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Huron Expositor, 2005-01-05, Page 66 -THE HURON EXPOSITOR, Jan. 5, 2005 Senior's home a retirement income opportunity There is no question that the earlier you start saving for retirement, the more you gain in the long-term. But even for Canadians over fifty who have yet to start a retirement savings plan, a comfortable retirement fund may well be within their grasp. By 50, most people are approaching their peak earning potential. Couple, this with a home that may be mortgage free, kids that are relatively self- sufficient and years of accumulated RRSP room, and the potential to catch- up by age 65 becomes much more realistic. "Many people in their 50s are in a much better position to play 'catch-up' when it comes to retirement saving" says Julie Sheen, Vice President, BMO Term Investments. "With the help of an investment professional, they can build a strategy that first capitalizes on the years of unfulfilled RRSP contributions and the associated tax benefits, and then leverages their peak earnings and savings potential to maximize on their RRSP contributions moving forward." For example, a 50 -year- old making $60,000 with no mortgage or children to support, and an estimated $40,000 in low yielding savings vehicles, such as a savings account, could establish a comfortable retirement "nest egg" at 65 by following a simple strategy: Step 1: Move the $40,000 into an investment solution that may include mutual funds and GICs depending on your risk tolerance. Step 2: Contribute $15,108 at the beginning of each year until age 65 (assuming you have sufficient unused RRSP contribution room). Step 3: Consider an RRSP catch-up loan like the BMO Retro -Activator RRSP Loan if you have unused RRSP contribution room. Assuming you are a 50 - year -old, growth -oriented investor and your portfolio generates an eight per cent annual rate of return in a tax-deferred plan for 15 years, and that the annual rate of inflation is two per FREE DELIVERY Prescriptions, Home Health Care & More! KEATINGS PHARMACY 67 Main St., Seaforth 527-1990 "located eft tee 's ie4 e oj Wevrorf e4a t et " LBERT STREET DENTURE CLINJLC Denture Specialist Dean R. McTaggart D.D. Complete and Partial Dentures Denture Repairs Relines - Additions 482-1195 50 ALBERT STREET CLINTON cent, you could accumulate retirement savings of up to $ 623,549 by age 65. This will allow you to withdraw $30,000 before tax each year for 25 years, assuming that your retirement savings grows in a tax-deferred plan at 6% which is to be a per year, considered conservative return over the long haul. With the help of an investment professional, investors can get advice and develop a plan that optimizes their RRSP Correspondents contributions and that helps someone 50 or Older to build a sizeable retirement nest egg by age 65. News Canada Residents ring in the new year after celebrating Christmas Happy New Year everyone from the Seaforth Manor Retirement Home. We look forward to another year. We plan to keep busy and enjoy each other's company again this year. Fred and . Grace Munnings continue to come every Friday to do Bible study. The lounge is always full when they come. Our residents were very pleased with the money that was raised at the bazaar. The hard work really paid off. The support from family, friends, staff and the community was overwhelming. We continue to go to the dining for seniors programs in Clinton, Blyth, Seaforth and Brussels. Dodie Foster and Ida Diehl went to dining for seniors in Clinton and enjoyed the dinner and the visits with Whitney-Ribey Funeral Home A Family Owned Business Since 1975 87 Goderich St. W., Seaforth 527-1390 Ross W. Ribey - Funeral Director www.whitneyribeyfuneralhome.com Agent for: STRATFORD MEMORIALS LTD. Seaforth �1anc»• the community that was there. Dodie was lucky and she won the 50/50 draw. Dorothy Powell and Boyd Driscoll went to dining for seniors at the Seaforth arena. We had our annual Family Christmas banquet. We served turkey with all the trimmings. There were almost 300 people here for dinner. After the dinner Nancy Stapleton, Esther Kelly's daughter, played Christmas carols and everyone sang. It was a great evening. It was nice to see all of the families here. Residents enjoyed brunch when Charlene cooked the fresh bacon, eggs and toast to everyone's liking. Grace Smith says it was a great breakfast. Ross Patterson went for seconds. A Christmas shopping trip was enjoyed by Dodie, Marjorie and Mary Riley. We went to Goderich to Zellers, Giant Tiger and Wal-Mart. We enjoyed our lunch at Swiss Chalet. The trunk was full with bags. The weather co-operated until we got home. We sang Christmas carols for an afternoon in our lounge. We had a great surprise since Richard Lobb was in for a visit during that time and he got up to play the piano, to keep us in tune. The lounge was full of people. Afterwards, we enjoyed the homemade Christmas cake made by Mary Riley. We had Diners Club the same evening. We had seniors from the community join us for dinner. The meal prepared by our dietary staff was a real hit again this month. We enjoyed Wally Dewolfe playing music following dinner. Alice Stiles wants to have him come back again. We also enjoyed the Harmony Kings singing after Wally. They have beautiful voices. It was a busy day, but a great day. Many exciting events are planned for January. We would like to welcome Casey Arts, Mary McClure and Bev Johnston to the retirement home. Christmas Dinner served at Seaforth Dining Out program Christmas Dinner was served at the Seaforth Dining Out Program at the Seaforth arena on Thursday. Dec. 16 at noon. Over 100 seniors came to celebrate the Christmas season and feasted on the traditional turkey with stuffing, mashed potatoes with gravy, vegetables, cabbage salad, bread and delicious Christmas pudding,for dessert. Santa was our surprise guest and each person received a treat as everyone was good this year. Dining Out Special music guests for the day were Mary F. Dow and Murray Christie from Mitchell. Mary churned out cheerful tunes on her keyboard and Murray swooned the crowd with his saxophone. Many couples enjoyed dancing while the crowd was seen tapping their toes to the music. A variety of melodies from waltzes to Christmas carols were enjoyed. Door prizes were won by Jean Wilbee, Rose Gilck, Mary Rowcliffe, Dorothy McNichol and Marjorie Lingelbach. Share the Wealth winners were Ida McLlwain, Pearl Henderson, John Fraiser, Annie Rapson, Charlie Perkins, Corry Klaver, Catherine Hak and Gerald Groothuis. Our next Seaforth and Area Dining Out program will be Thursday, Jan. 20 at noon featuring ham and scalloped potatoes. Cost is $8. Please R.S.V.P. to Kara -Lee at 482-9264 by the Monday prior.