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This video will talk about mutual fund investments and options for getting the funds early, that is, before age 59. It will be about early retirement planning. Alex, who called, is debt free, 26 years old, and supports his wife through college. In this video, one important thing that can be derived is having an income plan prior to traditional retirement age and mutual funds can give flexibility in investment. Another key concept is included, understanding restrictions on early withdrawals from retirement accounts and exploring diversified investments to build a sustainable financial foundation.

What stood out to me was the emphasis on planning income streams for the period before accessing traditional retirement accounts, an often overlooked aspect of retirement planning. The suggestion to use mutual funds as a versatile investment option provides a practical takeaway for viewers, especially younger individuals like Alex, who are at the beginning of their financial journey.

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How Do I Start Saving For An Early Retirement?

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This youtube video from Well Built Wealth provides detailed information about eligibility and benefits for Canada Pension Plan (CPP) and Old Age Security (OAS). It explains that CPP eligibility typically requires contributions for at least three of the last six years or a minimum of one year, while OAS eligibility requires at least 10 years of residency in Canada after the age of 18. The resource also outlines the benefit amounts, with the maximum CPP benefit at 203.75 per month and OAS at 5.37 per month, both have conditions like income testing.

I chose this resource because it clearly delineates the requirements and benefits of CPP and OAS. What I found particularly helpful was the comparison of maximum payouts and the emphasis on income testing for OAS.

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How Much Money Will I Get from CPP and OAS? // Canadian Retirement Benefits

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The video shows you the difference between tax free savings accounts and registered retirement savings plans to show you the difference so you can make a choice in line with youre financial objectives. TFSAs are designed for short to midterm goals, offering tax free growth and withdrawals, while RRSPs are for longer term retirement savings, with upfront tax deductions available but withdrawals being taxed. The video shows that the decision depends on things like income, tax brack, but overall shows you the opinions you have.

I chose this video because it simplifies the very common yet complex question about TFSAs and RRSPs and provides a very easy yet good guideline for Canadians. One insight that stood out most was the warning against drawing RRSP money in years with high income, as the consequences bring much high taxes.

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Which is Better? TFSA or RRSP? // Canadian Finance

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This video identifies and shows you the survey results comparing Canadian retirees financial security and lifestyle priorities to those of the global trends. It clearly shows that 65% of Canadian retirees feel financially secure in retirement, outpacing the global average of 58%. Health and wellness come across as a strong focus, with 72% of retirees participating in regular physical activities. A  large number of retirees express interest in communit involvement: 48% participate in volunteer activities in their hometowns because they wish to be socially active.

I picked this video because it links financial security to general well being and gives a really good summary of the priorities and experiences of retirees. The health and community suerveys really did show how the financial conversation by showing you the ways in which lifestyle factors come together to create a great retirement.

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Canadian Retirees Surveyed - How Do You Compare?

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I chose this image because it shows the viewer how the very important topics that should be more talked about for retirement. It show the advantages of early retirement planning financial independence, readiness for medical costs, peace of mind are highlighted in this picture.

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This cash inflow chart highlights tax deductions while displaying retirement income sources such as OAS, CPP, RRSP/RRIF, TFSA, and non registered investments. It shows the viewer of important it is to branching out too ensuring financial stability when making retirement plans.

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1. What did you learn about your topic that surprised you the most?

How small contributions early in life can grow significantly. And after i did my research i found that in Canada we have many different and effective ways for young people to start saving early in life so that when i become able ro retire my finances allow me to do so.

2. Provide a real life example of how this topic is relevant or interesting for you.

My grandpa and grandma who came to Canada when they were young had no idea the challenges they would face in this new world but lucky they made friends who helped and guided them. They were shown what Canada Pension Plan (CPP) when they both started to work and that greatly helped them in retirement and as well as private savings for there comfortable retirement.

3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

I would stress to my friends and family how important it is and how beneficial planning for your future is. I know that my friends and I are still currently in college, but once we have successfully graduated and have jobs to start saving, it does not have to be much at first, but just a little mouthful or even a week can go a long way. For my family, I would tell them to take advantage of Canadian government programs as well to be informed about investment options for an easy and relaxing retirement.

