Eight core strategies for creating financial security in retirement in Canada GlobeMoney
I’d like to make one suggestion when it comes to a New Year’s resolution for 2020: Make sure your retirement planning is in order. After all, your financial well-being should be a top priority. The U.S. Consumer Financial Protection Bureau defines financial well-being as “a state of being wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future, and is able to make choices that allow enjoyment of life.” I like that.
I want to guide some thinking on this issue of financial well-being in retirement. Let’s start with a review of the eight core strategies, or vehicles, for creating that financial security and enjoyment in life. You may not have the opportunity to use all these strategies, but aim to use a few of them if you can.It was in 1927 that government assistance for seniors first came into existence, with the Old Age Pension Act.
Count yourself fortunate if your employer provides a pension plan. About 37 per cent of Canadians participate in an employer pension plan . Make sure you participate in your employer’s plan so that you can take advantage of your employer’s contributions to the plan and accumulate as much as you can. While some RPPs are “defined benefit” plans , an increasing number are “defined contribution” plans .The RRSP was introduced in 1957 and is the retirement plan that most Canadians know best.
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