Retirement Planning in Canada

 When was the last time you sat down, crunched some numbers, and did some planning for your retirement in Canada (or wherever you want to live out your golden days)? Do you know what’s holding you back from having enough money every month to save for your retirement?

One of the reasons you may be having trouble saving might be because of what you were taught or not taught. For example, did you ever see a course called “Money Management 101” or “How to Become Wealthy 101” or “Planning for Your Retirement in Canada” back in university?

Probably not. It’s kind of strange, isn’t it? Our education system consistently receives high rankings in studies from around the globe, but it rarely touches on the practical, day-to-day activities you need to be accomplished at – such as how to best manage your money.

I’m sure, like me, you remember your parents, your teachers, and other trusted advisors telling you to “get a good education, get a good job and then, when you’re ready to retire (after 40 years), you’ll receive a good pension.”

Well, that was a lie, wasn’t it?  Or maybe not quite a lie, but it’s certainly a situation that doesn’t work anymore in this day and age – especially the part about working for the same company for 40 years. These days, studies show that people change jobs on an average of every 5 to 8 years.

So if you’re serious about being able to have a comfortable lifestyle when you retire, you have to start planning for it now, and consistently, over time, build up a sizeable nest egg.

Be on the lookout for other posts where I’ll be filling in the blanks of how you can start planning for your retirement in Canada, and still live well – perhaps even better than you do right now.

 

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