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aby Boomer â€" this is the time to get your finances in order. Your 'r retirement will depend on it. There are a number of items that baby boomers should consider. Time for 'Boomers‘ to get finances in order First, is your earning power. The next 10 - 15 years should be the best earning years. You have the right amount of experience, credibility, and energy. Although your income is high, you are at some risk of losing your job. Despite the fact that many started their career with a university education, there is the danger of becoming obsolete. The information age is upon us and as new skills are being required, we must upgrade our skills to satisfy tomorrow’s requirements. The largest risk to retirement planning is the loss of income. Your current income is critical, since it allows you to save now in order to spend later on in life. Once you have an income and, therefore, the ability to save, you would be well advised to follow three fundamental guidelines. Secondly, pay off your mortgage. Many have done this by now and those who have not should make this a priority. First, maximize your RRSP. You get a tax deduction for the full amount of your contribution, plus money within a RRSP grows tax free. Third, start a regular savings/investment program to complement your RRSP program. This money should be invested internationally in order to diversify your portfolio since your RRSP is mainly invested in Canada. ' FROM $495,000 >pre;cor;struction There is often a question of how much to invest. You can either save what you can, or you can save what you will need to live comfortably in the future. Saving what you can requires you to pick a monthly savings amount and then to start saving that amount. The best method is to have a specific amount of money automatically deducted from your bank account. This puts your savings program on automatic. A good idea given all the financial temptations that seem to come your way. The other option is to save what you need. Calculate the capital that you will need to retire and then how much you will save every month in order to accumulate that amount of capital. It is really that simple... contribute to a RRSP, pay off your mortgage, and start a regular monthly savings plan. The important part is to realize how critical it is to start planning for retirement immediately. The old retirement period was seven years. Retire at age 65 and live until age 72. The baby boomer generation has a long life expectancy. Added to this is the fact that you will retire younger. Baby boomers are probably looking at a 30-year retirement time frame. Retire at the age of 60 and live to age 90. You have a tremendous financial obligation to finance the last third of your life. And statistically, only 5% have historically prepared adequately for retirement. Keep in mind that all levels of government have run out of cash. Despite all the good intentions in the world â€" they don’t have the cash to finance your retirement. Future government priorities could lessen the effort to help seniors. The reason is that seniors own the lion’s share of the wealth and, therefore, might be left to pay their own way. RESIDENTIAL REAL ESTATE Lakefront Luxury (416) 945-0110 Prestigious location overlooking Lake Ontario. 3,100 sq. ft. custom built to your specifications. 4-5 bedrooms, 4-5 baths, Jacuzzis, marble floors and magnificent foyer. Dream gourmet kitchen with greenhouse, 3-car garage, circular driveway and much more! Architectural excellence designed with distinction from $479,900. OAKDALE REALTY INC. GRIMSBY BEAMSVILLE Phone 945-0110 Phone 563-5377 "Expect the Best" So if you are a baby boomer, you must focus on your long-term security. You have the income for now - you still have the time. Good luck. Next week’s column will outline a strategy for investing and for you tennis buffs; I’ll draw a parallel between tennis and investing. Peter Watson, MBA, CFP, RFP is the president of Peter Watson Investments Limited - an Oekville firm specializing in retirement planning, RRSPs, and investment planning. He can be reached at 842-7602. Exquisite 75'x265' BRENDA E. PAUL Sales Regresgmaflve