retirement savings plan for garda canada security corporation
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Retirement Savings Plan for Garda Canada Security Corporation. Teena Dawson Education Advisor September 2011. Today’s Topics. Your retirement, your way Benefits of your plan Where should you invest? Staying on target Next steps. Let's talk about ... your retirement, your way. - PowerPoint PPT PresentationTRANSCRIPT
Retirement Savings Plan for Garda Canada Security Corporation
Teena DawsonEducation AdvisorSeptember 2011
Today’s Topics
Your retirement, your way
Benefits of your plan
Where should you invest?
Staying on target
Next steps
Let's talk about ...your retirement, your way
When shouldyou think about retirement?
$150 invested over 25 years = $45,000 4% average annual return
$100 invested over 25 years = $30,000For illustration purposes only - does not promise any guarantees or rights to the benefits
How muchshould you save?
$35,000
How muchshould you save?
JohnIncome before $35,000retirement
How much will you need for a comfortable retirement?
Income beforeretirement
Income neededat retirement(in today's dollars)
$24,500
x 70%
How muchshould you save?
What kind of lifestyle is most like you?
JOANNE SAMNICK AND
KAREN
MICHAEL AND
SOPHIE STEPHEN
Retirement income $30,000 $40,000 $50,000 $60,000 $70,000
Personal Savings Required
$225,000* $375,000*$500,000*
*$675,000*
*$850,000*
*Based on a single life only annuity guaranteed 10 years **Assumes a joint life 60% survivior annuity guaranteed 10 yearsAll assume CPP/QPP and OAS benefits, an interest rate of 4.5% and pension amounts are indexed with inflation at 2%.For illustration purposes only - does not promise any guarantees or rights to the benefits.
Wherewill your money come from?
Wherewill your money come from?
Canada Pension Plan (CPP)
Old Age Security(OAS)
Government
programs Group Registered
Retirement Savings Plan (Group RRSP)
Your company
retirement plan Individual RRSP
Non-Registered Plan
Your personal
savings
Government plans only replace between 20% and 40% of your average annual income.
Wherewill your money come from?
ELIGIBILITY
AVERAGE
MONTHLY
BENEFIT
MAXIMUM
MONTHLY
BENEFIT
CanadaPension Plan (CPP)
Based on your contributions to the plan
100% of your entitlement at age 65 Reduced benefit if between ages of
60 to 64
$505 $960
Old Age Security (OAS)
Based on your residency in Canada Must be age 65 or older
$490 $524
Government plans
Your group retirementsavings program
Your group retirementsavings program
Your group retirementsavings program
Eligible to join after one year of service
Garda: $0.40 per hour contributed on a monthly basis
You: PAC or cheques
Withdrawals not permitted
Home Buyers' Plan and Lifelong Learning Program
Lower fees
Management: 1.50%
Investment: 0.20% - 0.80%
Your group retirementsavings program
+Unused
contributionroom
Maximum of$22,450 (2011)
18%
Previousyear’s earned
income
Limit set by Canada Revenue Agency (CRA)
Check your Notice of Assessment
Visit: www.cra-arc.gc.ca or call: 1-800-959-8281
Contribution to your RRSP
=RRSP
contributionlimit
Where shouldyou invest?
Where shouldyou invest?
Investor profilequestionnaire
Reflects your retirement goals, personal situation and risk tolerance
Where shouldyou invest?
Investor profiles
Fixed income fundsCanadian equity fundsForeign equity funds
Where shouldyou invest?
Risk versus return
Where shouldyou invest?
Your investment funds, your way
Two options:
1. Diapason Portfolios
2. Select your own combination of funds
Where shouldyou invest?
Two options:
1. Diapason Portfolios
Choose the one that matches your investor profile
Portfolio rebalanced on a regular basis
2. Select your own combination of funds
Where shouldyou invest?
Diapason Portfolios
Where shouldyou invest?
* Default fund
*
Two options:
1. Diapason Portfolios
2. Select your own combination of funds
Various investment options
Requires more investment knowledge and regular monitoring
Where shouldyou invest?
Select your own combination of funds:
Where shouldyou invest?
Where shouldyou invest?
Fund information
www.dfs.ca
Where shouldyou invest?
One page fund summaries
Information on manager
Objective, style of fund
Top 10 holdings
Portfolio composition
Gross rates of return
How to stayon target?
Participant services website
How to stayon target?
www.dfs.ca/participant
On Target Retirement
On Target Retirement
Participant statements
How to stayon target?
Summary and detailed information
Mailed to your home
Available online
Participant Services Centre
How to stayon target?
Investment information and guidance
Information about your account and plan
Interfund transfers
Completing forms
Available from 8 a.m. to 8 p.m. EST, Monday to Friday
1-800-968-3587
What areyour next steps?
What areyour next steps?
1. Read through the material
2. Complete Investor Profile Questionnaire
3. Choose your investments
4. Ask questions
5. Complete the enrolment form and return to Harry Mesman at UFCW
Enrolment and Investment Instruction forms
What arethe next steps?
1. Complete your personal information
2. Appoint your beneficiaries
3. Appoint a trustee(if beneficiary is a minor)
4. Determine your contribution amount
5. Determine your investment option
1. Option 1 – Diapason Portfolios
2. Option 2 – Build your own
6. Sign your forms
Questions and Answers