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Welcome to my Padlet. In this Padlet we will explores the topic of retirement and financial security, focusing on how individuals can prepare for a stable and comfortable future. Through a mix of videos, websites, and images, you’ll discover the importance of starting early when planning for retirement. In my padlet we will cover key Canadian programs like the Canada pension plan and old age security. Effective tools like registered retirement savings plans (RRSP) and tax free savings accounts (TFSA) to help secure your financial future.Once you have finished reading my Padlet you'll have all the resources you need to start building your path to a worry free retirement.

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This website shows you step by step on how to retire as well as so many interesting facts about the processes. It shows the readers about the magic number for retirement and how that number greatly impacts your savings and lifestyle choices. It shows you the advantages to many different retirement plans as well as the downsides to choosing them.

I found that this website is really a one stop shop for those who are new to saving and preparing for the future. I also really appreciate the website and how easy it is to navigate, so whether you're new to it or even just looking for a better plan for your retrieval, it can help with that.

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What Is Retirement Planning?

Creating a retirement plan begins with determining your long-term financial goals and tolerance for risk, and then starting to take action to reach those goals. The process can begin anytime during your working years, but the earlier, the better.

The process of creating a retirement plan includes identifying your income sources, adding up your expenses, putting a savings plan into effect, and managing your assets. By estimating your future cash flows, you can judge whether your retirement income goal is realistic.

Needless to say, a retirement plan is not a static document. You'll need to update it from time to time as well as review it to monitor your progress.

How Retirement Planning Works

A retirement plan is your preparation for a good life after you're done working to pay the bills or at least done working a full-time job. But it's not all about money.

The non-financial aspects include lifestyle choices such as how you want to spend your time in retirement and where you'll live. A holistic approach to retirement planning considers all these areas.

The goals for your retirement plan will change in focus over time:

Early in a person's working life, your contribution to retirement savings may be modest. The reward is 40-plus years of investment growth.

During the middle of your career, when your income may be at its peak, you might set specific income or asset targets and take steps toward achieving them.

Once you reach retirement age, you go from accumulating assets to what planners call the distribution phase. You're no longer paying into your retirement account(s). Instead, you start collecting the rewards of decades of savings.

How Much Do You Need to Retire?

Your magic number, which is the amount you need to retire comfortably, is highly personalized. But there are rules of thumb that can give you an idea of how much to save.

People used to say that you need around $1 million to retire comfortably.

Other professionals use the 80% rule, which states that you need 80% of your current income to live comfortably after retiring. So if you made $100,000 per year, you would need savings that produce $80,000 per year for roughly 20 years, or a total of $1.6 million.

Others say most of us aren't saving anywhere near enough to meet those benchmarks and should adjust our lifestyles accordingly.

Estimating Expenses

Your post-retirement expenses largely determine that "magic number."

It's a good idea to create a retirement budget, calculating estimated costs for housing, health insurance, food, clothing, and transportation.

And since you'll have more free time on your hands, you may also want to factor in the cost of entertainment, hobbies, and travel.

It may be hard to come up with concrete figures, but a reasonable estimate will be helpful.

Steps to Retirement Planning

Regardless of where you are in life, several key steps apply to almost everyone during their retirement planning. The following are some of the most common:

1. Come up with a plan. This includes deciding when you want to start saving when you want to retire, and how much you'd like to save for your ultimate goal.

2. Decide how much you'll set aside each month. Using automatic deductions takes away the guesswork, keeps you on track, and takes away the temptation to stop or forget depositing money on your own.

3. Choose the right accounts for you. Invest in a 401(k) or similar account if your employer offers that option. If the company offers an employer match and you don't sign up, you're giving away free money. Whether or not there's an employer match, you're getting a good deal tax-wise.

4. Check on your investments from time to time and make adjustments. This is especially important after a big event, like marriage or a baby.

