The end-of-year holidays are already over. Time to get back into the swing of things! It is time to return to your good habits and why not adopt some new ones? Saving could be one of them.
Retirement can seem so far away that we do not see the point in planning for it right away. But, think about how fast Christmas comes around each year. Well, did you realize that each holiday season means one less year until retirement? Time flies, and so do the years you have left to save sufficiently.
Why not take advantage of the start of the new year to set yourself a new savings goal? The earlier you start saving for your retirement, the more comfortable it will be. Not only will you have time to put a lot of money aside, but your money will be working for you! Thanks to compound interest, the sums you save will increase over time. Not only will you accrue interest on the amount invested, but also on the interest it generates. Magic, isn't it?
Do you need suggestions to set your new savings goal? Have you thought about simply increasing the amount you contribute each month to your registered retirement savings plan (RRSP) or to your child's registered education savings plan? You could also set up an automatic transfer to your tax-free savings account (TFSA). Ideally, having a financial advisor accompany you is an excellent way to get an accurate picture of your situation and set a realistic, appropriate savings goal.
Happy New Year!
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