FINANCIAL MATTERS

Do pick a number

“Retirement looks different for everyone and it’s important to try and determine how it looks for you,” says Sigurdson. Each person should have their own savings goal in mind and put enough money away – in RRSPs, but also in TFSAs and non-registered accounts – to reach that goal.

Your number will depend on what you want out of retirement, adds Sigurdson. If you want to spend the cold months at your home in Florida, or plan on a lot of international travel, you’ll need more RRSPs and other savings than someone who wants a simpler retirement

Also, add in things such as healthcare and caregiving costs for loved ones. “Other expenses will come up,” says Joel Kranc, author of Retirement Planning in 8 Easy Steps.

Don’t take out a loan if you don’t need to

Some people borrow money to top up their RRSPs. While that can work if you diligently pay back the loan within 12 months – and use the tax refund you receive to pay down the balance – it is a risk. You’ll have to pay interest on what you borrow and if something happens and you can’t pay it back quickly, then you could end up cancelling out the benefit of the loan, he says. Don’t open more than one account

Some people have more than one RRSP account – and that can cause problems It’s easy to lose track of where you put money when and that can lead to over-contributions. It can also be tricky to manage disparate investments come withdrawal time. “If you have investments in a number of different institutions it can be hard to keep track of everything and create a tax-efficient retirement income stream,” says Sigurdson He suggests setting up one, welldiversified RRSP account “Working with an advisor to create a diversified portfolio that matches your risk profile will help you achieve your retirement goal,” he says.

Do manage your investments

While RRSPs are meant for longterm savings, don’t take a set it and forget it approach to investing, says Kranc For instance, as you get older you may want to put more money in fixed-income investments to ensure you’re not taking on too much risk. “Your portfolio needs to model your stage in life,” he says. “People in their 50s and 60s may need to be more conservative than younger investors.”

Whatever you do, you shouldn’t neglect your RRSPs They’re not just a once-a-year investment tool, says Kranc. Invest regularly, work with an advisor to ensure your asset mix is appropriate and then watch your savings grow.

Speak to your IG Consultant to get the ball rolling: they can work with you to build a strategy that makes the most of your RRSP tax deductions.

Written and published by IG Wealth Management as a general source of information only Not intended as a solicitation to buy or sell specific investments, or to provide tax, legal or investment advice Seek advice on your specific circumstances from an IG Wealth Management Consultant.

Glenn Gaudet is the lead advisor of a wealth advisory team helping families and business owners since 1993. Glenn holds many designations including the CERTIFIED FINANCIAL PLANNER ® designation, Elder Planning Counselor, Certified Professional Consultant on Aging and the Registered Retirement Counselor. With more than 60 years of combined experience, Gaudet Group Private Wealth Management is committed to making clients’ interests their top priority. Do you have questions you’d like Glenn to Answer? Email him at glenn.gaudet@igpwm.ca.

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Aries: March 21 - April 19 (Fire) –

This is the week to go out and to get what you want You have ideas that keep coming up in your love life and your career Make sure you put your wants first, then choose who and what you need to do to get all you desire.

Taurus: April 20 - May 20 (Earth)

– You want to connect more on a spiritual level You have no idea how to do this though Ask the people around you for guidance. It could be yoga, meditation, a long walk or jumping out of a plane. You will be up for anything to feel more alive this week

Gemini: May 21 - June 20 (Air) –

You are deep thinking a lot this week. You have been taking little steps to change your life path You feel a pull to make even bigger changes still Sit down and talk to the ones that would be affected by these changes, you may be surprised at the help and support you find

Cancer: June 21 – July 22 22 (Water) – If you have been wanting to have a deep and honest talk with someone, this is the week to do it You are open and vulnerable in these energies This can be very healing for you Talking it out will bring great clarity into your life

Leo: July 23 - August 22 (Fire)

– You are on a romantic mission You want very specific things in your love life and you are unwilling to settle You need attention, romance and to feel special. You can get pushy when you don't get your own way, so relax, take a breath and let everyone around you catch up to you

Virgo: August 23 - September 22 (Earth) – You are drawn to mysterious people this week You want to make these connections with new people You crave some spice in your life You will find yourself having Intellectual conversation in the most unconventional places, such as the grocery store or work.

Libra: September 23 - October 22 (Air)- You are open to anything. You want to have snuggles and date nights and focus on your love life this week. You want to love and be loved in return. You need to change that thought to I love deeply and I deserved to be loved back just as fiercely in return

Scorpio: October 23 - November 21 (Water) – Your career is going to offer you a great opportunity, be open and think twice before saying yes or no Your love life will have all your attention by mid week and will heat up very quickly This same advice applies here: think twice before you say yes or no to anything

Sagittarius: November 22December 21 (Fire) – If you want to move into a relationship or get out of an existing relationship then you better be open and honest with yourself Make time for your family, this week becomes all about family. Great things come to you from people who unconditionally love you.

Capricorn: December 22 - January 19 (Earth) – You are more than willing to make time for love this week You are ready to be spontaneous and creative. Be open for a new partner to come in or your existing partner to surprise you. You need to make some choices in your career by the end of this week, stop procrastinating

Aquarius: January 20 – February 18 (Air) – Find a way to communicate better You are flip flopping between what you need and what you want. You can have it all, but first you better take a moment to figure out what it actually is Until you do figure this out you are just walking around confused this week

Pisces: February 19 - March 20 (Water) – You have a great week ahead. People really trust and listen to you. You are in a great mood and it's contagious. You should make time to do something social and fun, you will be the life of the party

with Tina Graziano Energy Reader

Tina Graziano was born an energy reader. She uses her gifts to heal and guide others as a life coach. If you need support and insight in life, contact Tina for an energy reading directly online at https://www.facebook.com/ Tina.Graziano.Energy.Reader /?ref=page_internal