The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

A 20 THE OAKVILLE BEAVER Saturday December 25, 1999 To reach this section call 845-3824 Fax:337-5567 Business Millennium clock ticking faster for seniors who are now 69 The clock is ticking faster for an estimated 400,000 seniors who must convert their RRSPs into retirement income plans before the Dec. 31st deadline. Anyone turning 69 years of age in 1999 must choose a retirement income option in the next few weeks or face tough tax penalties come the new year. "Little time remain for seniors to make a decision about how they want to convert their RRSPs," says Larry Herseu, vice-president, AGF Funds Inc. "It is very important that they work with a financial planner to give proper consideration to all options," he said. He also emphasizes that it is critical that caregivers and children caring for elderly parents are aware of the need to convert their charges' RRSPs to ensure long-term financial health. The two basic options for converted RRSPs are Registered Retirem ent Income Funds (RRIFs) and income annuities, which will provide payments for life. "In today's low-interest envi ronm ent, the incom e annuity has proven to be less popular than the RRIF, which allows greater flexibility and the potential for greater income," says Herseu. The RRIF allows the plan holders to roll their RRSP assets into the retire ment income fund allow ing income to accu m ulate tax-free, while require a portion to be paid out each year. `T h e real risk facing seniors today is outliving their money, which is a real possibility if they choose low-pay ing fixed-income investm ents for their RRIF," says Herseu. "And ju st because an investor must convert an RRSP doesn't mean they're not still interested in maximizing their returns while manag ing risk." Many Canadian seniors own mutual funds within their RRSPs and can maintain these mutual fund invest ments within a RRIF. They can also choose one-stop wrap options, with low risk and low volatility. `T hese wrap programs are like pen sion funds that help investors preserve their savings in turbulent times and grow their investments conservatively in stronger markets," says Herseu. `T his offers the best of both worlds -- investors can get the kind of returns normally associated with equities, but with a lot less risk and volatility than with the stock market. The bottom line, says Herseu, is the importance of a strong financial plan. "If you are in your sixties, you should make sure you have the right financial advisor who can help you make the right transition to retirement." Seniors or caregivers who are look ing for a financial advisor can call AGF's toll-free line at 1-800-520-0620. Pictured above are the members of the Oakville-Trafalgar Rotary Club The club recently donated $100,000 to the Oakville-Trafalgar Memorial Hospital. The funds were used to purchase a mammography machine for the Women's Diagnostic Imaging Centre. find ran rar Ford used vehicle r e d u c e d dear! m m m 'a e r o * B ank of M ontreal goes fullservice on Saturdays Two Oakville branches of the Bank M ontreal of are among the 20 additional GTA branches to offer full-service Saturday bank ing. The new ser vice begins on Jan. 22nd. L o c a l branches affect ed include the units at Oakville Place and O akville Town Centre II at Dorval Drive and North Service Road West. In addition, beginning Jan. 17th, many GTA branches will be extending week day hours and offering services on Thursday and Friday evenings. Every new 2000 car and truck, and entire used inventory is priced for real boxing week savings for a huge year-end clearance. Check us out online at www.kennedvford.com Only 5 1 Demos _ GT Convertible 99 Mustang O' . 99 Explorer 99 Taurus Sedan 9 9 f 1 5 0 P i c k u p 09 Range* 1 . . well All priced wen below market value. Your business is news to us. Call the Oakville Beaver at 845-3824 or fax 845-3085. Sale ends December 31st, so hurry in! "(fe Original in Ford Country 280 South Service Road West, Oakville, Ontario L6K 3X5, 905 845-1646. Ad disclaimer hotline: 905 845-1646 ext. 210 Visit us online at www.kennedyford.ca