After you have paid off all or most of your debt, it is time to start saving for retirement. Start today even if you can only afford $50/month.
Principles of Investing:
1. Diversification: GICs, Bonds, Equity based investments
2. Liquidity: Short term GICs, savings
3. Growth versus Income: Combine long and short term growth
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
Times have changed over the past few decades and now our life expectancy is late 70s on average. This statement should make us all re-think our retirement plans and put money into proper perspective. You need to think about a realistic retirement plan because it is possible that if you don’t plan for retirement, you are setting yourself up for a difficult 30 years of your life. If you have zero money put away for retirement because you are waiting to win the lottery…change your ways today! Let’s be honest, being realistic for retirement does not mean saving every extra dollar you make today—but it does encourage you to be realistic about your future goals, needs and wants and then plan ahead. Ask yourself: What are my needs/wants and goals besides a nest egg for the future? Most people will answer with these top 5 answers: Family, Friends, Purpose, Health and Creative/Artistic/Adventure/Fun pursuit. Thus, several of these needs are free and your retirement funds can help with your pursuits in life. If you have your mortgage paid off by the time you retire and you have savings set aside, you can use your retirement money to be productive with your time, figure out who you are again without work, get involved in activities and retirement could essentially set you free. It does not matter how old you are today—talk to family, friends, financial advisors, teachers, debt councilors and anyone else willing to help you come up with a financial plan that will optimize your life in the future—allow yourself to be curious, exercise and be healthy and the world is your oyster.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
Write a vision about how you want to live your life in retirement. Try your best to retire debt-free, including the mortgage on your house. Postponing CPP benefits until you are 70 will allow you to increase the amount you receive. Ask a financial planner to help you figure out what is best for you.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
“First time home buyers” can withdraw up to $25,000 from their RRSP to purchase a home.
Life Long Learning Plan (LLP)
Individuals are able to withdraw $20,000 tax-free from their RRSP for full-time training.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
Retirement Planning:
What will your retirement look like?
5 Types of RRSPs