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Beyond the Desk

A look into life away from the office.

Learn how to manage financial success during retirement

The goal of a presentation on January 17th is to provide education and peace of mind for people as they enter a certain stage of life. Managing Your Finances in Retirement will assist individuals in planning properly. The free session is being presented by Dorchester Terrace by Sifton, along with two financial literacy volunteers: Joanne Haagsma, CPA CMA from EPR Trillium LLP chartered professional accountants in Dorchester and Chris Button, CPA CGA, who is a partner from their Aylmer office.

Denise Winger, the general manager of the Dorchester Terrace retirement residence, which is on schedule to open on Byron Avenue in June, pointed out one of the roadblocks as people head into retirement is that sometimes children who have power of attorney over their parents’ estate know that they are set financially, but the parents aren’t completely confident.

She said that generally people are more prepared than they used to be, but additional information will help put them in a perfect position to enjoy their retirement. Some people need to be reminded that when they’re moving into a retirement residence, there are no longer heat and hydro bills or taxes to pay, which should factor into the planning process. Even though their home might be paid for, they don’t live in it for free.

Winger was looking at businesses in the area and came across Haagsma’s name and thought it would be ideal to have someone local, who is a member of Thames Centre Business Association, involved with the event.

The goal for the presentation is to have about 30 or 40 people who don’t have a lot of experience or a high level of comfort dealing with finances attend.

Haagsma and Button will give an interactive presentation. They hope to alleviate some of the concerns people have about their financial position in retirement and provide strategies to help them be more proactive about their planning.

Haagsma said that people are living longer and they’re healthier and more active than in the past. Managing finances is even more important because they need to make their money last a longer period of time. It can be especially difficult for people who are on a fixed income.

The presenters will review benefits retired individuals are entitled to, discuss withdrawing money from retirement income funds, tax credits and benefits, stretching retirement resources, types of investments to consider, pension splitting and also estate planning, although the focus is mostly about living well right now.

Haagsma said they will also cover fraudulent services. The number of calls they get about someone notifying them that they owe money to the Canada Revenue Agency is increasing.

Source: The Dorchester Signpost – Written by Wendy Spence