• Saving For Retirement

  • saving-for-retirement_smallBeing financially secure in retirement just doesn’t happen magically. It takes lots of planning, time and savings.

    Some scary facts about retirement:

    1. More than 50% of persons do not have enough finances for retirement.
    2. 25% do not participate in their company’s retirement plan.
    3. The average person spends 20 years in retirement.
    4. Less than 5% will learn how to self-manage even a portion of their investments

    Here are some tips to help you plan correctly:

    • Talk to a financial professional. Every few years, it’s a good idea to schedule a meeting with a financial planner to get a ‘check-up’. It’s just like a doctor’s visit, and you should really talk about your present situation and future goals.
    • Save, save, and keep on saving. Make it a habit to save as much as you can.
    • Learn the basis on how to manage your investments and build your skills learning how stock trade following a proven and conservative approach to growing your portfolio.
    • Start by managing your TSFA with an online broker and learn to make small gains adding to your principle and avoid taxes as it grows.
    • Learn your retirement needs. Retirement can be expensive. Learn from today how much you need to save for your retirement. Talk to a financial planner, or find an online retirement calculator.
    • Take part in your employer’s retirement plans. If your company offers one, it is usually the best tool you can use. Talk to a financial professional for all your options.
    • Learn about pension plans. If you have an employer or government pension plan, learn all the details.
    • Keep your retirement savings off-limits. Don’t make a withdrawal until you retire, you might incur penalties and it will be a setback for realizing your goals.
    • Get your employer to start a plan. If your present job doesn’t offer a retirement plan, ask for one to be started. Many times it isn’t a cost to your employer to start one, and it can help you tremendously.
    • Learn about your government’s retirement plans. Every country has different plans some with special tax incentives, so learn what your country offers and plan accordingly.
    • Do your own research. Use the Internet, read the newspapers and magazines, talk to your friends, to find out as much as you can about retirement.