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…
Not all savings accounts are created equal. Some offer you unlimited access to your money in exchange for a monthly fee, while others charge you nothing provided you leave your money where you put it. The type of account you choose really depends on you.
Good for you! You’ve made the smart decision to open a new savings account. You have a budget and a plan. All you need to do is open the account, which is, no doubt, the easiest part of the journey. Once you make that first deposit, the exciting part is watching your money grow. Most banks require 2 pieces of identification in order to open an account. One of those pieces must be photo ID.
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.
Let’s be honest; most of us don’t start saving for something until we really want it – by then most of us wish we started saving a heck of a lot earlier. When we’re younger we save for smaller, more attainable things, like CDs, concert tickets and new clothes. As we mature, we start looking at the bigger picture. There are many reasons why you might want to start saving some money.
Tax-free? Is there such a thing? Apparently, there is. A Tax-Free Savings Account (TFSA) is a registered general-purpose savings vehicle with one goal in mind – to help you meet your long-term savings goals. The accounts are flexible, and allow you to earn tax-free investment income. Not only that, but they complement other savings plans, such as RRSPs and RESPs.
Most investments require a certain amount of risk. The goal is to strike that balance between risk and reward. Before making any type of investment you should first determine your own risk comfort level. To do this, consider the following questions.
Observing Financial Literacy Week is a great idea. But there are 51 other weeks in a year where you should also be concentrating on how to reduce costs, save money, and improve your investments for the future. Here are five areas to focus on.
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.
How many of us have found ourselves wishing for a few extra hours or an eighth day in the week, just so we could catch up on all the things we’d like to do. Where does the time go? Here are the Top 10 things we do with our time.