Resumption of postal servicesCheques that were not collected from Services Québec's offices were forwarded to Canada Post for delivery. However, delays are to be expected due to the gradual resumption of postal services.
To succeed in saving, you need to know how to combine small pleasures with big projects. Find out how. It is all about balance!
Replacing4 chai lattes at the caféBy4 homemade chai lattesYou save per month$20
Replacing3 lunches at a sushi restaurantBy3 homemade mealsYou save per month$68
ReplacingYour monthly shopping spreeByShopping at a thrift store or buying on saleYou save per month$100
If you invest small amounts each week, your money will yield more thanks to compound interest. This means that interest is calculated from both your investments and the interest accrued from these investments. Therefore, the sooner you start, the more valuable every dollar you invest will be by the time you retire. Saving money has never been easier.
The contest is now over.
Test your knowledge on retirement by answering the three following questions.
The Québec Pension Plan (QPP) is a compulsory public insurance plan for workers aged 18 or over with income over $3500.
The retirement pension under the QPP is an income that:
Consult your Statement of Participation under the QPP, which is available at all times in My Account .
* If the average interest rate is expected to be 5% per year.
The correct answer is $57 080. When you start investing early, time works in your favor, and the return on your investments increases thanks to compound interest. This means that your money grows, and the few dollars you invested could be worth thousands of dollars by the time you retire. It is a wise choice!
A person will need around 70% of his or her average gross annual income to maintain his or her standard of living in retirement. Why only 70%? Because expenses are generally lower in retirement.
Please note that this rule does not always apply. It depends on your employment earnings and your retirement projects. You need to assess your situation carefully, and take into account the age at which you wish to retire, in order to estimate the amounts you need to set aside.
Required fields are marked with an asterisk Required field.
You must correct the following errors:
Retraite Québec, in partnership with the IQPF, collects the above information solely for the purposes of the contest. Only the authorized members of the personnel of Retraite Québec will have access to your personal information for the purposes of the contest. The information is subject to the access rights and rectification provided by the Act respecting Access to documents held by public bodies and the Protection of personal information.
If my name is drawn at the end of the contest:
You have been successfully entered in the contest.
Save according to your budget. You may need to adjust your savings plan over time, and that is normal. The important thing is to make room for savings. It is not an expense, it is an investment for yourself!
Pay off your debts first. Make sure you have a budget for unforeseen events, and then think about saving for your projects and your retirement. The good savings habits you develop can also help you when you retire!
Does your employer offer a pension plan? Become a member as soon as possible to make the most of it! You will save money without realizing it.
Whatever your big project is, you need to plan it financially. It is the best way to make sure you get what you want and take control of your future.
Here are a few simple steps to help you plan.
Are you dreaming of big travel projects, buying your first home? You are on the right track because you have a clear goal! With your plans in mind, you are better able to estimate how much you will need to make them a reality.
Do you like to eat out or spoil yourself shopping from time to time? Of course, it is important to treat yourself and enjoy life. It is also part of your needs. You will have to think about it and plan accordingly to find your balance.
Plan your savings according to your situation and goals.
Assess your financial situation regularly, especially if there are changes in your life. Therefore, you will be able to put everything in place to make your retirement plans a reality.
The Old Age Security pension from the Government of Canada and the Québec Pension Plan (QPP) offer basic income in retirement. The retirement pension under the QPP varies according to your salary, the number of years during which you contributed to the QPP and your age when you apply for it. However, you must have additional income to ensure you have an adequate standard of living in retirement. This additional income may come from a workplace pension plan and/or your personal savings.
Vies the video on our YouTube chanel.