Young people worried about retirement: Don’t get mad, get saving
As young people living in Canada, we are all going to be affected with the government’s recent decision to up the age by two for the Old Age Security. According to this article, this change will result in people retiring after 2023, getting $13,000 less than people who retire before.
Luciw, the author of “Young People worried about Retirement” says that since our generation has the highest debt load ever and facing one of the most expensive housing markets yet, many individuals are annoyed and frustrated with the government’s lack of help.
According to Luciw, instead of getting frustrated, the younger generation should resort to saving more money. The article lists 6 important tips to help younger people save money for their retirement:
1. Start contributing to your retirement funds
2. Set up automatic payments to your retirement funds
3. Educate yourself about your employee pension plan
4. Balance debt repayments with savings plan
5. Remember tax-savings strategies
6. Keep in mind where you live
If you guys want more information about this topic, you guys can find the full article at the following link: http://www.theglobeandmail.com/globe-investor/personal-finance/retirement-rrsps/young-people-worried-about-retirement-dont-get-mad-get-saving/article2396282/page2/
Due to the trends taking place now a days, most of are not expecting much from the government when we retire. I think the strategies listed here are extremely helpful, as they push individuals of our generation to make a move and start saving. We can no longer wait till 50 to start thinking about retirement, the earlier we begin the more beneficial for us.