When you’re in your 20’s, I bet the last thing you want to think about is retirement. Not only is it depressing having to think about growing older, but also it can be incredibly overwhelming. 20-somethings are in the best position to begin saving for retirement. Here’s why…
The average age people in Canada retire is 63. Some retire later because they can’t imagine life without work, while others continue working only because they have to. When do you want to retire? How are you going to make sure you stop working when you want to? If you want to start a retirement plan or revamp your current plan, here’s a few options that will help you get the best bang for your buck in the years to come.
If you’re looking for a good way to save for retirement, a Registered Retirement Savings Plan (RRSP) is a probably the best option out there. It will help reduce your taxes in your moneymaking years, which has the added bonus of encouraging you to save more. Anyone who files a tax return can open an RRSP.
TFSA versus RRSP. Even without the long acronyms these two money saving products have a lot on common. Both investment vehicles offer tax incentives for savers and encourage you to plan for the future. Here’s how these 2 options measure up against each other.
First off, congratulations to you. You followed your gut instincts and launched a business. Now, truly against the odds, it’s not only survived, but is flourishing. However, owning a successful business does not necessarily equate to a successful retirement plan. Here’s a look at some options to help ensure you retire the way you’d like.
Thinking about getting a financial advisor? Choosing the right one is important. When you sit down with a few potential advisors, here are some questions you will want to ask.
March 1 is coming! It’s RRSP deadline time! Every January and February, the financial services industry comes alive to encourage us to buy RRSPs (registered retirement savings plans) to fill up our contribution room for the previous tax year, but also to get our monetary houses in order. Yes, the March 1 RRSP deadline is an important one, but there’s more to managing money than tossing funds into RRSPs. By focusing our financial calendars on the late winter every year, we could be missing out on other important deadlines — and ways to save big bucks.