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Money News>
Community Resource Centre Money News
July 1, 2008
The Community Resource Centre's Money Management Program provides free: courses, e-newsletters, lending library and free one-to-one money management sessions. Call 604 885 4088 to book an appointment.
* FREE Finance Workshop: Having your first child or buying your first home? The Community Resource Centre is offering a FREE course with Investors Group, Maria Mealia-Budd. This course will cover the following:
- Home Buyers Grant
- RESP Education Savings Plan
- Mortgage Insurance vs. Life Insurance
July 31, 2008 6:30-8:00 pm at the Community Resource Centre
By registration call 885-4088.
FREE One to One Financial Advice provided by professional financial advisors: Debbie Mealia, Maria Mealia-Budd and Sandy McBride. By appointment only, call 604 885 4088.
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*Fun Financial Facts:
In Your 40's
Canadian Families with major income recipient age 35-44:
- median net worth: $160,000
- 68% own principal residence (median value: $240,000)
- 81% of homeowners have mortgage (median value owed: $115,000)
- 63% with RRSPs (median value $25,000)
- 48% have employer pension plan (median value: $35,000)
In Your 50's
Canadian Families with major income recipient age 45-54:
- median net worth: $265,000
- 74% own principal residence (median value: $225,000)
- 60% of homeowners with a mortgage (median value: $90,000)
- 68% with RRSPs (median value: $45,000)
- 52% with employer pension plan (median value: $120,000)
In Your 60's
Canadian Families with major income recipient age 55-64:
- median net worth: $450,000
- 77% own principal residence (median value $220,000)
- 39% of homeowners with a mortgage (median value owed: $70,000)
- 69% with RRSPs (median value: $65,000)
- 60% with employer pension plan (median value: $260,000)
(source: Statistics Canada with increases in value by MoneySense)
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Retirement Money Tips:
- A part-time job is worth $400,000 in the bank. If your retirement savings are not as large as you had hoped, then a part-time job in retirement can help make up for a smaller portfolio. If you make $20,000 a year from the part-time job - that is what you would be expecting to make from a $400,000 investment portfolio.
- What to expect from the Government in retirement? CPP combined with Old Age Security, will provide you with an average of $11,500 a year if you've worked in Canada your entire life and retire at 65. The maximum you could qualify for is about $16,600 a year. If you are a low-income retiree, you are also elibible for a Guaranteed Income Suppliment.
- You'll live longer than expected. If you've reached 65 without a terminal illness, you'll probably live considerably beyond 80. A 65 year old man can expect to live to 83; a 65 year old woman can look forward to her 86th birthday. These are averages and half of retirees live longer. There is a 41% chance that at least one member of a 65 year old couple will live to 90.
(source: StatsCan; Moshe Milevshy, assoc prof, York Univ)
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Book Review:
Getting Started in Value Investing, by Charles S. Mizrahi (Wiley, $23.99).
A great introductory learn to invest book. Mizrahi has some great common sense advice along with anecdotes. He shows you how to buy a good company at a fair price. A great book for beginners and experienced investors.
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Contact the Community Resource Centre 604 885 4088 or email: admin@communityresourcecentre.info to register for sessions or to find out more about the Money Management Project for Women.
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5520 Trail Avenue, Box 1443, Sechelt, BC, V0N 3A0
admin@communityresourcecentre.info
Tel: 604-885-4088
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