ÉiIb6r'ù aeja F ut 2:1ë4' 0' for seniors How much estimated ncome is~f enug fr -retirement? B-y Joanne Poley, CA (MC) The days are Ion g gone . when Canadians could easily estimate how much incorne they wou.ld have at retirement. A variety of factors are currently con spiring to Cloud the future. * Canadians are changing jobs more often which genraly rsuits in lower, less preictblecorporate pension benefits. e Many benefit-based pension -plans have been converted to contribution- based plans in which the pension income is unknown. It is based on the level of the accumulated funds. 0 Receipt of Old Age Security (OAS) is now income tested and these lirnits could d*p The Canada "Pension Plan (CPP) remains under- funded -- thus future benefits may be lower than current levels. e Private saving is most effective if begun early ini life, but the baby boom generation is approaching middle age.. -@ Whle RRSPs (regfis- tered retirernent savings plan s) remain effective, most invest in GICs which generate low interest rates. This means amaller accumulations and, therefore, lower retirment incomes. So is time formany to sit down and try te determine where they stand now and where they will stand when they retire. Generally,ý you will need te o U know a senior whose present or past life would mae an interesting profile? Cail Maurice at 668-6111 replace from 60 te 80 per cent of the income you are earning immediately befor rtirin* The rule oftumb today wit low interest rates is that you should save about 10 te 12 trnes this amount te generate that income. How much you actually have te save depends on how much OAS, CPP/QPP and corporate pension icorne you will be receiving. You may not have much control over these other sources of income but you do have control over your private saving, whether inside or outside an RRSP. How much you should be putting aside each year te Il the savings gap between your desired retirernent icorne and your estimate of governrnent and corporate pension icorne depends on treprirnary factors: the amount of your savings gap, the investment incorne on your savings and how long you have te save or, in other words, how many years te, retirernent. Generally, the older YOU are, the more difficuit it will be te meet your goals because you have leus Urne te accumulate what you need. One solution te this problem is te increase the earnings rate on your retirements savings. To get a better return used te mean taking on more risk with your investments, e.g. equities. The histerical return on equities (that is stocks and mutual funds that invest ini stocks) is much higher over the longer term. Thus, te increase the earnings on your savings, you might consider investing a portion in equities. Doing this through mutual funds is the easiest way te attempt te increase sarning, while keeping risk at atolerable level through diversification. If you are havmng problerns finding the money for retirernent savigs, consider asking your employer te deduet RRSP contributions directly from your paycheque, if possible,. or arrange with your bank or mutual fund company for an amount te be taken directly out of your banlc account each rnonth for an RRSP contribution flrst, and then for regular savings. While you may have sorne trouble calculating exactly how xnuch you have te, accurnulate, youi can't go wrong by beghnning your savings program now and putting as much as you can afford toward your retirement. Moneycare la general financial advice by Canada's chartered accountants. Joeznne Pooley is a consultant with HewittAÂsaociâtes. 50 years of loving, haîn The following waa one of the entries in the Vale ntine poe try contest held recently by T'he Free Press. By W. Hmloic Whlby I bless the day that we were wed I love her more than ever There's lota of things I should have said I guess Fm flot that clever. We're getting close te 50 dears lAiving, loving, sharing We've also shed sorne happy tears I guess that cornes from caring. My wife is one of a kind They definitely broke the mould There's nowhere else you'd ever flnd Another with her heart of gold. Valentine just mind brings te Our love that's shared by two The mem'ries that w. left behind Wiîl se. us thro' and thro'. This Valentine let's share our love Let's reach out everyone Let's bring peace thro' out the world And finid a place in the sun. A thought we'd like te leave behind To the young folks of today Selfless love brings peace of mind For you -- we hope and pray. Care for the caregivers Canadaspopulation is steadily aging.A the same time, governments are encouraging the elderly te remain at home as long as possible. Those two trends have left many Canadians who look after elderly family members, shouldering a very hev load. Ini fact, a rment study by researchers at the.University of Guleph suggests that almost haif of workcing Canadians juggle work and caregiviuig roles. Now a newsletter entitled Eldercare is available te caregivers who want, help. '"We know that there are many people looking after a husband or wife or an aging parent," says Eldercare editer Mark Bachmann. '7hose are the people we're trying te reach." Family caregivers typicalîy devote, from three te ninýme hours each week te cearegiving, says Backmann. They assist elderly relatives with eveiything from transporta- tion te bathing. Yet the. caregivers themselves often receive little support. Many caregivers feel overworked and socially isolated. The new newsletter, which appears six times yearly, wil provide them with informnation, advice and contact. "aregivers are very.busy people because they wear so many hats," says, Bachmann. 'Even when they know.that a service or prograrn is out there, they don't always have time te hunt it down. "W. try te collect important information and give it te them in'a concise format. We want the newsletter'to save them time, not aost them timne." He cites the newsletter's resource page as an example of that approach: "For every listing, whether itfs a book, support group or whatever, we supply a contact name, address or directions on how to obtain that item." The newsletter aise provides advice on tepics of special concern te caregiversq such as how te gain the co-operation of other faniily members or dealing with guilt and resentrnent. hidividuals who would like more inforffiation can contact Bachmann . at E2dercare, 202-12 Donora Dr., Toronto, Ont. M4B 1B4, telephone (416) 751-4470 (fax (416) 751-5876). GiuardiariDrugc 220 Dundas, St. W. WHITBY Open 7Davs AWeek . mu Mon.-Fri. 9-9, Sat. 9-6, Sundays & Holiiays 10-6 ALL DRUG PLANS ACCEPTED Including: London Life, Confederation Life, Sunlife, Cumba, etc. FULL LINE 0F DIABETIC NEEDS Health Care Needs: - Braces - Supports'- Collars - Sports lnjury Supplies -Bandages - Tapes - Dressings - Blood Pressure Kits - Ostomy Supplies -Crutch, Cane - Sale or Rentai*- Incontinence Supplies DUNDAS ST. ZHWY #2 > c HWY. 401 1302UI999 0,"We care about your health! 1 1 1 %