The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

WEDNESDAY, JANUARY 22, 1997 THE GEORGETOWN GEMINI 9 Realistic goals needed for retirement planning BY JAMIE HARRISON The Georgetown Gemini With retirement looming not too far off in the distance, many boomers are discover- ing that the dream of retiring at 55 may be just that unless some drastic steps are taken today. Susan Holden, District Manager for Royal Mutual Funds, was on hand last Wednesday night at the North Halton Golf and Country Club to speak about smart investing, and how to make your money work for you. "What we are going to talk ON SECOND THOUGHT: Members of the Second City touring company will be performing at The John Elliot Theatre Feb. 8. The company has spawned such notable comedians as Catharine O'Hara, Rick Moranis, Andrea Martin, John Belushi and the late John Candy. (photo submitted) about are the steps it is going to take toward a successful retirement," Holden said. "It takes planning to meet these great expectations." Holden noted that the av- erage Canadian spends about five hours per year making retirement provisions. Holden said customers are saying that they want to re- tire at 55 years of age, a full decade sooner than the pre- vious generation. With life spans increasing, it is possi- ble to spend 30 years or more as a retired person. To maintain a standard of living equal to that of when they were working, retirees are going to have to save 70 per cent of their current in- come. Yet only 34 per cent of customers said they were planning on making an RRSP contribution this year. With 1997 came changes to retirement planning, as the government changed some of the rules surrounding what consumers are allowed to do. Starting this year, the dol- lar limit has been decreased to $13,500, with administra- tion fees no longer deduct- ible on self-directed funds. Furthermore, RRSPs must be matured by age 69, and the carry forward limitations have been removed. Holden suggests that plan- ning a successful retirement requires that people set goals, diversify funds and have pa- tience when it comes to tem- porary market fluctuations. It is that last point, Holden points out, that often gets in- vestors in trouble. Those who engage in mar- ket timing have to be right 90 per cent of the time to make up for second-guessing what can't be controlled. "When you look at the overall picture, this is a very attractive time to invest," Holden told the 50 people gathered in the banquetroom. "The average US investor has lost money despite the fact that the stock market is up over 300 per cent. "Markets grow; that's what they do," Holden said. To reduce the risk of tak- ing a loss on investments when stocks do slide, Holden suggests spreading invest- ments around by diversifica- tion. "Don't put all of your eggs in one basket -- spread your money around." An item appeared in the Jan. 15 edition of The Gemini under the head- line, Call to Faith. The item said that an Correction Ecumenical service was to be held at St. Alban's Church last Sunday. The service was held at St. Andrew's Church. Estate & + Se Welcome Industrial ONTARIO Auc ghl NORM WEBSTER (416) 523-6645 Certified Personal Property Appraiser 519-853-4577 rec esmaes 519-853-1190 "Its ON SALE NOW DON'T MISS IT!! Worth the Drive to ACTON": Showroom Location -- 1 Mile South on Hwy. #25 ~ GREAT SAVINGS ON EXCELLENT QUALITY CARPETS, HUNTER DOUGLAS BLINDS (VERTICALS, PLEATED & HORIZONTALS) | FE