https://padlet.com/jmcrae0108/7np8dv39nx5h Have financial security and protection for the rest of your life! en-us 2018-04-16 14:17:43 UTC 2023-02-03 17:49:59 UTC hello@padlet.com jmcrae0108 https://padlet.com/jmcrae0108/7np8dv39nx5h/wish/252163291 By: Jennifer McRae]]> 2018-04-16 14:22:34 UTC https://padlet.com/jmcrae0108/7np8dv39nx5h/wish/252163291 jmcrae0108 https://padlet.com/jmcrae0108/7np8dv39nx5h/wish/252163681 The purpose of this padlet is to inform and teach its viewers the importance of preparing for their twilight years, and protecting their families from possible hardship down the road. It's difficult to live off of the allowed Canada Pension Plan and Old Age Security. This padlet will let its viewers know different things they can do to plan for their future and protecting their finances, including having enough cash flow for living expenses, and LIVING LIFE. This padlet will provide different websites and useful resources that can be used to gain further knowledge about retirement savings, and what may be best suited for each individual's lifestyle. Please feel free to browse its entirety, with the hope that something new will be learned! Thank-you!
Jennifer  ]]> 2018-04-16 14:23:17 UTC https://padlet.com/jmcrae0108/7np8dv39nx5h/wish/252163681 jmcrae0108 https://padlet.com/jmcrae0108/7np8dv39nx5h/wish/252167485 An excellent starting point is to assess the Canadian Government website. While most people have access to the internet, it is also available at local Service Canada locations spread across Canada. This website provides a good base point in outlining what should be considered when preparing for retirement. Items such as creating goals, assessing your own spending habits in reflection to what is attainable in your retirement, and creating an emergency fund are some of the many concepts available. There are further links on the website to direct you to further information. ]]> 2018-04-16 14:30:55 UTC https://padlet.com/jmcrae0108/7np8dv39nx5h/wish/252167485 jmcrae0108 https://padlet.com/jmcrae0108/7np8dv39nx5h/wish/252176848 Using CIBC as an example, most banking institutions have financial calculators available to assist individuals in determining what they truly need for their retirement. It works by inserting your current income, the age you expect to begin retirement savings, and the age you wish to retire at. You will then select your target retirement income. The calculator will calculate what your projected final savings will be by the time your reach the age at which you retire on. It gives a good idea of what you need to do each year/month/week to contribute to your savings. Most financial institutions will have this available on their own respected websites. ]]> 2018-04-16 14:48:19 UTC https://padlet.com/jmcrae0108/7np8dv39nx5h/wish/252176848 jmcrae0108 https://padlet.com/jmcrae0108/7np8dv39nx5h/wish/252186111 This website is a fantastic resource when thinking of things to consider for retirement. It includes strategies such as using the equity in your home to cash in for retirement income. It also includes concepts behind investments in stocks, specifically, how to invest in the right type of stock and which companies pay out a higher yield. It also discusses the dangers of carrying debt into your retirement and what to do to avoid this. It also considers the difference between a tax free savings account and registered retirement savings plans, and what may the best option for you. ]]> 2018-04-16 15:04:43 UTC https://padlet.com/jmcrae0108/7np8dv39nx5h/wish/252186111 jmcrae0108 https://padlet.com/jmcrae0108/7np8dv39nx5h/wish/252197823 This video by Cindy David gives her viewers a greater understanding of what to expect with the Canadian Pension Plan and Old Age Security. She informs her viewers of what becomes taxable based on previous income and how much you will receive based on what you paid into during your income years. It also explains when you can begin receiving these benefits and the cautions if you choose to receive them earlier than age 65. ]]> 2018-04-16 15:26:15 UTC https://padlet.com/jmcrae0108/7np8dv39nx5h/wish/252197823 jmcrae0108 https://padlet.com/jmcrae0108/7np8dv39nx5h/wish/252201697 What do you consider to be your top priorities when considering what you need to be comfortable through your retirement? Please look at the image below to see where your fellow Canadians lie. Most agree that their top priorities are to ensure they have enough to cover the basic cost of living, followed by health expenses and providing for their family after they've passed. ]]> 2018-04-16 15:33:47 UTC https://padlet.com/jmcrae0108/7np8dv39nx5h/wish/252201697 jmcrae0108 https://padlet.com/jmcrae0108/7np8dv39nx5h/wish/252206917 This image paints a picture of what most Canadians find to be what stops them from preparing financially for their retirement. In this case, many consider paying down their mortgages and paying off their debts to be what stops them from adequately saving for retirement. ]]> 2018-04-16 15:42:54 UTC https://padlet.com/jmcrae0108/7np8dv39nx5h/wish/252206917 jmcrae0108 https://padlet.com/jmcrae0108/7np8dv39nx5h/wish/252216443 I like this image as it outlines how much is costs the government to fund the Old Age Security, how much costs are rising, and how many seniors there will be by 2030. Because of the amount of aging seniors, eventually the age of eligibility to receive OAS will rise from age 65 to 67. ]]> 2018-04-16 15:59:11 UTC https://padlet.com/jmcrae0108/7np8dv39nx5h/wish/252216443 jmcrae0108 https://padlet.com/jmcrae0108/7np8dv39nx5h/wish/252219689 This video is a great source to inform its viewers that Canadians are not prepped for retirement, nor do they know where to begin. The "magic number for retirement is $756k" as per the video alone. While this seems unattainable, using as many resources presented to Canadians gives a greater perspective for attaining this magic number. It is made clear that you must have a set plan in place to be able to reach this number for financial security through retirement. ]]> 2018-04-16 16:05:54 UTC https://padlet.com/jmcrae0108/7np8dv39nx5h/wish/252219689 jmcrae0108 https://padlet.com/jmcrae0108/7np8dv39nx5h/wish/252236085 This video was created by Karen Chang who is a financial adviser. She discusses how it is becoming less and less common for a company to provide a pension plan as a perk of being employed. Pension plans were a common thing, providing financial security once you hit retirement. However, seeing the costs associated with company provided pension plans, they are becoming obsolete. Because of this, it is necessary to make retirement plans on your own.]]> 2018-04-16 16:40:26 UTC https://padlet.com/jmcrae0108/7np8dv39nx5h/wish/252236085 jmcrae0108 https://padlet.com/jmcrae0108/7np8dv39nx5h/wish/252248181 I have learned a great deal about what to expect when planning for retirement. It takes a lot of planning and organization to prep for retirement and to feel financially secure to be able to live you life. For many, the focus is to just cover their living expenses, while for others, it is important to have extra to travel, to make that big purchase, or to save enough to leave their families. The point is to have a plan in place that suits your needs. Thank you all for reading this padlet, I hope you were able to take something from this. ]]> 2018-04-16 17:04:03 UTC https://padlet.com/jmcrae0108/7np8dv39nx5h/wish/252248181