Are You Financially Equipped For Retirement? Here's a Guideline to Get You Ready!!
Wednesday Apr 26th, 2017Share
Canadians spend an average of 20 years in retirement. If you’re not saving, it’s time to start.
Estimate Your Retirement Needs
Experts estimate that you will need about 70% of your preretirement income – for lower income earners, the figure is 90% or more – just to maintain your current standard of living when you stop working.
Participate in a Workplace Retirement Savings Plan
If your employer offers a retirement savings plan (RRSP), sign up and contribute as much as you can afford. Your company may kick in to match and your deductions can be automatically taken from our paycheck.
Educate yourself about your investments
How you save can be as important as how much you save. The type of investment you make play important role in how much you’ll have saved at retirement. Learn to ask questions about your investment options.
Find out how the Canada Pension Plan (CPP) Works
Your contributions to the Canada Pension Plan provide you with a stable and dependable pension you can build on for retirement.
Your contributions also provide you and your dependents with basic financial support. Check out Services Canada Website http://www.servicecanada.gc.ca/eng/isp/cpp/cpptoc.shtml
Have a Real Estate Portfolio
Your principal resident is your tax free retirement fund. Buying an income generating property can provide cash flow in your retirement years.
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