Retirement Planning Victoria
You've probably already taken baby steps with some of the topics well discuss
within this article by forming a rough idea, slightly vague vision for your retirement. Now its time to fill in the missing pieces by getting detailed. Sure, you intend on reading more and playing more golf during retirement, but take it a cut deeper. What are you going to do with the 2000 hours a year you used to spend working? You can only read so many books and play so much golf. How are you going to create a life filled with meaning that extends beyond tomorrow's tee time?
Retirement Planning may also be a long way off for you or it might be right around the corner. No matter how near or far it is, youve absolutely got to start saving for it now. However, saving for retirement isnt what it used to be with the increase in cost of living and the instability of the Canada Pension Plan. You have to invest for your retirement, as opposed to saving for it!
Employer-sponsored retirement plans
Lets start by taking a look at the retirement plan offered by your company. If they have one? Once upon a time, these plans were quite sound. However, after the news mainly in the US with companies such as the Enron upset and all that followed, people arent as secure in their company retirement plans anymore. Hopefully local companies in Victoria provide these plans for you. If you choose not to invest in your companys retirement plan, you do have other options.
Canada Pension Plan (CPP)
This is the major government pension plan. Each year that you work in Canada, both you and your employer make contributions to the CPP.
Old Age Security (OAS)
The government of Canada provides a retirement pension that is based on your age and the amount of time youve lived in Canada. It is payable to Canadian residents age 65 and older.
Private Savings
Many Canadians begin saving for their retirement years long before they reach this age.
First, you can invest in stocks, bonds, mutual funds, GICs, and money market accounts. You do not have to state to anybody that the returns on these investments are to be used for retirement. Just simply let your money grow overtime, and when certain investments reach their maturity, reinvest them and continue to let your money grow.
You can also open a Registered Retirement Savings Plan. RRSPs are quite popular because the money is not taxed until you withdraw the funds. You may also be able to deduct your RRSP contributions from the taxes that you owe. An RRSP can be opened at most banks, financial planners and Investment advisors.
Self-employed small business owners should seek out professional financial advice. Especially financial planning. Victoria, BC offers several investment products and professionals to choose from.
Whichever retirement investment you choose, just make sure you choose one! Again, do not depend on the Canada Pension Plan, company retirement plans, or even an inheritance that may or may not come through! Take care of your financial future by investing in it today.
Planning your retirement is an important process that will evolve as you move through life. Its also a large undertaking that requires many decisions and considerations. It can be hard to picture yourself at retirement age especially if this is still far off and to imagine what you will want to do.
Thats why we created a helpful planning tool Retirement Planning Victoria guide a helpful planning tool, which helps you with the and helps you decide what you want your retirement to look like.
by: John Uhrig
Getting A Mesothelima Lawyer To Fight Against Lung Cancer A 'HOW TO' GUIDE FOR CHOOSING A LAWYER FOR THE RIGHT JOB! Investing In Your First Car A Criminal Defense Lawyer Can Help You Defend Against A Misdemeanor Charge A Criminal Defense Lawyer Can Help You Defend Against Murder Charges A Lawyers Favorite Lawyer Jokes Investing In Bangkok Condos Stock Investing Newsletter - Basic Examination of a Stock Best Retirement Community Short Sale - The Needs Needed in Property Investing How to Find a Reputable Virginia Criminal Lawyer Exactly why Diversification is so critical for investing Benefits of investing for newsletters