Retirement Plans

Tax-advantaged retirement savings plans have become the keystone of long-term savings for Americans. You should have access to one or more of these plans depending on how you earn a living. Each has its own rules and regulations.

Employer-Sponsored Plans

Most large companies offer their employees 401(k) plans. Nonprofit employers have similar 403(b) plans.

An upfront benefit of these qualified retirement plans is that your employer has the option to match what you invest up to a certain amount. For example, if you contribute 3% of your annual income to your plan account, your employer may match that amount, depositing the sum into your retirement account along with your contribution.

You can contribute more than the amount that will earn the employer match. Some experts recommend contributing upward of 10%.

401(k) Limits

The maximum is revised yearly by the Internal Revenue Service (IRS). Participants can contribute up to $23,000 in 2024 ($23,500 in 2025) to a 401(k) or 403(b), some of which may be added to with an employer match. People age 50 and older can contribute an extra $7,500 per year as a catch-up contribution in 2024 and 2025. Those aged 60 to 63 can now make a catch-up contribution of $11,250 in 2025.

These accounts can earn a much higher rate of return than a savings account (although the investments are not risk-free). The funds in the account, if it is a traditional account rather than a Roth account, are not taxed until you withdraw them. Since your contributions are taken off your gross income, you will get an immediate income tax break.

Those who are on the cusp of a higher tax bracket might consider contributing enough to lower their tax liability.

Traditional Individual Retirement Accounts (IRAs)

The traditional individual retirement account (IRA) is similar to a 401(k) plan, but it can be obtained at virtually any bank or brokerage. It is primarily for self-employed people and others who have no access to a 401(k), but anyone with earned income can invest in an IRA.

The money you save in an IRA is deducted from your income for the year, lowering your taxable income and, therefore, your tax liability.

The tax benefit to this kind of account is upfront. So when it comes time to take distributions from the account, you are subject to your standard tax rate at that time. Keep in mind, though, that the money grows on a tax-deferred basis. There are no capital gains or dividend taxes that are assessed on the balance of your account until you begin making withdrawals.

The IRS sets limits on how much you can contribute to a traditional IRA each year. The limit for 2024 and 2025 is $7,000. People who are 50 and older can invest an additional $1,000 for a total of $8,000 in 2024 and 2025.

Distributions must be taken at age 73 and can be taken as early as 59½. You will owe taxes on the withdrawal at your regular income tax rate for that year.

Roth Individual Retirement Account (Roth IRA)

A Roth IRA is funded with post-tax dollars. This is a great variation on the IRA, with a little more pain upfront for a lot of gain down the road.

The Roth IRA eliminates the immediate tax deduction of the traditional IRA. The money you pay into it is taxed in that year.

However, you should owe no taxes when you start withdrawing money, either on the amount you put in or the investment gains it accrued.

Starting a Roth IRA early can pay off big time in the long run, even if you don't have a lot of money to invest at first. Remember, the longer the money sits in a retirement account, the more tax-free interest is earned.

Roth Limits

The 2024 and 2025 contribution limit for either IRA (Roth or traditional) is $7,000 a year, or $8,000 if you are age 50 or older. A Roth has other restrictions, related to income. For instance:

A single filer can contribute the full amount only if they make $146,000 or less annually, as of the 2024 tax year. For 2025, they must make $150,000 or less.

After that, you can invest to a lesser degree, up to an annual income of $161,000 in 2024 and $165,000 in 2025.

Note that the income limits are higher for married couples filing jointly.

As with a 401(k), a Roth IRA has some penalties associated with taking money out before you hit retirement age. But there are a few notable exceptions that may be useful in an emergency. First, you can always withdraw the money you invested (but not the gains it earned) without paying a penalty.

SIMPLE Individual Retirement Account (IRA)

The Savings Incentive Match Plan for Employees (SIMPLE) IRA is a retirement account available to employees of small businesses. It's an alternative to the 401(k), which is expensive for an employer to manage. It works the same way a 401(k) does, allowing employees to save money automatically through payroll deductions with the option of an employer match.

