You can start planning and saving for your retirement at any age. Many of us know we should start early so our money has a longer time to grow. With the costs of buying a home, raising kids (and paying for their education), it may be hard to get going, let alone know where to begin.
Here are six steps that will help you get started.
How many times have you thought about what you would do with a million dollars? With a long-term focus and some discipline, you could build a $1 million nest egg by the time you retire.
What is a TFSA?
How much can I contribute to a TFSA?
Tax-free means more savings
Advantages of a TFSA
Ways to maintain healthy spending habits.
Many Canadians are saving more and spending less, at least in the short term, as a result of the economic crisis. According to a recent Gallup poll, 53 percent are spending less than they used to. By turning this healthy new behaviour into a long-term habit, you can make saving a way of life even after the economy recovers. This article provides tips that can help.
Retirement planning with a professional
November is Financial Literacy Month in Canada
Learn about the 2016 contribution deadline and maximum contribution amount.
1. Tax savings
2. Tax refund
3. Income splitting
4. Borrow from your RRSP
5. Convert your RRSP
What is a segregated fund?
1. An efficient way to do an estate transfer
2. Additional protection for your investments
3. Growth potential and flexibility
4. Potential for creditor protection
5. Protect your privacy
If you’re like most people, the dollars you have for savings are not unlimited. That means you have some decisions to make, including whether it makes more sense to pay down your mortgage quickly or invest in an RRSP. It’s true that reducing your mortgage quickly makes a lot of sense, but you’ll also need a significant nest egg if you want to retire in comfort.
Here are some things to consider as you weigh your options.
No matter how much money you make or what your family situation is, you probably have issues with money. You might be trying to save a little more for the future or an important purchase. You might be trying to pare down credit card debt. Or you might be struggling to get by from paycheque to paycheque. Whatever your situation -- and whatever your income -- there are steps you can take to get your money under control. Here are some ideas to help you get on track as you work to live within your means.
Do you want to save more for retirement? You may have options you hadn't considered. Depending on your goals, you may want to take a fresh look at your spending habits, revise your savings plan, or get help from a financial adviser or debt counselling service. The most important thing is to make saving a top priority and keep looking for new ways to save until you find the way that works best for you.
For years Canadians have utilized registered retirement savings plans (RRSPs) as the primary investment vehicle for retirement savings. With the introduction of tax-free savings accounts (TFSAs), there has been great debate over where to invest: RRSP or TFSA? Although the two account types share some common traits, there are some key differences.
Individuals who work with paid financial professionals are more likely to have formal, written retirement plans and to be confident that they are on track with their retirement savings. Source: LIMRA Secure Retirement Institute - Facts about retirement decisions (http://www.limra.com/uploadedFiles/limra.com/LIMRA_Root/Posts/PR/_Media/PDFs/Facts-about-retirement-decisions.pdf)
Taking charge of your finances
Understanding where you are now with your money
Understanding where you want to be with your money
Sticking to your budget and reaching your goals
At retirement, your focus shifts from saving money and building RRSPs to finding ways to draw a regular income and ensuring you don’t outlive your savings. A payout annuity is a unique product that provides regular guaranteed income in retirement.