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We all are very busy in our day today life and working very hard to
ends meet, yes, that is correct! When you are young and energetic
and can work long hours, or even over-time and may be two or more
jobs. But, the fact 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, may not be in a position to work one job. That
is why age 65 is set to be retirement age. But on the other hand we
will have most of our expenses same as before retirement and some
times even more money 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 ca not 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 start to work against your interest. So, as the saying
“the earlier the better”. |
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A systematic retirement planning started earlier in life needs a very
small sum of money as compared to on 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 and many negative. As a prudent
individual you must look around all the options available to you for
the purpose and in which way you will be better of 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. |
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Example Scenario |
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Let me have an example here, as 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 gone to the bank to
invest his money in a RRSP, just like any other Canadian. 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 special deal
and get you 4% and John was very happy as he is getting a better deal.
When we look at this case in the light of 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 retire at age 65. Is John is 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
why you need to sit with one of the representative 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.
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| 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 a authorized
representative. |