This amount is capped at 3% of an employee's annual salary. The annual contribution limit for a SIMPLE IRA is $16,000 in 2024 and $16,500 in 2025. Catch-up contributions of $3,500 allow employees 50 or older to bump that limit up to $19,500 in 2024 and $20,000 in 2025.

Stages of Retirement Planning

Below are some guidelines for successful retirement planning at different stages of your life.

Young Adulthood (Ages 21 to 35)

Those embarking on adult life may not have a lot of money free to invest, but they do have time to let investments mature, which is a critical piece of retirement savings. This is the principle of compounding.

Compound interest allows interest to earn interest, and the more time you have, the more interest you will earn. If you can only put aside $50 a month, it will be worth three times more if you invest it at age 25 than if you wait to start investing until age 45, thanks to the joys of compounding.

You might be able to invest more money in the future, but you'll never be able to make up for that lost time.

Early Midlife (Ages 36 to 50)

Early midlife tends to bring financial strains, including mortgages, student loans, insurance premiums, and credit card debt.

Still, it's critical to continue saving at this stage of retirement planning. The combination of earning more money and the time you still have to invest and earn interest makes these years some of the best for aggressive savings.

People at this stage of retirement planning should continue to take advantage of any 401(k) matching programs that their employers offer. They should also try to max out contributions to a 401(k) or Roth IRA (you can have both at the same time). For those ineligible for a Roth IRA, consider a traditional IRA. As with your 401(k), this is funded with pretax dollars, and the assets within it grow tax-deferred.

Some employer-sponsored plans offer a Roth option to set aside after-tax retirement contributions. You are limited to the same annual limit, but there are no income limitations as with a Roth IRA.

Finally, don't neglect life insurance and disability insurance. You want to ensure that your family can survive financially without pulling from retirement savings should something happen to you.

Later Midlife (Ages 50 to 65)

As you approach retirement, your investment accounts should become more conservative. Treasury bills (T-bills) are one of the most conservative investments, although their returns are also low compared to other investments.

People in this age group have a few advantages. These often include higher wages as well as more disposable income than younger savers.

It's never too late to set up and contribute to a 401(k) or an IRA. One benefit of this retirement planning stage is catch-up contributions. From age 50 on, you can contribute an additional $1,000 in 2024 and 2025 to your traditional or Roth IRA and an additional $7,500 a year to your 401(k) in 2024 and 2025.

Other Investments

Those who have maxed out their tax-incentivized retirement savings options can consider other forms of investment to supplement their retirement savings. Certificates of deposit (CDs), blue-chip stocks, or real estate investments (like a vacation home that you rent out) can be reasonably safe ways to add to your nest egg.

You can also begin to get a sense of what your Social Security benefits will be and at what age it makes sense to start taking them. Eligibility for early benefits starts at age 62, but the retirement age for full benefits is 66.

This is the time to look into long-term care insurance, which will help cover the costs of a nursing home or home care should you need it in your advanced years. If you don't properly plan for health-related expenses, especially unexpected ones, they can decimate your savings.

Other Aspects of Retirement Planning

Retirement planning includes a lot more than simply how much you will save and how much you need. It takes into account your complete financial picture.

For most Americans, the single biggest asset they own is their home. How does that fit into your retirement plan?

A home was considered an asset in the past, but since the housing market crash, planners see it as less of an asset than they once did. With the popularity of home equity loans and home equity lines of credit (HELOCs), many homeowners are entering retirement in mortgage debt instead of well above water.

Once you retire, there's also the question of whether you should sell your home and downsize. If you still live in the home where you raised a family, it might be bigger and costlier than you need or want.

Your retirement plan should include an unbiased look at your home and what to do with it.

Estate Planning

Your estate plan addresses what happens to your assets after you die. It should include a will that lays out your plans.

But even before that, you should set up a trust or use some other strategy to keep as much of it as possible shielded from estate taxes.

