Jan
When Should People Start Building Their Retirement Savings?
As soon as you start earning paychecks, which should be in your teens and 20s, you should ideally start saving for your retirement. Savings are often considered a journey, not a sprint; so the earlier you can start contributing to your future savings, the more time your money has to grow, and the better off you’ll be in the long run. Unfortunately things are not so straightforward! Young people in their 20s often have to deal with many financial costs, including paying off student debt and credit card debt, and when they manage to save, it is for travel, a car, or a down payment on their first piece of property; so saving for retirement is usually nowhere near the top of their list of…
Jan
Notable Changes In CPP And OAS
Employment and Social Development Canada announced that Old Age Security (OAS) and Canada Pension Plan (CPP) would enjoy additional benefits starting 1st January 2016. Here are the key points regarding this announcement: Those already receiving CPP benefits will get a 1.2 percent boost. The maximum CPP retirement benefit, for the year 2016, for new recipients aged 65 will be $1,092.50 per month, which is a $330 increment compared to the 2015 maximum amount. OAS benefits, which comprise the Guaranteed Income Supplement (GIS), the basic OAS pension, and the Allowances, will be increased by 0.1 percent for the first quarter of 2016. So, starting January 1, 2016, the basic OAS pension will be $570.62 per month, compared to the previous $569.95. The Minister of Families, Children,…
Dec
How To Plan Your Retirement
Retirement planning is now more important than ever. Public purses are coming under increased strain and as a result, governments have raised the age of retirement.Twenty years ago retirement was expected at the age of 60, now this has risen to 65. In Canada, this is expected to increase further, so what can you do to ensure you can comfortably retire at the age you want? This depends on a variety of factors, but some of the most significant factors are the type of lifestyle you expect to have, the amount of money you want to save and the specific financial plans you have to get there. Desired Lifestyle Take stock of yourself and your life. Ask yourself what kind of lifestyle you wish to…
Dec
Choosing The Best Retirement Plan
When it comes to retirement, many people are unsure of how to begin saving. With a retirement plan in place you can choose what you wish to invest in, figure out exactly how much you need to save and have a set age in mind for when you want to stop working. Choosing the right retirement plan comes down to a few select factors, so we’ve come up with a list to help you choose the best retirement plan for you: Your age: The earlier you start your retirement fund, the less you’ll have to put away from each paycheque. Keeping a certain amount aside from each paycheque isn’t easy, especially when there are many important life events you need money for such as paying…
