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Each of us has a certain limit in life when we are able to work. In Canada, the age standard age for retirement is 65 years old. Having a retirement and financial security helps us become financially stable when we are no longer able to work. Not only does having financially security helps us, but also helps our loved ones in case we are no longer able to provide for them due to an emergency.
Therefore, it is important for each individual to start saving for the future. This Padlet page is all about how to be financially stable when you retire and also has information on what you are eligible for when you retire.

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This is a website by Toronto Dominion bank that helps you calculate how much you would have to save up for your ideal financial goal by the time you retire. All you have to do is provide information about your age, income, how much you have saved, and how much money you want to have in the future. I believe this is a perfect way for those people who want to start saving for their retirement. I believe it is best to start putting aside money as young as possible in order to be able to retire at the right age.

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Website # 2: Canadian Retirement Income Calculator

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Website # 2: Canadian Retirement Income Calculator

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This website provides a module, in which it gives an estimate of your retirement income. The retirement income information includes Old Age Security (OAS) pension and Canada Pension Plan (CPP) retirement benefits. The calculator will help give a visual of how each retirement income system will help you in terms of your financial security in the future. The website also links to the eligibility for Canada Pension Plan and as well as how much you are able to receive.

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Employment and Social Development Canada

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To those who really want to retire, but do not feel like they have their desired income, this website link provides several ways to earn income while being retired. A few suggestions include: getting a part-time job, renting part of the house, applying for government benefits, etc.. I believe this website will also give those who are retired an idea of a hobby that they are able to make money off of.

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2 sources of extra income

1. Work part-time - Finding part-time work in retirement can provide extra income and help you stay engaged and active.

2. Apply for government benefits - Many retired Canadians miss out on government benefits because they didn't know they had to apply. Learn more about government benefits.

2 ways to use your home for income

1. mortgage Mortgage A loan that you get to pay for a home or other property. Often the loan is for 20 years or more. You make a set number of payments for a set amount each year. equity Equity Two meanings: 1. The part of investment you have paid for in cash. Example: you may have equity in a home or a business. 2. Investments in the stock market. Example: equity mutual funds. Tap the savings in your home - With a reverse + read full definition , you can borrow from the + read full definition you've built in your home - but there are costs and risks. Learn more about reverse mortgages.

2. tax Tax A fee the government charges on income, property, and sales. The money goes to finance government programs and other costs. Rent out part of your home - Put your house to work for you by renting out a room or sharing your home with a friend instead of living alone. Just remember that you will pay + read full definition on your rental income. Learn more about renting out your home.

Key point

When you retire, you'll likely be entitled to at least some federal government retirement benefits. But you won't get them if you don't apply.

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Finding extra income in retirement | Living your retirement | GetSmarterAboutMoney.ca

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Work part-time - Finding part-time work in retirement can provide extra income and help you stay engaged and active. Apply for government benefits - Many retired Canadians miss out on government benefits because they didn't know they had to apply. Learn more about government benefits.

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Photo #2: What You Should Do Each Decade of Your Life

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Photo #2: What You Should Do Each Decade of Your Life

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Your 20s is when you are building a foundation in your life such as finishing school, finding a stable job, and planning and saving for your future. By the time you are in your 30s and are financially stable, that is when you start building your life such as getting married and having children. If you start saving and investing at a young age, by the time you are in your 40s, you will be able to enjoy your life.

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This is a visual representation of how to start to create a financial security in the future. First, you have to determine your goals, then understand the risks, followed by assessing the resources, and develop a plan.

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Photo # 3: How to be Financially Stable 

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Photo # 3: How to be Financially Stable 

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This image explains different steps on how to be financially stable. In summary, you must have money set aside in case the plan does not go as well as you want it.

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In this video, the author explains what retirement income each Canadian is entitled for. She touches base on Canadian Pension Plan (CPP), Old Age Security (OAS), Guaranteed Income Supplement (GIS), work pensions, and personal savings. She also talks about the process of each retirement income and talks about how much money you would get for each one and which one is taxable. Even though you are able to get retirement income from the government, it is still important to set money aside to be able to live comfortably when you retire.

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Retirement Income in Canada | Karen Chang

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In this video, the author provides several ways on how to start saving money. One of the first things she mentioned was to set a goal in order to stay motivated into achieving what you want. Besides having a goal, you should open a savings accounts such as RRSPs or TFSAs because those are the types of savings accounts for special goals. Tracking and trimming you expenses is also crucial when it comes to saving money because it gives you a visualization of what you have been spending your money on.

