Importance of Financial Reports

in Financial Literacy

Over the years I have received many financial reports and document. The reports are varied, but all have some importance, simply because they have been sent. Some of the financial reports I receive are:

  • Yearly portfolio reports, from places where I invest . These were more important, but now with the internet, I typically know what is in the report before I receive them. The reports sometimes have “yearly statistics” which are good to
  • Monthly bank statements are very important . Here is where you see where you have spent money, and see if there are any unknown entries on your accounts. It is important to check these out closely every month .
    • Check your pay stubs from work as well, you never know .
  • Pension reports I used to read and laugh knowing my retirement was a long way These days they carry much more import ance, as I am close to retirement, and the numbers are important to me.
    • Checking the Canada Pension Plan site would be good to do as Most folks assume they will simply get the max, but if you have had work “interruptions” this might not be the case.
  • Insurance Benefits coverage reports which tells you what your company benefits package Always check these, because sometimes your benefits package changes and you end up with the wrong benefits (e.g. you are in the bottom hospitalization package, when you wanted to be in the top package).

All of these reports are things you should read and keep for your records. Scanning these reports (or receiving them electronically) is a good way to keep these records easy to find.

My Problem This Year

Retirement

Is Retirement in my Future ?
http://www.ccpixs.com/

This year, I will not be receiving my Pension or Benefits report, because the Phoenix Pay system is still so confused, that the government doesn’t want to put out the reports. The assumption is that the reports would be wrong, so they are not being sent out . I can estimate this information, but this year the information is not being sent out. My concern is that if they can’t create the reports reliably, am I confident they have n’t messed up the information that the report would use, as  well?

Maybe I won’t  be retiring any time soon ?

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{ 2 comments }

{ 2 comments… add one }
  • RICARDO August 21, 2017, 9:04 AM

    Once I had started to receive my CPP/RRQ wage statements, several years ago, I noticed they had omitted an entire year. Luckily I am a hoarder and I had my year end pay stub for that “missing” year which was photocopied and sent off to the appropriate department. I received a corrected copy showing an uninterrupted earnings and payments. This can make a big difference when you decide to apply for your CPP/RRQ
    And all this before Phoenix was even being thought about.

    RICARDO

    Reply
    • bigcajunman August 21, 2017, 10:39 AM

      Mistakes happen, Phoenix is long past mistakes unfortunately.

      Reply

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