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Oakville Beaver | Thursday, November 10, 2022 | 54 insidehalton.com DY=\TAV/=) 9 Janta! maa) -— pa THE HOLIDAY RUSH IS COMING. DON’T LEAVE f YOUR CUSTOMERS WAITING. 2 18 CI Pa’ From city centres to rural communities, we have you covered with: Best In Class Next Day Delivery Decades of experience Competitive Pricing Limitless volume capacity Join some of Canada’s largest companies who rely on us for their ecommerce delivery. Get a quote today: metrolandparcelservices.ca SCAN FOR PARCEL SERVICES INSERM ETON TB MONEY MATTERS I'M QUITTING. SHOULD | KEEP MY PENSION OR TAKE A CLARRIE FEINSTEIN clarriefeinstein@torstar.ca You've made the diffi- o decision to leave your en put another decision re- mains. Do you keep your pension intact or take a lump-sum payout? Ifyou decide to keep the pension, you may be able to transfer it over to your new employer's canner plant in some cases. Or leave your pension ‘in _ old employer's plan and collect money from more than one pension when you retire. Taking a lump-sum payout allows you to get paid a single amount up- front to invest as you wish, but it will be taxed — hea ly — if you don't have it de- posited directly into a locked-in retirement ac- count (LIRA) or locked-in Registered Retirement Savings Plans (RRSP). Hamilton, are- tired actuary, says the deci- sion depends on your age and whether you're com- fortable managing your money. “Young people will take the payout," he says. "When. you're younger, a pension is decades away. It's differ- ent for someone whose pension might start next If you're in your 50s and your deferred pension can start at 55, Hamilton says your pension amount will te more sub- stantial. Having a guaran- teed income in your retire- ment years will be the more attractive option. While lump-sum pay- ments can give you more control over your money, if ZOeCO UMP-SUM PAYOUT? you're not good at manag- ing your finances, keeping your pension intact is the safer bet. “If you don't know how to invest your money or you don't have an adviser you trust, you won't makea good return on the payout no matter what you do," Hamilton says. A payout is also valu- able if you leave a job due to health reasons. you're unlikely to live a tone life and you may die before you see the pension payments, then it's best to take the payout,” he says. SIGN UP FOR OUR WEEKLY NEWSLETTER AT INSIDEHALTON.COM more coupons, more flyers, more savings. spring into savings! save.ca/flyers Declamar yer pleted ero for huttve psp 1 Po tinct he erro for. Viw the er on Savaca for ha currentiyer tor your eaten