Canadian Personal Finance Blog

Archive for January 12th, 2007

Where I work, the Pension is about to take a dramatic left turn (i.e. it is going from a defined benefit to not being one), which means that the nice fat pension I was hoping to have when I retire (yes, thinking I might be able to retire, might be part of my problem) is not going to be quite what I had hoped for. See the end of this article about the effects of this kind of dramatic change in benefits.

Be that as it may, if where you work has a pension program where it is a defined benefit or you contribute to it, or whatever, it is important to know how much it is currently worth, and to remember it is an ASSET of yours, that you need to remember as part of your retirement calculations. I realize most folks are quite diligent at checking this, but I am just pointing out the importance of knowing fairly precisely what your (and if you are very lucky, you spouse’s) pension is worth, especially if you are thinking of changing jobs. You need to think about whether you will leave your money in that company’s pension plan (if you are allowed) or whether you should take the lump sum pay out and leave it (and then hopefully wisely invest it, so you have a bigger nest egg for when you retire).

If you don’t take care of your financial world, no one else is, and if folks know that you aren’t they’ll start trying to take advantage of you as well, so always be informed. At least once a year (if not more) find out just how much you are worth. Do a Balance Sheet of some kind and know where you stand. Sometimes you will be disappointed that you aren’t further ahead, but sometimes you will be surprised at just where you are fiscally.

Now the other interesting thought for the day is that a lot of Canadian employees are depressed. Now this study was done in 2002, which was a rather depressing year for a lot of us, but depression and it’s side effects are dangerous. Seek help if you think you are depressed.

Around half a million Canadian workers experience depression and most of them say the symptoms interfere with their ability to work, according to a new study.

Data from the 2002 Canadian Community Health Survey, which focused on mental health and well-being, show that almost 4% of workers aged 25 to 64 had experienced depression in the 12 months before the survey.

Remember the things in life that are important: Family, Friends, and remember to have fun, because at the end of it all, that’s what it’s all about. –C8j