Part 3: Company Pension Plans and Benefits
Now it’s time to review your company pension plan and benefits. Company plans are as varied as the companies that offer them. Become familiar with your company’s plan. See what it offers and how it can add to your other retirement income sources.
At the same time, ask about the continuance of your company life insurance, medical, health, and dental benefits when you retire. Finally, if you have worked in another country (e.g..United Kingdom), check with that country’s pension authorities to determine your eligibility for a government pension.
Part 4: Savings Plans, Retirement Accounts, and Other Assets
Determine what you have in savings, your RRSP’s or 401(k), and locked-in retirement accounts (LIRAs). List all income from non-registered investments as well. Be sure to look at interest from personal savings accounts and interest, dividends, and/or redemptions from GICs, mutual funds, stocks, and bonds. Don’t forget the conversion of home equity, income from business assets and real estate, and the liquidation of personal assets.
Once you’ve listed all these assets, calculate your net worth using the net worth statement form below. Your net worth is the difference between what you own (assets) and what you owe (liabilities). It gives you a snapshot of your financial health at a specific point in time. Completing a Net Worth Statement annually will help you assess your progress toward achieving your financial goals.
Net Worth Statement Worksheet
- Liquid assets
Cash on hand $__________
Checking accounts $__________
Savings accounts $__________
GICs & T-Bills $ __________
Cash value of insurance policies $ __________
Money market mutual funds $ __________
Other liquid assets (i.e. monies owed to you) $ __________
Subtotal $ __________
- Long term assets
Mutual funds (non-money market) $ __________
Stocks $ __________
RRSPs/RRIFs/RESPs $ __________
Company pension plan $ __________
Subtotal $__________
- Property assets
Principal residence $ __________
Vacation property $ __________
Other real estate $ __________
Vehicles $ __________
Jewelry/art/collectibles/insurance/cash value $ __________
Other property assets $ __________
Subtotal $ __________
Liabilities
Mortgage (principle residence) $ __________
Other mortgages $ __________
Personal line of credit $ __________
Auto loans $ __________
RRSP loans $ __________
Investment loans $ __________
Credit cards $ __________
Other loans $ __________
Subtotal $ __________
Total Assets $ __________
- Total Liabilities $ __________
= Your Net Worth $ __________