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( PAGE 16THE CANADIAN STATESMAN, DECEMBER 6,2000 FINANCE Money has to last longer: investment consultant The good news is, we're living longer. The bad news is, that means stretching stretching your money to make it last into your twilight years. Adrian Foster, an investment consultant consultant with Foster Financial in Courtice, says he's seeing a lot of people well prior to retirement, looking for investment investment planning advice. For those who have invested, a choice has to be made in the year the client turns 69, as people over that age can no longer hold Registered Retirement Retirement Savings Plans. At that point, there are essentially three options, says Mr. Foster. People can cash out of their RRSP, but that has tax implications, and in most instances, that option "hurts a lot" financially. Clients can also explore strategies for getting the money out of the RRSP tax-free, as they generally "don't want to pull it all out and give a huge amount to Revenue Canada." But very few people are actually able to re- ADRIAN FOSTER 'Generally for clients, we 're planning until age 90.' move the money without paying taxes, says Mr. Foster. The third option is to roll the money previously held in RRSPs into Registered Retirement Income Funds or Annuities. Mr. Foster describes a RRIF as a "reverse "reverse RRSP--instead of putting money in, you're taking it out" to provide an income. income. An annuity is a contract with a life insurance company whereby the client gives the insurance company a lump sum, and the company provides the client with an income. The insurance company must purchase purchase a Government of Canada bond with the money received from clients, and the rale of return on the bond determines determines how much each client receives. Before making any decisions, though, Mr. Foster says people should consult with a professional advisor to look at all their options, and determine what will work best for them. Mr. Foster says the other challenge is making the money last. "If you're at 60 or 65 and looking at retirement, the RRIF has to last you until you and your New retirement home hotline set up Information and advice about full range of options, accomodations Seniors with questions or concerns about retirement homes in Ontario now have a new hotline they can call for answers. answers. Seniors, their families, and current retirement retirement home residents across the province can call to resolve any complaints, complaints, or find information and advice about the full range of service and accommodation accommodation options. "Retirement home residents and their families often do not know where to turn when they have concerns. This new ser vice will efficiently direct complaints to the appropriate authorities, and when necessary provide further assistance in addressing complaints," says Laurie Johnston, president of the Ontario Residential Residential Care Association (ORCA). She also points out that many people are confused about the difference between between retirement homes, nursing homes and other alternatives. They are unsure about what to expect from the different kinds of facilities and how to evaluate their options. The new hotline means people have to place just one call to get answers to their questions. ORCA is a voluntary, non-profit association association that represents 240 retirement residences in Ontario which house approximately approximately 17,500 older adults. The start-up funding for the hotline is being provided by the Ontario government. ORCA will receive $1.1 million over two years. Call the hotline toll-free at 1-800- 361-7254, or access the Web site at www.orca-homes.com spouse arc dead. You've got to manage your money properly potentially for another another 25 to 30 years." With constant advances in medical technology, Mr. Foster says, "generally for clients, we're planning until age 90.' www.herbalmagicsystems.com 243 King St. E. BOWMANVILLE MALL For seniors DEC. 6, 2000 Clarington seniors busy in January at Older Adults Centre The Clarington Older Adult Association Association has a number of events planned in January: Jan. 12: Bus Trip - A Day at the Races - Woodbine Race Track; Jan. 19: Men's Breakfast - 9 a.m. - $4; Jan..19; Social dance - Live band - T to 1 4 p.m. - $3; Jan. 23: Smile Theatre - Mr. Midnight - 7:30 p.m. - $8; Jan. 26: Lunch on the Town - noon - restaurant to be announced; Jan. 29: Health and Wellness Day - Environmental Danger Zones. For more information, call the Clarington Older Adult Association at 697-2856. Seniors offered free pictures, giftwrapping on Seniors' Day Senior citizens can get free pictures pictures with Santa and free giftwrapping giftwrapping on Seniors' Day at the Oshawa Centre Dec. 5. When people aged 55 and over register at the seniors' table near McDonald's restaurant on Dec. 5, they will get a discount card listing participating stores and a free jumbo shopping bag. Other offers include the pictures, giftwrapping service, free coatcheck and free use of strollers and wheelchairs. When finished, seniors can get bellhop service to their cars at the registration table, courtesy of the YMCA of Oshawa. Adult Day Program set to expand in the new year A. day program for adults offering offering a wide variety of activities is expanding expanding in the new year. The Community Care Adult Day Program has received funding to expand to Saturdays. The day program program has been in existence for eight years and is partially funded through the Long Term Care Division Division of the Ministry of Health. It's offered at the Durham Region Region Community Care Association offices at 487 Westney Rd. S„ units 19 and 20 (at the corner of Clements Road), in Ajax. Clients include the frail elderly, adults with needs related to physical physical disability or the effects of dementia, dementia, The program offers a range of social, recreational and education education activities both on an Individual basis or In a group setting. There are crafts, exercise groups, card and board games, cooking and baking, baking, intergeneratlonal programs, music, pet therapy, gardening, family family nights, holiday events, special luncheons and guest speakers, Saturday sessions will run from 9 a.m. to 5 p.m. It's open to anyone and prior registration Is necessary. The cost Is $21 a day. For more Information or to register, register, call the Ajax office at 427- 2315. SAVE ON neocAHuts SELECTED CLEARANCE ELECTRONICS! Many items below cost. End of the One, open box, oneof-a kind merchandise. Selection varies by store location. AD with manufacturer wairanty, SAVE ON HOME OFFICE The BRICK and more. 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