Local Gymnast Takes First Place
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Ten year old Kendra McGowan stretched her creative talents in the gym recently to earn a first place overall trophy at Sherwood Park. The February 4 competition had the girl capture first on the floor, first on the bars, second on beam and sixth place on vault in the nine year (1996) division. She practices 17 and one half hours per week in Lloydminster and attends Provost Public School. ©Provost News Photo.
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Before Leaving the Workforce, Do This: Save, Plan, Think
This is the third installment of three newspaper stories about working and employment in this area.
The subject this week deals with retirement from the work force and we interview six local people, some retired — some not.
Many workers look forward to retirement and thoroughly enjoy it while others may not be so sure and may even have to contend with boredom or a sense of grief and loss that others may not understand.
The biggest concern seems to be if a person has accumulated enough cash to retire for his or her particular lifestyle anticipated.
Kim Larson, for example who has been operating Kim Larson Financial in Provost for 14 years was asked by The Provost News: how much money is enough to retire on?
Larson: The short answer is that everybody is different so it depends on a few things like lifestyle. The longer answer: If you plan to stay here in the community and plan to head to the coffee shop for your outing, you don't need a lot. But if you plan to do travelling and maybe have a vacation home, you'll need more.
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You probably should have 60 to 80 percent of pre-income retirement money currently available . . . but people are living longer and the big fear is running out of money. If you opt to retire at age 55 you need a pile of money because you could live to be well over 80. “Where is all that money going to come from?” The biggest thing, advises Larson is for young people to start saving early. There will be a huge difference when you retire. For example, put away $50 per month starting at age 18 at a conservative five percent interest rate and for 47 years (at age 65) when that person retires he would have amassed $117,528.82. But if the same person waits until age 40 then he will have only $32,099.89 at age 65. He adds that you have to have some riskier investments just to keep up with inflation: say you're earning three percent at the bank, remember the interest is taxable, and the inflation rate is 2.8 percent. Some may think they are not taking any risk, but they are taking more risk (at falling behind) by taking none.
PN: Are people retiring sooner?
Larson: Around here I don’t think so, it’s mainly 65 to 70 years old before retiring but some are 75 and 80 and are still very active. At 69 you have to start using your RRSPs whether you’re working or not. People don’t want to use them when they are still working.
PN: Are people getting wealthier here?
Larson: Generally in this community they are, the oil patch is good so people have lots of money. But everybody’s finances are different and you should talk to financial advisors.
PN: Anything else?
Larson: Most people don't plan to fail. They fail to plan.
Fifty-four year old Lucy Trutnau however thought long and hard before she gave up a full time career teaching here. She graduated from the University of Calgary with a B.Ed. and after being in classrooms for 32 years retired last summer.
PN: How are you liking semi-retirement?
Trutnau: I am enjoying it, probably because I don't have to go to work. Even if called in to do substitute teaching at Provost Public School, I don't have to say yes. I also have the freedom to travel when I want to, not just during the high season. I was away for six weeks in Britain this fall.
Rest of story and interviews in February 22 edition of The Provost News.
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