Beware superficial data
I recently met with my banker to discuss my
business and personal finances. While this
meeting was probably triggered by the fact
that I’d just made an RRSP contribution,
I have several financial products with this
bank, including a small business chequing
account, a personal chequing account, a
corporate chequing account, and a credit
card—so I’m a “valued” customer. After a
quick net worth review and an offer to reduce
the interest rate on my business line of credit,
the conversation turned to my retirement
planning.
One of the tools used was a retirement
projector that had been prepped before my
arrival for the meeting. According to this
projector, I’ll need to save $2.9 million before
I can retire. Sure, I’d like to retire well, but there
is no way I’m ever going to amass anything
close to that figure!
Thankfully, I know that this calculation is
meaningless, because it’s based on incomplete information. But the problem for many,
if not most, Canadians when it comes to retirement planning is that they don’t have all
the information, and without knowing how to
analyze the details behind massive estimates
like the one I received, they assume the figures
must be right.
Member benefits and opportunities
CPABC and CPA Canada have a number of resources for members who are retired or
contemplating retirement. Whether you’re looking to start a second career, get more
involved in board work and volunteerism, or travel, there’s something for you.
• Benefits: Did you know that CPABC now offers more than 80 member benefits,
including savings and affinity programs? At bccpa.ca/members/member-benefits,
you’ll find discounts on everything from hotel accommodations to home repair. These
provincial benefits complement a similar member savings discount program offered
by CPA Canada (cpacanada.ca/en/members-area/members-savings-program).
• Networking: Want to stay connected with your local business community? On
CPABC’s benefits page (see above), you’ll find a link to various business associations,
including local chambers of commerce and boards of trade that have waived their
initiation fees for CPABC members. You can also stay connected with peers by
attending events hosted by CPABC’s chapters, including dedicated game days (e.g., BC
Lions). Look under “Recreation” on the benefits page, or check out the chapter blogs
at bccpa.ca/members/cpabc-chapters.
• Working: For many CPAs, retirement doesn’t mean a life without work. If you’re
interested in taking on a part-time position or seasonal work, consider posting your
resumé using the CPABC Careers site (the official job board of CPABC) at careers.bccpa.ca.
• Volunteering: Share your skills and experience by volunteering as a CPA mentor and
providing guidance to aspiring CPAs. Or become a Community Connect volunteer
and access free resources to deliver financial literacy sessions at local schools,
community organizations, and libraries. During tax season, join one of many volunteer
tax clinics in your area and help prepare tax returns for low-income taxpayers and
taxpayers with disabilities. Find out more at careers.bccpa.ca. The Careers site also lists
volunteer board positions for various community groups that are looking for
experienced professionals to oversee their finances.
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CPABC in Focus • May/June 2016 19