A Time For Change Magazine - Working Toward Wellness

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4 ACTIVATE YOUR PASSION FOR HEALTH visit www.workingtowardwellness.ca for more details UPDATE WELLNESS SURVEY... THANK YOU! Thank you to the employees who completed a wellness survey that came out this spring. We received 627 completed surveys! Way to go! Watch for upcoming reports or programs that are developed based on this data. We’re able to better plan the future direction of the Working Toward Wellness program because of your participation! ON-LINE SURVE www.workingtowardwellness.ca Join the healthy eating and physical activity challenge coming to you soon! WINNERS! Kudos to everyone who participated! Over 100 prizes were awarded. Congratulations to the three grand prize winners: Karen Blake, Ali Jafari, and Doug Ivany who each won a $200 gift card to the Real Canadian Superstore.
Among Canadians over 55 years, two-thirds of not-yet-retired and one-third of the retired carry some form of debt. Don’t be one of them! (Marshall, 2011). Retirement Redefined Retirement is viewed much diff erently today than in the past. With many Canadians living longer and leading more active lives, retirement no longer means logging endless hours in a rocking chair or taking naps. Instead, most see it as an opportunity to pursue leisure activities, travel, hobbies, and perhaps even a second career. Despite this shift in attitude, many Canadians aren’t setting themselves up fi nancially for the kind of retirement they envision. In fact, of the 81% of Canadians aged 25 to 64 who are actually preparing for retirement, only 46% know how much savings they’ll need to maintain their standard of living (Schellenberg & Ostrovsky, 2010). When you think of retirement, what thoughts and images come to mind? Does it conjure up feelings of freedom and satisfaction, or does the very mention of retirement send you into panic mode because you feel unprepared? According to Wendy Dupuis, Executive Director of the non-profi t organization Financial Fitness Centre in Windsor, Ontario, taking the time to really consider and write down your retirement goals is not only a good idea, but is also essential to helping you get to where you want to be in your “golden years”. Retirement is not just a fi nancial event… retirement is a LIFE event (W. Dupuis, personal communication, January 25, 2012). Successful Retirement Doesn’t Just Happen It takes planning, commitment, and, oft en times, sacrifi ce to reach your long-term fi nancial goals. Th e good news is that it’s never too late to start. Whether you’re 25 or 45, think about where you want to be at retirement and take action. Time can be both your best ally and greatest enemy when it comes to fi nancial freedom in retirement. Start planning and saving TODAY! SETTING UP YOUR FINANCIALFreedom • MAKE GOALS. Figure out how much you’ll need to save to achieve the retirement lifestyle you desire and create a plan to get you there. Setting a realistic goal and backing it up with a written plan will help you measure your progress and keep you motivated to save. If you aren’t sure of how to start, speak with a trusted financial advisor. • DON’T RETIRE WITH DEBT. If you’re in debt, get out as soon as you can. Set a monthly budget and don’t stray. Adjust your lifestyle now so you can have the lifestyle you want in retirement. • KNOW YOUR RETIREMENT INCOME SOURCES. It’s important to know where your retirement income will be coming from BEFORE you retire. Take a look at all potential sources, such as your workplace pension plan, Canadian Pension Plan (CPP), Old Age Security (OAS), personal savings plans (e.g., RRSPs, TFSAs), etc. to help guide your long-term savings strategy. Get on the path to financial freedom start your journey now ! • CHECK OUT THE CANADIAN RETIREMENT INCOME CALCULATOR. To help estimate your retirement income, visit http://www.servicecanada.gc.ca/ eng/isp/common/cricinfo.shtml • INVEST LONG-TERM. The money you invest for retirement shouldn’t be used for anything other than retirement income. The longer your money stays invested, the more it can grow. Not only that—if you try to take it out earlier, you’ll have to pay high penalties and taxes which will eat away at your hard-earned savings. • STAY HEALTHY. You’ll be able to be more active, experience better quality of life, and maintain your independence longer if you stay healthy. In addition, living a healthy lifestyle could help keep health care-related costs low as you age. Key References Marshall, K. (2011). Retiring with debt. Perspectives on labour and income. Statistics Canada Catalogue no. 75-001-X. Retrieved from http://www.statcan.gc.ca/pub/75-001-x/2011002/pdf/11428-eng.pdf Schellenberg, G. & Ostrovsky, Y. (2010). Retirement-related highlights from the 2009 Canadian Financial Capability Survey. Statistics Canada Catalogue no. 11-624-M – No. 026. Retrieved from http://www.statcan.gc.ca/ pub/11-624-m/11-624-m2010026-eng.pdf 5
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