The Citizen, 2019-02-14, Page 11THE CITIZEN, THURSDAY, FEBRUARY 14, 2019. PAGE 11.
NC –Whether retiring is part of
your five-year plan or something of
a longer-term dream, it’s never too
early or late to start thinking about
how to pay for the lifestyle you
want. In fact, the number one
financial concern that Canadians
have is saving for retirement.
According to a recent survey by
the Chartered Professional
Accountants of Canada, 59 per cent
of Canadians believe they are either
not on track or don’t know if they
are on track to retire. To steer
yourself in the right direction, check
out these helpful tips:
• Map your finances:Many
people believe retirement income
should be based on your pre-
retirement income. But really the
only thing you need to gauge your
desired golden years’ income on are
your planned expenses. If you want
to travel the world and live lavishly,
you’ll obviously need more. But
don’t forget you’ll have fewer of
certain other expenses in retirement,
too.
Things like day care, commuting
and saving for retirement won’t eat
up your income like they do now.
• Trim the luxuries:Some
expenses are essential, like your
mortgage, food and even your kids’
education. But look for little
luxuries you can eliminate, like your
daily latte or pricey gym
membership you don’t use enough
anyway. Bigger treats can also have
a big impact — the same survey
found that of those who hadn’t set
aside enough funds for retirement,
73 per cent cut down on travel and
62 per cent cut down on
entertainment.
• Work with a pro:Over 60 per
cent of Canadians have not spoken
to a financial advisor about saving
for retirement in the last five years.
But a financial advisor can help you
guide your investments to make the
most of your savings. They’ll even
help you determine the right level of
risk for you, depending on how far
away your retirement is on the
horizon.
A chartered professional
accountant can look at your
spending and find areas for
improvement.
“Income taxes are a major expense
in our lives, so figuring out how to
legitimately minimize them is an
important goal in planning for
retirement,” says Blair East, a CPA.
“I have worked with many
individuals and families over a
number of years, often with their
investment advisors, and we have
been successful in achieving lower
income taxes and greater savings for
retirement.”
Find more information and
resources to get on a path of long-
term financial health at
cpacanada.ca/financialwellness.
Ensure you have enough for retirement
NC –We’ve all received one: a
telephone call with a pre-recorded
message demanding some type of
action or information, either to avoid
a penalty or to win a prize.
Robocalls use an automatic dialer to
reach large numbers of people. They
can be used for telemarketing and
political campaigns and scams.
Seniors can be more vulnerable to
robocalls and other phone scams.
You can help protect your elderly
parents from fraudsters hoping to
steal their money or financial
information by sharing these tips:
Know that reputable organizations
rarely ask for your personal
information through unsolicited
phone, email or text contact.
Let communications from
unknown callers go to voicemail.
Avoid providing your personal
information over the phone, via text
message, email or the internet.
Take time to verify the story,
whether it’s someone claiming to be
from the CRA or a “grandchild”
needing money in an emergency.
Scammers are counting on you
wanting to act quickly based on fear,
not facts.
Be suspicious if someone asks for
copies of your passport, driver's
license and social insurance number
or birth date, especially if you don't
know the person making the request.
You might get a call from
someone claiming that you have a
virus on your computer, or that you
owe taxes or there’s been fraudulent
activity in your bank accounts.
Know that legitimate financial
organizations will very rarely call
you directly. Don’t take a chance.
Hang up and call the organization
yourself using the number from a
trustworthy source, such as the
phone book, their website, or even
invoices and account statements.
Find more information at
www.competitionbureau.gc.ca/fraud
Protect yourself from robocalls
Planning ahead
Ensuring you have enough for your retirement comes down to planning for the future and
there are many ways you can guarantee your future, no matter your income bracket. (NC photo)
Continued from page 10
Eventually, farming can pave the
way for development, including
roads, markets, shipping services,
exporting and many other sectors.
Agriculture is an important
economic building block. An
especially important sector, the
agricultural industry, when
supported, can contribute greatly to
sustained economic growth.
Ag. means
growth
Many people plan for life events such as weddings and vacations well in advance, but many
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also protects you and your family from inflation, and the growth is non-taxable.
Pre-Planning...
One of the best gifts you can give
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Benefits of Pre-Planning
• Between 70 and 75 decisions are made within the first 24-48 hours of death. It’s difficult to
think rationally while making so many decisions within days of losing someone, pre-planning
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direction of your wants and desires.
• It’s easy. Anyone can do it, and you can change your mind at any time.
Don't wait! Start Your Pre-Plan Today
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