The Citizen, 2017-02-02, Page 9THE CITIZEN, THURSDAY, FEBRUARY 2, 2017. PAGE 9.
Money -stretching tips for those approaching retirement
Tips
Retirement is one of the most crucial points on your financial journey. Here are some tips to
help ease the transition away from the work force. (NC photo)
Budget in the event of job loss
MS – The job market is fickle, and
no one is immune to layoffs.
Although the unemployment rate in
the United States dipped to 4.9
percent in June 2016 and Canada's
rate hovered around seven
per cent in May 2016, the job
market remains somewhat
unpredictable.
Preparing financially for
unemployment can be prudent, even
for working professionals who do
not anticipate being laid off.
Financial advisors recommend
adults save the equivalent of six
months' salary to cover their
expenses in the event of job loss.
Individuals who want to protect
themselves and their assets in the
case of job loss can also heed the
following tips.
• Examine current finances: It's
important to have an accurate
assessment of your current financial
situation. Calculate monthly
expenses to get a handle on what you
are spending. Compare those
expenditures against your savings to
see if the latter can keep you afloat
should you lose your job. Look for
areas where you may be
overspending, even cutting out some
luxuries if you suspect a job loss is
looming or just want to build your
savings.
• Begin budgetting for loss of
health insurance: Health insurance
coverage typically ends when a
person is laid off. Loss of coverage
might not be immediate, but it may
occur within months of a layoff.
Health insurance is a considerable
cost, and you will need to budget for
the expense.
• Research options in
government benefits: Few people
like the prospect of visiting the
unemployment office after being laid
off, but delaying the process could
negatively affect your finances. It
can take some time for
unemployment claims to be
processed, so apply as soon as
possible after losing your job.
• Find ways to supplement your
income: Bringing in any money can
be helpful. If it is feasible, look for
ways to make some cash while you
search for a new job in your field.
This may include working from
home, freelancing or selling items
online. Consider part-time work
while you look for a job. You may
prefer to find temporary or part-time
work in your field, but your hobbies
and other interests may present
income possibilities as well.
• Practise living with less: Cut
out unnecessary expenses and
attempt to live with less. You may
find that this comes easily and
continue to do so even though you
remain employed. Such a trial run
can bolster your savings in the event
of layoff while also acclimating you
to living with less should a layoff
ever occur.
• Don't burn bridges: While it's
understandable to harbour
some resentment toward an
employer for letting you go, that
same employer may be able to
help you in the long run. Supervisors
can help you find a new job or write
glowing recommendations. Staying
positive and resisting the temptation
to badmouth a former employer can
only help you in the long run.
Losing a job is seldom easy and is
often unexpected. But there are steps
adults can take to prepare for losing
their jobs
DONALD A ANDREW
ACCOUNTING
Accounting & Income Tax Services for
FARMS, BUSINESSES & INDIVIDUALS
296 Ross St., Lucknow
Ph. 519-528-3019
dandrew@ hurontel.on.ca
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519-524-2773 1 1-800-265-5503
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NC – Stretching savings dollars is
more important than ever for baby
boomers as they leave the workforce
to become snowbirds and retirees.
Use these money management tips
to stay on top of matters while living
life to the fullest.
• Travelling: As many retirees use
new-found leisure time to travel, you
can benefit from a more flexible
schedule by booking trips during
off-peak seasons or by booking last
minute. Take advantage of discounts
and explore deals for seniors for
hotels, planes, trains, and
entertainment, as well as specials
that you may qualify for, like
veteran rates or CAA member
pricing.
• Shopping: Check out the many
discounts that can start as early as
age 55, available at grocery stores,
pharmacies, and other retailers. You
can also sign up for e-mails from
your favourite chains or browse their
flyers and shop earlier in the day
during sales for the best selection
and fewer crowds.
• Downsizing: This term can
sounds scary, but it doesn't have to
mean a big negative change to your
lifestyle. Trade in your gas -guzzling
SUV or minivan for a more eco -
friendly and fuel-efficient car. Need
less space at home or want the
convenience of no stairs, amenities
and not needing to mow your lawn
or shovel snow? Consider condo
living. If that sounds too drastic,
save on home expenses by choosing
greener appliances, programming
your thermostat and caulking doors
and windows to prevent drafts.
• Planning: Work with a qualified
financial advisor to determine how
to invest as you get older and the
best way to take money from your
savings. Consider designating
someone you trust as your power of
Find a job or
advertise
a job on the
Jobs In Huron
section of our
website at
northhuron.on.ca
attorney in the event that you
become unable to make financial
decisions.
• Banking: Ask your financial
institution about discount banking
available for seniors. You can also
get your Canadian Pension Plan, Old
Age Security, and tax -related
payments deposited straight into
your bank account by signing up for
direct deposit. It's the fastest, safest
and greenest way to get your
payments.
Love seeing your teller every
week? You can still do all your other
banking as you normally would —
direct deposit just means you don't
have the extra hassle of one more
cheque to cash. This way, even if
you decide to travel down south for
winter, you'll still have access to
your money. Sign up for direct
deposit by visiting your financial
institution or go to
directdeposit.gc.ca for more
information.
Sholdice
FINANCIAL
SERVICES
PEAK
PEAK Investment Services Inc.
Susan Alexander, CFP CLU CHS EPC
Doug Sholdice
472 Turnberry St.
PO Box 69 Brussels,
Ontario NOG 1H0
www.sholdicefinancial.com
Phone:
519-887-2662
JACQUIE GOWING ACCOUNTING
Accounting, Income Tax & Business Management Services
Monthly Bookkeeping Tailored To "YOUR" Needs
• Reconciliations • Personal, Farm
• Government Remittances Business & Corporate
• Payroll • Electronic Tax Filing
All services available on site or at our office
j gowing @ hurontel.on.ca
RR 2 Bluevale
519-887-9248 Fax 519-887-9454
Brian E. Wightman
Chartered Professional Accountant
Certified General Accountant
• Personal & Corporate Tax
• Accounting & Bookkeepingj
• Agricultural Services
Seaforth
519-527-1331
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Email: wightman@bellnet.ca