If you're like most Canadians, you're probably not saving enough for retirement. In fact, a recent study found that almost half of Canadians have less than $10,000 saved for retirement.
Here are a few tips to help you get started on your retirement planning:
1. Start saving early
The earlier you start saving for retirement, the better. If you start saving in your 20s, you'll have a much easier time reaching your retirement goals.
2. Invest in a Registered Retirement Savings Plan (RRSP)
A RRSP is a great way to save for retirement. You can contribute up to 18% of your income to a RRSP, and the money you contribute is tax-deductible.
3. Don't forget about your company pension plan
If your company offers a pension plan, make sure to contribute to it. It's a great way to supplement your other retirement savings.
4. Consider saving in a Tax-Free Savings Account (TFSA)
A TFSA is another great way to save for retirement. You can contribute up to $6,000 per year to a TFSA, and the money you withdraw is tax-free.
5. Make sure you have adequate life insurance
If you have a family, you'll want to make sure they're taken care of financially if something happens to you. Make sure you have enough life insurance to cover your family's needs.
6. Review your retirement plan regularly
Your retirement plan is not set in stone. As your life changes, your retirement plan should change with you. Review your plan regularly to make sure it's still on track.
Saving for retirement can seem like a daunting task, but it's important to start sooner rather than later. Follow these tips and you'll be on your way to a comfortable retirement.
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