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Retirement may seem a long way away, but every day
you take another step in that direction. Surely, inevitably, one day you’ll
get there.
Putting money aside for your retirement can be just as gradual. And just as
satisfying once you reach retirement and look forward to the many
opportunities ahead. The key to your comfortable retirement is to begin early and
stick with it. And always have access to professional advice you can trust.
The importance of starting early can be demonstrated with this example.
Consider someone who puts away $50 dollars a month for 25 years, receiving
an effective rate of return of 6% per year. At the end of the first
year, he has $600 (12 x $50) plus about $19 in interest. But at the end of
10 years, there’s $8,163. And at the end of 25 years, there’s $33,979.
Someone who starts putting money away at 25 might expect to have quite a
nest egg at 50. Retirement age is generally considered to be 65. If the nest
egg is held inside a Registered Retirement
Savings Plan (RRSP), imagine what it could grow to by 69, when it must
be converted to an immediate annuity, RRIF or taken in cash.
The longer you wait to make the decision to put aside retirement money, the
more difficult it becomes to have the funds you will need to have the choice
to work or not.
We strongly urge you to consider professional money management for your
retirement funds. Start with a discussion with a Foresters representative to
review your goals and determine your risk tolerance. This will help
determine which types of investments you’ll be comfortable with.
Your Foresters representative will work with you, to understand you better,
to help you understand yourself better and to help you make long-term
investment decisions you can live with.
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