mth Shore News - 59 Surveys suggest baby boomers aren’t saving DOLLARS AND SENSE HOW DIFFERENT the world loaks when you are in your 20s, 30s or even 40s —- and when you are in your 50s, 60s and older. At one of my financial planning seminars this month, a man in his Jate 20s or early 30s came up to me and said: “My wife and ! save and invest. We come to meetings like this and ‘do afl the correct things with our personal finances. .. “But I often wonder why we should look out for ourselves fi- Red Cross seeks out volunteers ‘THE CANADIAN Red. Cross North Vancouver Branch needs volunteers to knit, sew, quilt, and make gifts and novelties. -The articles will be sold at char- ity bazaars at Lynn Valley Centre, Capilano Mall, Lonsdale Quay, Park Royal Shopping Centre and BDelbrook Activity Centre in the ‘spring and fall. The proceeds from the bazaars go to. assist relief. work interna- tionally and locally. A group of women meet every alternate Wednesday at Delbrook Activiiy Centre from 10 a.m. to 2 p.m.-to work on different pro- _ jects. However home knitters “would be greatly appreciated. Baby wear and sweaters for teens are in great demand. The Red Cross provides all ma- terials and organizers promise. a rewarding and interesting hobby in a pleasant atmosphere. For information regarding at- tending call 987-3819. Fo: more information, please call The North Shore's only fuil Service Investment firm RBC DOMINION SECURITIES Member of ¢ he Sa Sop Bark Group 925-3131 201-250 15th Steet, West Vancouver nancially while others do nothing. Our money will simply go to help support them."” Then I met a man I knew who had retired almost a year ago. An unseasonably warm and sunny day had tempted me out of the office to take a walk. The man, who is in his 60s, was sunning himself on a bench. “Make sure you tel! people to put something aside for retire- ment, or they'll regret it the rest of their lives,’’ he said. “| didn’t go to work when I was young because 1 wanted to but because 1 had to, so I could earn a living. I lived reasonably well but I saved my money, too. And when | retired last year it was the best thing I ever did. “Every morning now I! think how good it is that 1! don’t have to get up to go to work. I wouldn’t think. of ever doing any work “again.” lv’s a simple (though not always easy) strategy: save enough money when you work so you have the freedom to choose when to retire. However, several recent surveys in both Canada and the U.S. sug- gest younger people aren't saving enough to ensure a comfortable retirement. A Merrill Lynch retirement planning study in the U.S. found baby boomers, who will reach retirement age (but not necessarily be able to retire) between the years 2010 and 2030 are doing less than today's pre-retirees in the 45 to 64 age group’ to prepare for retirement, Only 38% of the boomers are saving, compared with 61% of the pre-retirees. Canadian surveys echo these results. For example, a Towers Perrin study showed 75% of those polled do little or no retirement planning — yet still feel they will: have enough to live comfortably after retirement. Where do they think that money will come from? I've always stressed the impor- tance of a balance between the personal and financial parts of your fife, Doing all the right things finan- cially toward a secure and in- dependent future — buying a home, paying off your mortgage and other debts quickly, making maximum RRSP contributions, developing an investment portfolio outside your RRSP — can leave little money for spending and en- joying life now. Yet as my. retired gentlernan pointed out, if you don’t put aside enough money during your work- ing years, you could be forced to continue tc work long after you are ready to chuck it in, and even then perhaps havz to cut your CONCERNED ABCUT YOUR RETIREMENT? THE BEST ADVICE WE CAN OFFER THIS RRSP SEASON IS THAT YOU GET SOME. RICHARDSON GURKSHELDS 500-3066 Was! Hastings Sitaat, Vancouras, Bria Columbia VBE 229 Hew to make the most of your hone investment. This Thursday, Fe'sruary 18th - at 7:00 p.m. A short presentation by two respected authorities Elaine Dougias - Frincipal, Financial Fitness Group: "Your home 2s an investment" Bill Jennings - Sales Manager, Coldwell Banker / Argosy “The art of optimum buying & selling’ Your specific questions will be welcoma Nothing to buy, 110 sales pitches and nc admission fee ASVP “Sheila” at 922-2211. Refreshments served. EXPECT THE BEST 7:00 P.M. This Thursday 4925 Marine Drive, West Van. (By the fire hall) Coldwel! Banker / Argosy Group, seminar office Dear Alex Tilley, Here is a foto for your next cataleque. My daughter, Jennifer Coife, has a Tiley Hat, but didn’. want to wear it since this picture was taken just beiore her wedding last June... You have a wonderful company. Russel Coile Pacific Grove, California Tilleys get inviled to che nicest everits! , Alex Tilley Tilley Fnourables Wostern Inc , Barbara and John Tiley, independent fetailers, North Vancouver 1194 Marine near Pemberton 987-6424 Cpen 16 - 5: 39 Monday thru Vancouver i537 Broadway near Granville 7132-4287 Saturday standard of living during the retirement years. It’s interesting to note that people in the 40-10-60 age group have been saving during a period when you could expect govern- ment to help out with your retirement income. The Canada Pension Plan not only was index- ed but also offered the flexibility of taking a pension any time be- tween ages 60 and 70. However, younger people enter- ing the work force and saving fess have seen a change as Ottawa faces an ever-higher debt load. The Old Age Security pension is being clawed back (is CPP next?) and the federal government is shifting retirement funding re- sponsibility to individuals by ailowing higher RRSP contribu- tions. 1 would rather save and invest enough so | will have the freedom to retire when I choose than have to rely on ever-iess government support — even :f that means part of my money will help those who didn't do any financial planning for their retirement. The alternative is to be part of that subsidized group and hope there will be enough government money around — at this point, far from a certain prospect. Given current demographic trends, younger people correctly dread the prospect of having to help support government services for the ever-larger older group. But the only alternative to sav- ing for your own retirement is to die before you retire —— which few choose and nobody can guarantee. Mike Grenby is a North Shore-based columnist and in- dependent financial adviser who works with individuals; he will answer your questions as space allows — write to him c/o The North Shore News, 1139 Lonsdale Ave., North Vancouver V7M 2H4, PPeCPVPPerrerrr er rtrrriitrrirterri irre) We MINIMIZE tie LO rate so you (SAN MAXIMIZE sourR RSP If you don'e kave the cash to make the highest allowable contribution to your RRSP, consider an RRS? Loan from Montreal Trust. At 1% below our prime rate, it makes sound financial sense, The tax savings and the fucure value of your RRSP contribudon will far outweigh the cost of borrowing. Loan payments are automatically deducted from your Montreal ‘Trust Money Master account, a high-interest savings/chequing account required to receive this attractive foan rate. Ask your Montreal Trust RRSP Specialist for all che details. Be) MONTREAL TRUST 4 Minimum loan is $500 and is subject co normal Montresl Trust credit guidelines. Rate subject co change without notice. i 1524 LONSDALE AVE. N.VAN. 1586 MARINE DR. W.VAN, A aimee ba 2 Biood Boner 980-3355 926-4365 er OE aE ASP NRE ‘The Cana.san Ri Cross Society