Am I too old to start saving for retirement?

If you're starting to think about retirement, you may wonder if you're already too old to start saving. The answer is that it's never too late to start saving for retirement, but the sooner you start, the better.

If you're in your 20s or 30s, you may have the advantage of time on your side. You can start small and gradually increase your savings over time. However, even if you're closer to retirement age, there are still things you can do to catch up.

Here are a few tips:

1. Make a budget

The first step is to figure out where your money is going. Track your spending for a month or two to get an idea of where you can cut back. Then, create a budget and make saving for retirement a priority.

2. Save automatically

One of the best ways to make sure you save regularly is to set up automatic transfers from your checking account to your savings account. This way, you can make saving a habit without even thinking about it.

3. Invest in a retirement plan

If your employer offers a retirement plan, such as an RRSP or pension plan, take advantage of it. You can usually have a certain percentage of your paycheck automatically deposited into your retirement account. If your employer doesn't offer a retirement plan, consider opening an RRSP with an online provider.

4. Start small

If you're just starting to save, don't try to save everything all at once. Start with a small amount and increase it over time. Even $50 per month can add up over time.

5. Consider working longer

If you're getting close to retirement age and haven't saved as much as you'd like, you may need to work a few extra years. This can give you more time to save and may also increase your Social Security benefits.

It's never too late to start saving for retirement. The sooner you start, the more time you'll have to let your savings grow. Use these tips to get started and stay on track.

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Always seek advice from your financial planner. If you are a member of one of the BC Public Sector Pensions plans, you can see what the Pension Corporation says about your situation. Their pages provide a detailed summary of your options.