As of 2024, the first $13.61 million of an estate is exempt from estate taxes ($13.99 million in 2025), but many people are finding ways to leave their money to their children in a way that doesn't pay them in a lump sum.

Tax Efficiency

Once you reach retirement age and begin taking distributions, taxes become a bigger problem. Most of your retirement accounts are taxed as ordinary income tax.

That's one good argument for considering a Roth IRA or a Roth 401(k), as both allow you to pay taxes upfront rather than upon withdrawal.

If you believe you will have a higher taxable income later in life, it may make sense to do a Roth conversion. An accountant or financial planner can help you work through such tax considerations.

Medical Insurance

Medical expenses tend to increase with age. You will have government-sponsored Medicare coverage at a modest cost to you, but many supplement its coverage with a Medicare Advantage or Medigap policy.

Your choices are many and complex. It's a good idea to start checking out your options well in advance of retiring.

How Do I Start a Retirement Plan?

Why Is a Retirement Plan So Important?

What Are the Main Pieces of a Retirement Plan?

What Are the Options Beyond a 401(k)?

The Bottom Line

Everyone dreams of the day they can finally say goodbye to the workforce. But doing so costs money. That's where retirement planning comes into play. It doesn't matter at what point you are in your life. Setting aside money now means you'll have less to worry about later.

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What Is Retirement Planning? Steps, Stages, and What to Consider

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Retirement planning begins with determining your long-term financial goals and tolerance for risk, and then starting to take action to reach those goals.

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I have chosen RBC for the website to show a Canadian bank that gives you different opinions for retirement and ways to save. I enjoy that they have three different opinions upon opening the link, whether you have retired or are getting close to or are new to the whole saving and planning for your future thing. They gave you many tips and tricks for people who bank with them as well as general information. ​

I chose this website because I bank with RBC, so I am more or less familiar with them and trust my bank. I knew they had a retirement plan, but since doing more research, I found that they have many options for their customers and have great customer service.

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Just starting out-or getting close?

Whether you're new to your career or recently retired, a few smart money moves can help you grow your retirement savings faster.

Tips for Making the Most of Your Retirement Savings

Check out our top tips to grow and maximize your retirement savings.

I'm Currently:

Saving & Planning

Getting Close

Already Retired

Have a plan.

If you're new to saving and investing, creating a plan for retirement can feel overwhelming.. An advisor can take the guesswork out of choosing investments and help you create a realistic savings plan, so you know where you stand and how much you need to save.

Did you know? You can meet with an RBC advisor through video chat, by phone or in person to make a plan, talk strategy or to simply ask a question.

Be tax-savvy.

When it comes to saving for retirement, a Registered Retirement Savings Plan (RRSP) is a top choice for most Canadians. Here's why:

Your contributions can be deducted from your total income in the year you make the contribution, reducing the amount of income tax you pay (tax is deferred until you withdraw the funds from your RRSP).

Deferring tax on your income allows you to contribute more into your RRSP, which allows it to grow faster. By the time you retire and withdraw the funds, you will probably be in a lower tax bracket than you are now while you are working and earning an income.

One thing to keep in mind-you can't withdraw from an RRSP early without paying hefty penalty taxes (unless it's for your first home1 or post-secondary education2). The good news is you can also open a Tax-Free Savings Account (TFSA), which lets you save for both retirement and other shorter-term goals. See how the RRSP and TFSA stack up.

Put your money to work.

Once you've opened an RRSP (and/or TFSA), make it work as hard as possible for you with regular, automatic contributions. By saving consistently (weekly, monthly, etc.) your money could grow faster over time.

How regular, automatic contributions work

You decide how much to save and how often-weekly, bi-weekly, monthly-it's up to you

Contributions are automatically debited from your bank account (at RBC or another financial institution)

You can change how much you want to save, how often you contribute, and stop or pause your contributions at any time

Tip: Set your automatic contributions to coincide with every paycheque.

