ORGANIC FOOD ON A BUDGETOrganic food usually tastes better, and is better for you, but it can also be very expensive compared to non-organic products. Organic food can cost nearly 50 percent more,
HOW TO GET READY FOR RETIREMENT
Dated: September 30 2020
For most people, retirement feels like a long way off. But, if you don’t start preparing as early as possible, you may find yourself in a place of financial insecurity when the time does come. To avoid this, consider implementing the following 5 tips.
- Calculate your target savings. In general, it’s recommended that you save between 10 to 15 percent of your income for retirement. However, you can always use an online savings calculator to determine the amount you need to save for your specific needs and goals.
- Contribute to your employer’s retirement savings plan. Does your job offer any RRSP contributions? Sign up and start saving as soon as they allow you to. It’s recommended to set up automatic paycheque deductions and, once the money is in your retirement fund, don’t touch it.
- Take advantage of employee benefits. Many employers offer matching which generally requires you contribute a certain percentage of each paycheque and your company will then contribute a matching amount with funds of their own. They might also offer health savings or flexible savings account. By contributing to these accounts, you reduce your amount of taxable income, allowing you to save more money.
- Pay off your debts. Start by paying off any high-interest credit card debt first. Then look at other debts, such as student loans and car payments, and make a plan for paying those off incrementally.
- Reduce daily spending. Although this feels like a no-brainer, spending your money thoughtfully now can make a big impact later. Seek out areas of your life where you can.
Kevin Gouveia has had a passion for real estate all his life and couldn’t love what he does more. Having lived in many places across the United States and Canada, he has grown to love the city of Ca....