Retirement Planning

We all are very busy in our day to day life and working very hard to meet our ends, yes, that is correct! When you are young and energetic, we work long hours, or even over-time and may be two or more jobs. But, the fact is that we can do these things today, but not later in life. We may not be as healthy as today and of course NOT when we retire at age 65 and may not be in a position to work. That is why age 65 is set to be the retirement age. But on the other hand, we will have most of our expenses same as before retirement and some times even more money is needed if your health is not in the good side. If that is the case, then how are you going to fund these expenses? The Government (CPP) may not be enough; you cannot depend on your spouse or children but yourself. That is why the question has to be answered today and not at age 65. As we all know that the money to grow and reach our target, the time is the essence and therefore each passing day is starting to work against your interest. So, as the saying “the earlier the better”.
  A systematic retirement planning started earlier in life needs a very small sum of money as compared to one which is started later in life. We use different strategy to achieve your goal; however many Canadians think that for retirement there is only one way and that is RRSP. But the matter of fact is that it is one of the ways to save for your retirement, and it has some plus point as well as many negative points too. As a prudent individual you must look around at all the options available to you that will help you achieve your purpose and make comparisons to see in which way you will be better off than the other. Have you seen or studied the various options available to you and have you understood the different vehicles that you are using to get to your retirement target.
  Example Scenario
  Let me have an example here, like every Canadian Mr. John was told by his father, that he should plan for his retirement early in life and has given him a good lesson and Mr. John understood the need, So when his uncle Mr. Sam gave him $10,000.00. John who is 29 years of age remembered his father’s advice and went to the bank to invest his money in a RRSP, just like any other Canadian would do. At the Bank the Personal Banker was very nice to John and told him “Mr. John, our GIC rate is 3.6% but I will try to get you a special deal and get you 4% and John was very happy as he is getting a better deal. When we look at this case and apply the Rule of 72, we know that John will have $20,000.00 when he is at 47years of age and will have $40,000.00 when he retires at age 65. Is John a happy man, yes he is! But, if we scrutinize this case and look at Mary who also invested $10,000.00 at age 29 just like John, but she knew the Rule of 72 and she prudently invested her money in a tax sheltered vehicle but in a good investment and has Averaged 12% rate of return which the Bank would have made in the John case and she has $640,000.00 when she retired at 65. Now in the case of John the Bank kept $600,000.00 and paid John only $40,000.00. This is what is happening every day, that’s why you need to sit with one of the representatives of Gold Coin Group Inc. to discuss your Retirement plan and put your plan on the right track and retire in dignity just like Mary did in this example.
   
To know more about the program give us a call at 416-283-8899 and one of our friendly customer service representatives will put you in contact with an authorized representative.