Putting just $50 per week in an RRSP adds up:

Assumptions Used in Chart

The chart shows how $50 contributed weekly, earning a 6% rate of return, can grow to over $218,000 over 30 years. Calculations are for illustrative purposes only and are not intended to reflect future values or returns on investment from any mutual fund investment.

Start somewhere.

Feel like you can't put much away right now? Start with what you have. Anytime you have extra cash (a tax refund, for example) you can always contribute more.

RBC client? Use NOMI Find & Save on the RBC Mobile app to help save money you didn't know you had. It's a free digital savings account that learns your transaction patterns, finds extra dollars in your cash flow and automatically moves them to savings. Once you have a little bit saved, you can contribute this amount to an RRSP!

Stay on track with MyAdvisor.

If you're an RBC client, you've also got exclusive (and free) access to MyAdvisor, a digital service that can help you start saving for retirement and also help you stay on track.

What is MyAdvisor and how can it help with my retirement?

MyAdvisor is a digital service that combines interactive planning tools and advice from a live advisor to help you be better prepared for retirement.

See what you have with more certainty. MyAdvisor shows you how you're doing with powerful visuals and forecasts of your goals, net worth and cash flow.

Link outside accounts for a complete picture. Have savings and investments outside of RBC? MyAdvisor lets you quickly link them for an up-to-date look at your money.

Receive personalized advice. Meet with a live advisor through video chat, by phone or in person to review your retirement plan, talk strategy or to simply ask a question.

Make changes to your retirement savings plan at any time. Want to see a recommendation from your advisor or make a change to your plan? Simply log in to your MyAdvisor dashboard.

Stay on track toward your goal with email alerts. Progress alerts let you know whether you need to adjust the amount you are saving in order to reach your retirement goal.

Get started in a few simple, hassle-free steps. In minutes, you'll have an idea of where you stand, see recommendations to help you grow your savings, and be able to book a one-on-one with an advisor.

Sign in to RBC Online Banking and try MyAdvisor today.

FAQs on Retirement Planning

How much money do I need to retire?

The answer to this question will be different for everyone. For example:

How much savings (and debt) do you have now? How are your investments performing?

What kind of lifestyle do you want in retirement? Do you want to travel the world-or start a new part-time career?

Will your mortgage and other debt be paid off?

When do you want to retire-and how much time do you have left to save?

Working with an advisor or financial planner is the best way to understand how much you'll need to reach your unique goals.

RRSP vs TFSA. What's the difference?

When it comes to saving for retirement, a Registered Retirement Savings Plan (RRSP) is a popular choice for most Canadians. A Tax-Free Savings Account (TFSA) can also be used to save for retirement, but it gives you the flexibility to save for shorter-term goals, too.

Here are a few ways the RRSP and TFSA stack up:

Your savings in an RRSP grow tax-deferred while your savings in a TFSA grow tax-free.

RRSP contributions are tax-deductible, helping you to pay less tax in your earning years. TFSA contributions are not tax-deductible.

Your RRSP contribution limit is based on your employment income. You can continue to contribute to your RRSP so long as you have contribution room available. With a TFSA, you can contribute even if you aren't working and earning.

You can't keep saving in your RRSP after age 71-a TFSA lets you make contributions for life.

Withdrawals from a TFSA are never taxed. Withdrawals from an RRSP are taxed the year you withdraw the money.

To compare more features and benefits, see TFSA vs RRSP vs eSavings.

What is the average retirement age in Canada?

Most people think of 65 as the standard retirement age since Canadians can start collecting Old Age Security (OAS) and Canada Pension Plan (CPP)/Quebec Pension Plan (QPP) benefits at that time. (You can also start taking CPP/QPP sooner, but your payments will be reduced.)

In reality, 64.3 was the average retirement age for all Canadian retirees in 2019. Self-employed Canadians retired the latest, at age 67.1, and those who worked in the public sector (a government agency, for example) retired the earliest at age 62.6.3

How can an advisor help me reach my retirement goals?

