There are many reasons why a person looks to a second career after spending years in a classroom. Some retirees find the days long without the routines and daily pressures of teaching. Some people want new experiences and enjoy interacting with people. In this day and age, some people need to work longer because of financial need.
Whether you need additional funds for retirement or along with a new career comes a paycheck, there are some things to consider. First of all, how will the new affect OTTP benefits? To get the facts, log on to the Ontario Teacher’s Pension Plan site at http://www.otpp.com/wps/wcm/connect/otpp_en/home/member+info/working+after+retirement. Often retired educators are tempted to work in some educational capacity, part time or on a contract basis. At the OTPP site the rules and limits of this sort of work is outlined. However, you can work in a non educational capacity to the extent that fits your needs. A good financial advisor would be happy to give you advice on this topic.
There are other issues to take into account. Does the new career offer medical benefits? How will the additional paycheck affect your income tax amount? Start a list of all the questions that need answers and make sure to find the answers.
Some newly retired people opt for a short term job placement to see if continuing to work is really for them. There may be “contract” placements that are right for them. York University has prepared an information kit at that outlines many aspects at: http://www.atkinson.yorku.ca/ace/publications/Should_Know.pdf. After reading this document, a trip to Monster.com may prove useful in identifying the types of contract positions available and the skill base and job requirements needed. Check out http://jobsearch.monster.ca/jobs/?q=contract&cy=ca. If you are concerned at all about legal issues in contract work, this site may be a benefit to you: http://www.lbwlawyers.com/publications/contractandselfemployment.php.
Using a Contract Work approach may be a good way to approach volunteer positions. In some volunteer organizations, new volunteers are treated almost like full time employees, but without the benefits or paycheck. While working out your contract with the organization, the type of work, the hours expected and the responsibilities you have are clearly defined. This will give you the ability to plan a life around the volunteer position. In addition, the contract will have a beginning and an end, the proverbial light at the end of the tunnel, so to speak.
The Government of Canada has some websites that are worth a visit prior to re-entering the work force. Check Out: http://www.jobsetc.gc.ca/categories.jsp%3bjsessionid=07A7ED74EBCEFEA7A4E9B42025C9D654.jvm11?lang=e&category_id=540. Here some interesting topics are discussed, such as how your income will affect your pension, how much time you wish to devote to working, how working will affect your lifestyle, etc.
Another site worth visiting can be found here: http://www.jobsetc.gc.ca/categories.jsp?category_id=740&crumb=68&crumb=740. Both sites offer advice and consider issues that the new retiree may not have thought of.
Nothing beats good communication. Talk about your plans with your family and friends. Talk with people who presently work with the organization or company that you are considering. Sometimes while hiring a new employee on a part time basis, the company can lay off a full time employee. If you are this new employee, how will you be received by the other workers?
I mentioned before that keeping track of questions that crop up along with the answers is a good procedure. When talking with your financial planner, make sure the question list goes along with you and that you get the answers to those questions. It is interesting that nearly the same questions come into play if you are planning a work vacation with an international relief agency or down the street with Habitat for Humanity.
Starting with your list of questions, do your online research. Find out what the company employee relations are like by Goggling the company or organization and checking out their employee relations. Be aware that some employees are very hard to please, and they tend to be very vocal with their criticism of a company online. However, by reviewing comments online you can get a good idea of how the company or organization treats those who work for them.
For those of you, who would like to be part of my ComputerEase Google+ circle, please respond by email and I will add you to the list.
Computer Ease is a regular feature of the
RTO/ERO Renaissance. Share your ideas with the author at: mail4wayne@cogeco.ca or http://rtocomputerease.blogspot.com/
Sunday, March 25, 2012
This and That - Some Legal and Financial Considerations
I’ve heard it said that retirement isn’t all that it is cracked up to be – its better!
It is that time of your life where you can do all the things you dreamed of when younger and still working. It is a time of possibilities, particularly if the proper planning has taken place.
For many of us the Ontario Teachers’ Pension Plan (www.otpp.com/) looks after our income, along with whatever else we were able to put away. Possibly a Financial Planner has been consulted to help with planning. If you’re thinking about talking with a Financial Planner, a Google search will turn up thousands. Before signing on with a Financial Planner, check the agent out on the following site to see how credible they are: http://www.tomorrowsmoney.org/Templates/tm/Content.aspx?id=1612. Once you find one that you’re comfortable with, talk to the agent about your plans, both short term and long range.
All the financial designations that financial planners add to their names can be confusing. The Financial Advisors Association of Canada explains the different designations at: http://www.advocis.ca/content/consumers/designations.
The Ontario Seniors Secretariat is a great resource. http://www.seniors.gov.on.ca/en/index.php. They provide help and support in a variety of areas including Active Living, Finances, Health and Wellness, to name just a few. They have information on legal issues, but if you want a specific question answered, try Just Answer: http://www.justanswer.com/sip/Canada-Law/Legal?r=ppc|ga|4|Law+%2D+Canada|Law&JPKW=law%20issues&JPDC=S&JPST=&JPAD=9066833820&JPAF=txt&JPRC=1&JPCD=20110825&JPOP=Cass_WillAnswerD1_WillAnswerNow&JPMT=b&JPNW=g&gclid=CN3pj_2Y8qoCFQvCKgod-3eCQA.
Another resource that a number of retirees use frequently is information found at Snowbird Canada: http://www.snowbird.ca/. As their name implies, they have information regarding issues of spending winter months in warmer southern US states. Thousands of retirees travel south when winter looms. Some are tempted to purchase winter homes considering the increased value of the Canadian dollar and the depressed real estate market in some southern communities. To get an idea what tax issues are faced by snowbirds buying an American property go to the following site: http://www.grasmick.com/snowbird.htm. As the author states, tax laws change often. Checking back frequently is advised.