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Most people realize that saving their hard-earned money is essential to ensuring a comfortable future. It's just the actual execution of a savings plan that eludes them. But trying to save without a concrete plan can leave you feeling directionless and lost, both of which seriously hinder progress. On the other hand, implementing a savings plan that is too stringent could lead to feelings of discouragement, which may drive you to abandon your path.

So what are the best ways to create a savings plan and stick to it?

Set a goal

First, identify what you're saving for, says Noel D'Souza, a certified financial planner with Money Coaches Canada in Toronto. Whether it's a trip to Italy you hope to take in a few months, a down payment for your dream house, or the big one-saving for retirement-having a very specific goal will help you stay motivated and on track.

The truth is, society has gotten away from the saving habit because we now all have easy access to credit. But saving takes the stress out of wondering if you have enough money or not.
How to track your expenses "
Open an account for your savings

Second, it helps if you open separate savings accounts dedicated to your goals, rather than having one account for all your funds. "It's very hard to tell what your money is meant for when you have it in one big pile," explains D'Souza. "We have so many demands on our lives...It's really hard for people to figure out if they have enough money and if they're actually saving or not." It helps if you have saving accounts like RRSPs or TFSAs because they're separate accounts that earmark money for a special goal, whether it's retirement, an emergency fund, or saving for a home.

Start tracking and trimming

You can't escape having to run the numbers and tracking your expenses to determine how much you're truly able to save. Calculate your monthly basic expenses and see if there are ways to trim down bill payments-whether it's the utilities, heating or cell phone bills. Then, subtract your fixed expenses from your monthly net income and take a look at what's left over. One tip is to focus in on your discretionary expenses (restaurant meals, coffee, clothes, fitness club, etc.) and see if there are ways you can cut back. For instance, instead of eating out for lunch every day at work at $10 a meal, it may make more sense to bring your lunch from home and enjoy a meal out with friends for $30 on Friday nights.

Have a 'fun fund'

Cutting back on discretionary expenses is not about total denial. Instead, it's about making sure you're getting maximum pleasure from some of the day-to-day expenses you chose to spend your spare change on. For some people, it also helps to set up a 'fun fund' adds D'Souza so that they always have some fun money set aside for entertainment every month, keeping your savings plan from feeling too restrictive.
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Set it, don't forget it

Once you've done this initial planning, the best way to stick to your savings plan is to automate the transfer of funds to your various savings accounts. You can do that by setting up monthly pre-authorized payments to your bank accounts on the first of every month. This way, it's not a question of finding the willpower to save every month. "Save first for the goals that you have and then spend what's left over," says D'Souza. "It's amazing how we adapt to what we have."

Eliminate temptations

While automating your plan takes much of the work out of saving, the best way to resist temptation is to avoid it altogether. Instead of walking aimlessly through the mall after work, where you may be tempted by storefront displays and clearance sales, take a walk outdoors instead, join a book club or whip up some homemade meals so you don't have a chance to spend unnecessarily.

And start thinking big

Once you've learned how to free up funds, and have the basic framework for your savings plan, you can start saving for longer-term goals, such as retirement. The golden rule is that you need to save 10% of your gross income to live comfortably in your retirement years. While this is a good jumping off point to your journey to savings (some savings is better than none, after all), it's best to figure out what kind of lifestyle you really need in retirement and to personalize your savings plan accordingly, says D'Souza. For instance, the basic 10% rule is best for those in their 20s who are just starting out. If you're starting to save for retirement later in life, this percentage would have to be bumped up to account for lost time-perhaps to as much as 20% to 30% of gross income.
And finally, the key to any savings plan is to stick with it. Even if you overspend some years or miss a savings target here or there, remember that you'll still have much more in savings than you would have had you not taken the time to put together a basic plan. You'll reach your goal a few months later, but you'll still get there in good time.

Plus one more:

Get ahead of the crowd

Many people feel pressured by their peers to live a lifestyle that they can't necessarily sustain, says D'Souza. If you're going out to a restaurant with friends for dinner, you may feel the need to match their orders in terms of expense. That could be pricey and break your budget. Instead, to keep expenses in check, place your order first, so that you get what you can afford without feeling the need to compete. Your wallet will thank you.

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Most people realize that saving their hard-earned money is essential to ensuring a comfortable future. It's just the actual execution of a savings plan that eludes them. But trying to save without a concrete plan can leave you feeling directionless and lost, both of which seriously hinder progress.

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In this video, it explains the definition of having a life insurance. Life insurance is a type of investment in order to provide financial help for your loved ones in case you pass away. Term life insurance is one of the types of life insurance that helps cover for a specific amount of time. A term coverage, on the other hand, protects the individual for a given amount of years in annual fixed payments.

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Simply put, term life insurance is a type of life insurance that provides coverage for a specific set period of time.