You want to retire? You need a plan.
That’s where Jeff O’Rourke CPA, CGA comes in. As principal at Jeffery J. O’Rourke Professional Corporation, it’s his job to help secure your financial future. He has a plan to fit anyone’s needs.
“A good retirement plan, absolutely, we should all have one,” he relates.
A large part of that plan includes paying off debt while you are still working.
“At the same time, you need to look at the debt you are carrying as well and make sure it times-off at the same time as you are going to retire,” he advises. “There’s no sense in retiring if you’ve got a $200,000 mortgage still, or who knows how much in credit card debt, lines of credit and things like that?”
Along with that advice, O’Rourke also suggests you determine your retirement goals and how much money you’ll need to achieve them.
“As well, how much money do you need to retire? What sort of lifestyle do you want when you retire? So you have a target in mind.”
For instance, if you’re aiming for $500,000 saved when you turn 65 and you want to live on $50,000 a year, you’re going to need a 10 per cent annual interest rate to not touch your principal amount. But where do you get a 10 per cent annual return today?
“You don’t,” O’Rourke quips. “But if you’re only making 3 or 4 per cent a year and you’re taking $50,000 a year out of it, you’re only going to get 11 or 12 years.”
Part of any investment plan you have should include an investment planner, an accountant and, in the case of estate planning, a lawyer. They work together to ensure your plan stays on the rails over time.
In O’Rourke’s case, as an accountant, “I’m just giving people some tools to make informed decisions. Debt seems to be running high right now. We all seem to have so much debt hanging over our heads. What are we going to do to pay it down before we retire? My goal is to just use the experience and training I have to give people tools to make informed decisions.”
To get in on those informed decisions, call Jeffery J. O’Rourke Professional Corporation at 403-851-0606 or visit the Cochrane office at 101-1 Bow Ridge Road.
