To the editor:
Re: Help needed for seniors pensions and RRIF funds, Bruce Galway letter, Nov. 27.
Having worked in the insurance and investment field for over 30 years, I can empathize with Bruce Galway and others regarding their current RRIF values due to depressed market conditions.
As Mr. Galway rightfully points out, many retirees won't have time to recover their losses because of age. They may therefore outlive their retirement savings perhaps resulting in future impoverished conditions. However, it is incorrect to blame Finance Minister Jim Flaherty for failing to "address the problem."
While a problem exists, the blame rests elsewhere. Why would anyone approaching or in retirement be investing substantially in equity markets without capital guarantees in place? The only possible answers are greed, lack of investor knowledge or poor investor advice. Should greed be the cause, the investor deserves whatever happens. If it's a lack of investor knowledge, professional investment advice is required. If questionable investment advice is the cause, the investor has the option of suing the advisor in addition to replacing him or her.
Jack Snedden
Whitby
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