Consider your retirement a life project
Does thinking about retirement make you anxious?
Consider it a life project, like buying a house or a car, going on a trip or going back to school.
Knowing that people live longer and in better health than ever before,
how do you see yourself spending your retirement? Working part-time? Working at another job? Leaving the labour market definitively to live out your dreams?
Whether you want to travel around the world, grow a vegetable garden or go back to university,
plan your retirement project to make sure that you have the income needed to fulfill your dreams.
Take charge of your project
When you retire, benefits under public pension plans, such as the Québec Pension Plan, or the Old Age Security program will replace
only a portion of your income. You need to take the necessary measures–be it through personal savings, group savings, a workplace pension plan, or all three–to make up the difference and
ensure that your standard of living meets your financial needs.
If you want your plans in retirement to become a reality, you need to start saving now.
As a rule, we recommend setting
10% of your net annual income aside for retirement. Of course, there are exceptions. The percentage of your income you need to save depends on when you start saving.
It could also vary based on different circumstances that can affect your retirement income, such as the rate of return on investments.
Saving for retirement is not always an easy feat, especially as it seems so far away.
By setting goals and taking concrete action, saving becomes a walk in the park.
- By making regular payments into a savings vehicle like an
RRSP or a
- By investing in real estate or making other investments
- By joining an employer pension plan, like a
- By using pre-authorized payments
Now's the time
There are no small savings: cents make dollars!
The following are a few examples of easy ways to save every day.
If you replace|| With||
|Your daily cup of coffee at the café||A cup of coffee from home in a thermos||
|Two lunches out||Two lunches from home||
|One dinner out||Dinner with friends at home||