Individuals who work with an advisor have been shown to have almost four times the assets of those who don't work with an advisor!4 An RBC advisor can help you:

Determine whether you are saving enough to enjoy the type of lifestyle you want in retirement

Make sure your money is working as hard as possible for you

Adjust your investments as needed to keep your retirement plan on track

You can meet with an RBC advisor through video chat, by phone or in person to make a plan, talk strategy or to simply ask a question.

Want Help Deciding How to Invest? Let's Connect.

Talk to an advisor for one-on-one investment advice, help making a plan and more.

Book an Appointment

Things our lawyers want you to know Things our lawyers want you to know

Financial planning services and investment advice are provided by Royal Mutual Funds Inc. (RMFI). RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.

You can withdraw up to $35,000 from your RRSP to buy your first home under the Home Buyers' Plan. The funds must have been on deposit at least 90 days before you withdrew them, and a signed agreement to buy or build a qualifying home is required. At least 1/15 of the funds must be repaid each year, beginning two years after the funds were withdrawn. For details see Canada Revenue Agency Home Buyers' Plan.

Under the Lifelong Learning Plan, you can withdraw up to $10,000 per calendar year for your own or your spouse's full-time training or post-secondary education. The total amount that can be withdrawn is $20,000 each with withdrawals over a maximum of four consecutive years. At least 10% of the amount borrowed must be repaid each year, over a maximum period of 10 years.

Source: The Gamma Factor and the value of Financial Advice, Claude Montmarquette, Natalie Viennot-Briot, 2016.

These are the findings of the RBC 2019 Retirement Myths and Realities Poll, conducted by Ipsos between April 2 to 8, 2019. For the overall survey, a sample of 2,000 Canadians aged 50+ was interviewed via the Ipsos I-Say panel and non-panel sources. Quotas and weighting were applied to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. For this release, the data referenced is among a sample of 900 aged 50+ who are pre-retirees with investable assets of $100K or more, and 100 aged 50+ who are pre-retirees with investable assets of less than $100K. The credibility of Ipsos online polls is measured using a credibility interval. In this case the results are considered accurate to within ±3.5 percentage points, 19 times out of 20, for the full sample of pre-retired Boomers, ±3.7 percentage points for those with investable assets of $100K+, and ±11.2 percentage points for those with investable assets of less than $100K.

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Whether you're new to your career or recently retired, a few smart money moves can help you grow your retirement savings faster.

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On this website, it shows you the different opinions you have about retirement as a person who is self employed. A person who is self employed is responsible for their own retirement planning. On this website, they show you many opinions, like the personal pension plan (PPP). This can be a good opinion for those who are self employed. It offers much more freedom and flexibility. It offers contributions that are more tax deductible than RRSP. This website is good at braking down the many opinions for someone who is self employed.

I thought it would be critical to talk about those who are self employed, as it wouldn't be fair to give you all the opinions for retirement and leave out a big group of people.

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The Best Retirement Options for the Self-Employed | MileIQ

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Canadians have several different options available for funding retirement. Here are the key retirement saving routes.

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On this website, it shows seven common and uncommon issues you might face when planning for retirement. It also mentions taking care of one's health, which I found interesting because usually they fail to mention such a crucial step. I find it important to say that once you have successfully retired, being caught up in health issues isn't a pleasant way to enjoy your retirement that you have worked so hard for. I do understand that some issues were not foreseen, but just taking regular appointments with the doctors can help.

I picked this because these mistakes can happen to anyone. I liked how it showed messages for people of all different age ranges, like 50 to newcomers. I also enjoyed how this website shows easily solutions people can take to avoid falling for these mistakes.

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Take steps now to set yourself up for a financially secure and healthy retirement.
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Given recent trends in longevity, there's a good chance you could be retired for 20 to 30 years, which might mean you'll be retired for a third of your life-or more! You'll want to plan ahead and take steps to help yourself be financially secure, healthy, and happy for the rest of your life.

This post examines seven common retirement planning mistakes people make during their working years and how you can avoid them. First, we'll look at two mistakes that people of all ages might make. Then we'll focus on five additional mistakes that apply to people in their 50s and older.

