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This past week, I read two conflicting reports. One stated that citizens are struggling under a significant financial burden but are interested in planning for retirement. The other one stated that people are gloomy about their personal finances and the national economy.
It is sad to say but true, the media tends to hype bad news. A recent report said less than half of people surveyed believe the economy will improve this year. Furthermore, it suggests citizens kicked off the year in a gloomier mood about their own finances and the national economy than last year. Despite the cautious outlook of consumers, many experts predict the economy will continue to grow this year and next. So much for the gloom & doom side of the coin.
Get Some Financial Advice
The good news came in the form of a different survey on retirement. It stated that folks are ready to listen to financial advice. So, even if we are no more than three weeks before the end of the RRSP season, it’s not too late to do it! Pick up the phone and call the person you bank or invest with and figure out how much you can save for your future.
Plan for Your Retirement
Moreover, the survey on retirement showed that 43.3% of people are really interested in planning their retirement. When asked if retirement planning was stressful, survey participants’ response was rather mixed – neither too much nor too little. And when asked about their hopes and dreams for retirement, the majority of respondents indicated that in addition to spending more time with their family and friends, they hope to have enough retirement savings and be healthy. The way to get there is through your personalized plan.
Contribute Before the Deadline
It’s time for you, as investors, to visit your financial advisor. While most if not all Canadians know what RRSPs are about, most admit they are not avid savers. They even admitted that the financial products and services they have seem complicated. Start simple, put some cash aside, take a look at 6 Considerations of Where to Invest Your Retirement Savings and feel better about your future.
Start a Preauthorized Contribution Plan
Sure, you don’t know the exact amount you are allowed to contribute until you receive your notice of assessment (full article on this coming soon), and you can still save some of your pay check on a regular basis. Whether you are paid weekly, every two weeks or monthly, having an amount taken out of your account the next day and invested for your future is often painless and to your advantage. You’ll benefit from cost averaging if you are in mutual funds and will be able to regularly diversify your investments if in stocks or ETFs.
Unfortunately, most folks have no written financial plan or employer-sponsored retirement plan, here are some concrete ways to Help Yourself Save for Retirement.
What about you, do you feel gloomy, are you ready to do something about your future?
Author: Robert
