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

Difficult times call for a new, fresh strategy with pension plan continued from p.14 ible based on both investment returns and how long pensioners within the plan are living. Our suggestion is for individuals to create their own target pension plan. Begin by projecting the cash flow you can afford to draw during your lifetime. The length of your life is an unknown -- nonetheless, you can start with an estimate. Set up monthly withdrawal plan Most retirees set up a monthly withdrawal plan where a specific amount is taken from their investment account and deposited into their bank account. When interest rates are low or if the stock market has declined, be flexible and reduce the amount withdrawn. Otherwise, you could deplete your retirement funds prematurely. A creative approach similar to the target pension plan's flexibility is to only withdraw what you can afford. This method can be used by those owning mutual funds by selling a fixed number of units as opposed to the normal method of withdrawing a fixed dollar amount. When investment performance is low, you sell the same number of units but since the value of each unit is lower you receive a smaller payment. Putting the brakes on spending This is an automated way of putting the brakes on spending during periods of poor investment performance. The short-term challenge of making do with smaller monthly amounts is less harmful than suddenly realizing your retirement funds have been depleted. The current and extended period of low interest rates has made it difficult for retirees. These difficult times call for a new fresh strategy. Having your own target pension approach is a flexible retirement strategy and an excellent way to ensure you do not deplete your funds during this period of low interest rates. -- Submitted by Peter Watson, MBA, CFP , R.F .P ., CIM, FCSI., Certified Financial Planner 19 | Thursday, October 24, 2013 | OAKVILLE BEAVER | www.insideHALTON.com Get hands-on training that pays. APPLY NOW FOR 2014 START DATES! February 24, 2014 Electrical Training Program (22 weeks) March 10, 2014 Industrial Millwright/Machinist (22 weeks) April 14, 2014 Home Renovation Program (26 weeks) Chris, Electrical graduate YMCA membership Your family belongs here For more information, call 905.333.3499 x121 or visit wannatrade.ca Swim, walk, run, shoot hoops or take a class - plus gain a wider circle of friends and discover why the Y is more than a gym, it's a community. October 21-November 1, 2013 Try the Y! Get your FREE one-week trial pass Bring the whole family to experience the YMCA for one week, absolutely free! Take a tour and discover the benefits of YMCA membership. Valid only at the Peter Gilgan Family YMCA. Limit of one trial per person, per year. Scan to see our video overview! We're Social! YMCA of Oakville Peter Gilgan Family YMCA