In order to get an idea of what a ‘foreclosed’ property is like before heading south you might want to watch HGTV. Often they have shows that take you inside such a home so that you can get an idea of what potential problems there may be. There are some websites that may also be of use. The government of Canada has created a website: http://www.voyage.gc.ca/publications/retirement_retraite-eng.asp where they discuss topics such as ‘Before You Go’, ‘Permanent Relocation’, ‘Seasonal Stay’, ‘Crime & Safety’, to name a few of their resources. They also offer a PDF version that you can download.
Insurance is always an issue when you travel or stay in another country. If you have the RTO/ERO insurance plan, make sure you know what your plan covers and what it does not. This is a good place to start: http://www.rtoerotorontodistricts.org/tdfiles/resource/benefits.htm. Also check your automobile policy to see what your coverage is for rental cars or driving someone else’s vehicle.
Whenever travelling, a copy of your medical information should always go with you. This can be on paper, but a better way is to have it on an encrypted flash drive. Your travel companion or tour guide should know the encryption key so that if anything happens, your medical information can be accessed. In addition to carrying important information, a wise traveler will also know where to get help in a foreign country. Always carry the contact information of your insurance carrier i.e. Mondial Assistance at: http://www.mondial-assistance.ca/?ls=1. Also copy down the contact information for the closest Canadian Consular services office, found here: http://www.canadainternational.gc.ca/washington/offices-bureaux/index.aspx. All of this information should be readily available to yourself and/or people you are travelling with.
Planning is only as good as your resources. Check them often and keep the information up to date so that it is available on a moment’s notice. You never know when the urge strikes you to just get up and go somewhere!
Computer Ease is a regular feature of the
RTO/ERO Renaissance. Share your ideas with the author at: mail4wayne@cogeco.ca or http://rtocomputerease.blogspot
I’ve heard it said that retirement isn’t all that it is cracked up to be – its better!
It is that time of your life where you can do all the things you dreamed of when younger and still working. It is a time of possibilities, particularly if the proper planning has taken place.
For many of us the Ontario Teachers’ Pension Plan (www.otpp.com/) looks after our income, along with whatever else we were able to put away. Possibly a Financial Planner has been consulted to help with planning. If you’re thinking about talking with a Financial Planner, a Google search will turn up thousands. Before signing on with a Financial Planner, check the agent out on the following site to see how credible they are: http://www.tomorrowsmoney.org/Templates/tm/Content.aspx?id=1612. Once you find one that you’re comfortable with, talk to the agent about your plans, both short term and long range.
All the financial designations that financial planners add to their names can be confusing. The Financial Advisors Association of Canada explains the different designations at: http://www.advocis.ca/content/consumers/designations.
The Ontario Seniors Secretariat is a great resource. http://www.seniors.gov.on.ca/en/index.php. They provide help and support in a variety of areas including Active Living, Finances, Health and Wellness, to name just a few. They have information on legal issues, but if you want a specific question answered, try Just Answer: http://www.justanswer.com/sip/Canada-Law/Legal?r=ppc|ga|4|Law+%2D+Canada|Law&JPKW=law%20issues&JPDC=S&JPST=&JPAD=9066833820&JPAF=txt&JPRC=1&JPCD=20110825&JPOP=Cass_WillAnswerD1_WillAnswerNow&JPMT=b&JPNW=g&gclid=CN3pj_2Y8qoCFQvCKgod-3eCQA.
Another resource that a number of retirees use frequently is information found at Snowbird Canada: http://www.snowbird.ca/. As their name implies, they have information regarding issues of spending winter months in warmer southern US states. Thousands of retirees travel south when winter looms. Some are tempted to purchase winter homes considering the increased value of the Canadian dollar and the depressed real estate market in some southern communities. To get an idea what tax issues are faced by snowbirds buying an American property go to the following site: http://www.grasmick.com/snowbird.htm. As the author states, tax laws change often. Checking back frequently is advised.
In order to get an idea of what a ‘foreclosed’ property is like before heading south you might want to watch HGTV. Often they have shows that take you inside such a home so that you can get an idea of what potential problems there may be. There are some websites that may also be of use. The government of Canada has created a website: http://www.voyage.gc.ca/publications/retirement_retraite-eng.asp where they discuss topics such as ‘Before You Go’, ‘Permanent Relocation’, ‘Seasonal Stay’, ‘Crime & Safety’, to name a few of their resources. They also offer a PDF version that you can download.
Insurance is always an issue when you travel or stay in another country. If you have the RTO/ERO insurance plan, make sure you know what your plan covers and what it does not. This is a good place to start: http://www.rtoerotorontodistricts.org/tdfiles/resource/benefits.htm. Also check your automobile policy to see what your coverage is for rental cars or driving someone else’s vehicle.
Whenever travelling, a copy of your medical information should always go with you. This can be on paper, but a better way is to have it on an encrypted flash drive. Your travel companion or tour guide should know the encryption key so that if anything happens, your medical information can be accessed. In addition to carrying important information, a wise traveler will also know where to get help in a foreign country. Always carry the contact information of your insurance carrier i.e. Mondial Assistance at: http://www.mondial-assistance.ca/?ls=1. Also copy down the contact information for the closest Canadian Consular services office, found here: http://www.canadainternational.gc.ca/washington/offices-bureaux/index.aspx. All of this information should be readily available to yourself and/or people you are travelling with.
Planning is only as good as your resources. Check them often and keep the information up to date so that it is available on a moment’s notice. You never know when the urge strikes you to just get up and go somewhere!
Computer Ease is a regular feature of the
RTO/ERO Renaissance. Share your ideas with the author at: mail4wayne@cogeco.ca or http://rtocomputerease.blogspot
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