https://padlet.com/liamf2011/flvdyn2rqxfi By: Liam Ferry & Brenndan Roper en-us 2020-03-27 17:59:54 UTC 2023-06-18 06:39:10 UTC hello@padlet.com https://padlet.net/icons/png/1f4b0.png liamf2011 https://padlet.com/liamf2011/flvdyn2rqxfi/wish/478979562 Welcome to our wall, created by Liam Ferry & Brenndan Roper. Some topics we are going to cover revolve around setting up for Retirement and establishing financial security. These two factors are extremely important for everyone because they can help you out a lot in the long run if you are to take the correct steps. Once finished viewing our wall you will have a good understanding how you can be ready for retirement and crucial steps you should take in order to establish financial security in your retirement years.

]]> 2020-03-27 18:25:53 UTC https://padlet.com/liamf2011/flvdyn2rqxfi/wish/478979562 liamf2011 https://padlet.com/liamf2011/flvdyn2rqxfi/wish/478997460 A lot of people don’t end up setting any type of retirement fun because they don’t know where to start. There is no real secret formula here, saving money is saving money and to do that you must not spend. Before you do any preparation for a retirement fund or anything similar, you want to be able to budget your money. This website talks about maintaining a positive cash flow. Personally I think this is the most important step in the process of setting up a retirement fund because if you can’t maintain a positive cash flow you are never going to acquire enough savings for your to live of when you retire. 

One fact I found on this website that stood out to me is how much they stress Asset Security. They talk about how important Cash Flow is, but it is also extremely important to have some Assets incase something were to happen with your cash flow such as losing your job or an injury where you are unable to work. Why this fact stood out to me is because not everyone would think how important having assets is when you are trying to save money for later but why it is so crucial is to have something to always fall back on in times of need.  

]]> 2020-03-27 18:36:28 UTC https://padlet.com/liamf2011/flvdyn2rqxfi/wish/478997460 liamf2011 https://padlet.com/liamf2011/flvdyn2rqxfi/wish/479021093 2020-03-27 18:53:19 UTC https://padlet.com/liamf2011/flvdyn2rqxfi/wish/479021093 liamf2011 https://padlet.com/liamf2011/flvdyn2rqxfi/wish/479099640 A Registered retirement savings plan (RRSP) is an account to help Canadians save money for when they decide to retire. All the contributions you make to the account are tax-deferred, which means that any of the money you put into it is only taxed when you withdraw it from the account. In the website it tells you that if you earn more then your spouse, you can contribute to a spousal RRSP. This will help the amount when you retire be more equal and reduce the total amount of tax you will pay. It also tells you that you can convert your savings into a registered retirement income fund, but you will have to pay tax on the regular payments each year. It will help pay less tax if you are in a lower tax bracket also.

Something I found in this website to be interesting is that you can convert your RRSP to get regular payments when you decide to retire. Personally, I did not know about this but when I read up on it, I realized how great of an idea it is. Setting this up can save you time and frustration when you are older and allowing you to be flexible with the hard-earned money you have saved.]]> 2020-03-27 19:59:20 UTC https://padlet.com/liamf2011/flvdyn2rqxfi/wish/479099640 liamf2011 https://padlet.com/liamf2011/flvdyn2rqxfi/wish/479108779 This image here give you a good idea how well a RRSP account can work for you. Having a slump of money when you are younger can turn into a large sum of money with just time!]]> 2020-03-27 20:07:01 UTC https://padlet.com/liamf2011/flvdyn2rqxfi/wish/479108779 liamf2011 https://padlet.com/liamf2011/flvdyn2rqxfi/wish/480874724 2020-03-29 19:23:47 UTC https://padlet.com/liamf2011/flvdyn2rqxfi/wish/480874724 liamf2011 https://padlet.com/liamf2011/flvdyn2rqxfi/wish/480877320 Many people don’t know all the options out there that are available to them for Retirement Savings and trying to get ahead on your financial life. This website talks about the importance of Pensions, another form of Retirement fund. Pensions are great for people because its basically a RRSP but linked to your employer. This mean a small portion of money from each pay cheque you get will be put into a fund for when you retire from that company. This is extremely helpful because people don’t usually see the money deducted from their account so its like they never even had it.

One fact that i found about this website is its not as easy for everyone to get a good pension plan and i really matters on youre work place. This is why it is so important for people to learn about their retiremnt funds early on in life and get them set up so they dont have to worry about it but also get a understanding of how much money you will have saved. Having both of these factors is great to get ahead on situations like these where you dont want to miss out on anything because the less you know the less money you will save. ]]> 2020-03-29 19:26:03 UTC https://padlet.com/liamf2011/flvdyn2rqxfi/wish/480877320 liamf2011 https://padlet.com/liamf2011/flvdyn2rqxfi/wish/480887941 Pension Plans

I chose to pick this image because to me it symbolizes an employer putting money into a retirement fund which when broken down is what a pension is. The reason I wanted to show this picture is because its one of the reasons why I think pensions are so great for people. Reason being is because no matter how well you are at managing your money a pension plan will still benefit you in the long run and it could be the money you never knew you had that you really need at the time.

]]> 2020-03-29 19:35:30 UTC https://padlet.com/liamf2011/flvdyn2rqxfi/wish/480887941 liamf2011 https://padlet.com/liamf2011/flvdyn2rqxfi/wish/483456159 2020-03-31 02:24:58 UTC https://padlet.com/liamf2011/flvdyn2rqxfi/wish/483456159 liamf2011 https://padlet.com/liamf2011/flvdyn2rqxfi/wish/483456395 I chose this picture to represent what a tax-free savings account is. This picture here gives us a clear example of how a long-term period can impact your savings account tremendously. Having a slump of money in this type of account to build internet over time is the whole goal. Another reason why I chose this photo is it shows a good representation of how much more money you will be saving with a TFSA rather than a regular account.]]> 2020-03-31 02:25:20 UTC https://padlet.com/liamf2011/flvdyn2rqxfi/wish/483456395 liamf2011 https://padlet.com/liamf2011/flvdyn2rqxfi/wish/483459075 2020-03-31 02:29:52 UTC https://padlet.com/liamf2011/flvdyn2rqxfi/wish/483459075 liamf2011 https://padlet.com/liamf2011/flvdyn2rqxfi/wish/483459465 A Tax-Free Savings Account is one of the most useful financial tools available in Canada. The reason I think a TFSA is useful to anyone of all ages is because you can start saving whenever you decide to, as young as 18 years old. All the money you put into a tax-free account will increase with inflation and will also avoid taxes. Personally, I started a high interest savings account when I turned 18. For my financial goals my family's financial advisor recommended this to me. I don’t have any outstanding debt and just wanted to save for my Retirement. If I had to choose between a RRSP and TFSA id chose an RRSP. I really like the idea of only being able to withdraw money when retired or when truly needed. It allows me to add money without thinking twice about it or even thinking about withdrawing it. Focusing on your retirement fund allows for a healthy financial life and a stress free Retirement.]]> 2020-03-31 02:30:33 UTC https://padlet.com/liamf2011/flvdyn2rqxfi/wish/483459465