(NC) You have completed school, landed a good job, and are looking to move out of the family nest. Or perhaps you are recently married, have bought your first home, and are now expecting a baby. Or maybe you are starting to think about your retirement plans. Whatever life stage you are at or whatever goal you are aiming to achieve, have you mapped out a financial plan to help you get to where you want to go?

November is Financial Literacy Month in Canada, an opportune time for people of all ages to improve their financial know-how to help plan for life’s major milestones, like these:

• The options when buying your first home can be overwhelming, but knowing what you need and want in a mortgage, shopping around, getting pre-approved and making the right decisions according to your needs are just some of the steps detailed in the Owning a Home life event from the Financial Consumer Agency of Canada (FCAC).

• If you are expecting, the cost of diapers, clothing, baby equipment, and child care can really add up. FCAC’s Having Children life event and budget calculator can help you draw up a plan to financially prepare for a baby and ease the strain on your family budget.

• Whether we retire early or work well into our senior years, we all want to know that we will have enough money to retire comfortably. Early and careful planning is key. How much money will you need? What sources of income will you have? The agency’s Planning Your Retirement life event offers tips and advice on these questions that you can use when planning your retirement.

All FCAC’s life events, resources and information about financial literacy month are available at itpaystoknow.gc.ca/flm.

Red means stop, green means go – we learn that axiom as children. When it comes to home energy costs, however, going green can help homeowners put a stop to runaway utility bills. And maximizing your home’s use of natural light – call it green lighting – is a great way to boost your home’s energy efficiency.

Here are three ways you can put Mother Nature to work, and use natural light to lower your energy costs:

Minimize use of artificial lighting

Anyone who’s ever paid an electrical bill knows that the simple act of turning on a light can directly impact your monthly expenses. Homeowners looking for a long-term way to power down their lighting costs may consider Energy Star-qualified skylights a good investment. While skylights’ cosmetic appeal can’t be argued, their value goes far beyond good looks.

By admitting natural light into your home, skylights can help reduce use of artificial light sources – and help you save on electricity costs. Pair powered venting skylights that come with automatic rain sensors with efficiency-enhancing accessories like designer blinds (available in a varied palette of colors and patterns), and you can improve energy efficiency as much as 37 percent, according to skylight manufacturer Velux America. And, with tubular products like Sun Tunnel skylights, you can even bring natural light into ground-floor rooms or spots where a traditional skylight may not work, such as a first-floor powder room, hallways, or walk-in closets.

Reduce hot water costs

Long gone are the days when solar powering your home was an idealistic, but impractical dream. Solar technology is more useful, accessible and cost-effective than ever. Solar water heating systems are becoming mainstream, and offer homeowners a great, green way to trim energy costs. What’s more, the cost of installing these systems has been steadily declining as the technology advances, and you may find adding one makes you eligible for tax credits or incentives from your local, state or the federal governments. You can calculate the costs and possible paybacks online at http://www.veluxusa.com.

Make home a healthier place

Every year, ill health costs the U.S. economy billions of dollars, experts say, and your own health woes can have a significant impact on your pocketbook. The health benefits of natural light are well-documented, from reducing the symptoms of Seasonal Affective Disorder (SAD) and promoting the body’s production of Vitamin D, to improving mood and even learning ability.

Simply opening blinds and curtains to admit more natural light can directly affect the mood inside your home – not to mention the mental state of the people living in it. Take your green lighting efforts to a higher level by adding venting skylights, and you can also help improve the air quality inside your home. While skylights admit ample natural light, their natural chimney effect works with your windows to bring in and circulate much more healthful fresh air. They also passively vent fumes and dampness that can lead to mold and mildew.

By incorporating natural light and passive ventilation into their home decor and improvements, homeowners can put the brakes on rising utility costs – and give the green light to energy savings.

(NC)-Over the several years that Desjardins Financial Security (DFS) has conducted its retirement survey, two themes have always come up: most Canadians avoid retirement planning and they’re sure they haven’t saved enough. So, how prepared are you?

 

A) You’re totally confident about your financial security and retirement plans, or;

 

B) You know you haven’t saved enough, but now you’re ready to make a plan.

 

If you answered B, these experts from Desjardins are here to help you get started.

 

Djamal Saleh, Regional vice-president of sales, Individual Savings Products

 

1) What does retirement look like? Will you be spending your retirement traveling the world or will you just keep on working? Actually, in the most recent DFS retirement survey, 56% of respondents expected to do just that. Many said it was because working kept them active. But the most popular reason was financial. It might be nice to think that you could continue your current working lifestyle well into your 80s. But life has a way of throwing you curve balls. The reality is that less than one retiree in five continues to work. In fact, events like job loss, a disability, becoming caregiver to a loved one, or simply fatigue can change your plans in an instant. This is why it’s important to visualize what your life might look as part of creating a solid plan.

 

Daniel Villeneuve, Tax Specialist

 

2) How much will I need to retire? This is a very common question so it’s important to remember that you’ll likely spend 25 to 30 years in retirement. For example, the average 55 year old woman who is a non-smoker will live to 86 while her male counterpart will live to 83. That being said, you will likely need a retirement income of about 70% of your gross working income.

Here’s a snapshot of the type of income sources you may have if you were retiring today:

 

1. An employer pension, if it was available to you

2. The Canadian Pension Plan, on average about $6300 per year

3. The Old Age Security Pension, on average about $6500 per year

4. Savings in an RRSP and/or non-RRSP

Since future retirees have no control over the amounts of the first three sources of income, creating a substantial nest-egg within your RRSP and regular savings accounts will be an essential part of your written retirement plan.

 

Angela Iermieri, Financial Planner

 

3) Review your plan The golden rule to ensuring you have saved enough is to regularly review your objectives and adjust your plan as required, as circumstances can change quite often. For example, there may be changes in the tax rules, new laws, interest rates and public pension plans that may affect your goals. But if you stay flexible, all this is manageable, giving you much better odds of attaining your retirement goals.

 

For other retirement planning tips, tools and calculators, visit the Thinking About Retirement section of Desjardins Financial Security’s website at http://www.desjardinslifeinsurance.com.