Two Retirement Planning Mistakes To Avoid For All Pre-retirees

1. Not Saving Enough Money While You're Working

The first mistake is not saving enough money while you're working-a very common regret that retirees typically express. To help with this, put your retirement security on auto pilot by saving regularly, either through your retirement plan at work if you're eligible or through an IRA with a reputable financial institution.

It's best that you calculate how much you should save for retirement each year given your current age and when you want to retire. Many financial institutions offer online calculators that can help with this task. You can also consult a financial advisor if you need help. At the very least, contribute the maximum amount that your employer matches in their savings plan, if you're eligible.

2. Not Taking Steps To Improve Your Health

The second mistake to avoid is not taking steps to improve your health. When retirees are asked what makes them happy in retirement, a very common answer is "good health." As a result, you'll want to take action to improve your nutrition, exercise more, maintain a healthy weight, get sufficient sleep, and eliminate unhealthy habits such as smoking or abusing drugs and alcohol. Take advantage of a wellness program if your employer offers it.

Avoiding these two mistakes can put you in a good position to be financially secure and healthy in your retirement years.

5 Retirement Planning Mistake To Avoid

Now let's look at five mistakes that people in their 50s and older should address.

1. A Big Retirement Planning Mistake To Avoid For People In Their 50s Or Older

Once you reach your 50s, retirement is on the near horizon and you'll need to do more planning to reach your goals. The biggest mistake is not spending time learning about the most important decisions you'll need to make and also envisioning your life in retirement.

Consider it your retirement job, and give it the same focus and attention that you might have devoted to preparing for your working years. For example, you might have spent considerable time earning a college degree, obtaining professional credentials, and participating in on-the-job training. A good place to start training for your retirement job is to explore the issues discussed next in this post, so you can avoid making those mistakes.

2. Not Understanding Why You Want To Retire

Another common mistake to avoid is not understanding the reasons why you want to retire. Many people just assume that it's the right thing to do at a certain age and slide into retirement without giving much thought to their actual life in retirement. Instead of this, you'll want to answer the "who-what-when-where-why" of retirement.

The answers to those questions will help you understand important financial issues, such as how much money you'll need in retirement and where you might live. It will also help you consider how you'll spend your time, and what will make you happy in retirement.

3. Focusing Too Much On Investing and Overlooking Other Important Financial Decisions

Many pre-retirees confuse retirement planning with investing. While deciding how to invest your savings is an important task, there are other decisions that can be more important for your financial security. These important decisions include:

When and how to retire (whether you'll work part time for a while)

When to start Social Security

Where to live

How to obtain medical insurance before and after you're eligible for Medicare at age 65 and how much it will cost

Avoiding these mistakes can help prevent you from being poor in your retirement years.

4. Not Preparing A Spending Plan For Your Retirement Years

As you get closer to retirement, don't just hope that things will turn out OK for you in retirement. Instead, develop a plan to balance the common-sense formula for retirement security:

I > E, or retirement income greater than living expenses

This task has two components:

Building a portfolio of retirement income, and

Understanding your budget for living expenses, itemized by your "must have" and "nice to have" living expenses.

Addressing this potential mistake will go a long way to making your money last throughout your retirement.

5. Not Preparing For Frailty

It's inevitable that most people will become less able to live independently in their 80s and beyond. Many people may need long-term care, which can be very expensive. All retirees should take steps to prevent financial losses by making mistakes or becoming a victim of financial fraud.

The best time to address these potential mistakes is when you transition into retirement. These decisions can help you determine whether you need to set aside financial resources for that period of life and even where to live. Addressing these potential mistakes can help you prevent being a burden on your children and others who may need to care for you.

Whew! It may seem like a lot of work to avoid these mistakes, particularly those that apply to people in their 50s and older. That's why you'll want to give it the time and attention it deserves. Your future self will thank you that you did a good job preparing for retirement.

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Avoid these common retirement planning mistakes to ensure financial security and a fulfilling retirement. Learn strategies to avoid costly errors in your 50s and beyond.