After working hard for a long time to acquire a certain standard of living, do you want to live at a lower standard when you retire? I am sure your answer would be no. If that is the case, you need to think seriously about putting money away for your golden years of retirement.
To be clear, putting your money in a standard savings account will not get the job done unless you are already a person of substantial means. If you are an ordinary Canadian, you need to think beyond having a standard savings account. What you need to do is develop an investment strategy and put your savings to work to create more income for retirement. Investing one’s money can be a bit tricky. If your knowledge of investing is limited, you would do well to do a little research before you start trying to create investment income. To help you make the right investment decisions, the ones that will best meet your retirement needs, you need to review the types of retirement investment options you have at your disposal as a Canadian resident/citizen.
Planning for your Retirement
You are the only one who must find time to financially plan for your own retirement. To start the process, you need to determine how much money you will need to live each year after retirement. You should plan for 20 years. If you need $50,000 a year, you will need to have retirement savings of $1,000,000 by the time you retire. Using that number as your guide, you can begin to direct your savings and investments towards that goal.This article provided by Trading in Retirement