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