorrow’s business or personal success is oft en determined by the quality of the decisions made today.
Our professionals are uniquely quali ed to play akey role in helping you to shape your future. Together, we make a good team.
For your independent nancial advice, call the professionals at MNP.
701 - 9th Street, Box 2590, Humboldt, SK S0K 2A0Ph: 682-2673 Fax: 682-5910
Toll Free: (877) 500-0789
ACCOUNTING > CONSULTING > TAX MNP.ca
THINKING FWD.
Planning Todayfor Tomorrow
Tomorrow’s business or personal success is oft en determined by the quality of the decisions made today.
Our professionals are uniquely quali ed to play akey role in helping you to shape your future. Together, we make a good team.
For your independent nancial advice, call the professionals at MNP.
701 - 9th Street, Box 2590, Humboldt, SK S0K 2A0Ph: 682-2673 Fax: 682-5910
Toll Free: (877) 500-0789
ACCOUNTING > CONSULTING > TAX MNP.ca
THINKING FWD.
Planning Todayfor Tomorrow
Tomorrow’s business or personal success is oft en determined by the quality of the decisions made today.
Our professionals are uniquely quali ed to play akey role in helping you to shape your future. Together, we make a good team.
For your independent nancial advice, call the professionals at MNP.
701 - 9th Street, Box 2590, Humboldt, SK S0K 2A0Ph: 682-2673 Fax: 682-5910
Toll Free: (877) 500-0789
Tomorrow’s business or personal success is often determined by the quality of the decisions made today.
Our professionals are uniquely qualified to play a key role in helping you to shape your future.Together, we make a good team.
For your independent financial advice, call the professionals at MNP.
701 - 9th Street, Box 2590, Humboldt, SK S0K 2A0Ph: 682-2673 Fax: 682-5910
Toll Free: (877) 500-0789
Friday, February 1, 2013 ECT 1110 ECT Friday, February 1, 2013