Save wisely by getting informed

(NC) The global pandemic has caused an upheaval in financial markets, making many rethink investment strategies. And while it may be more difficult to set aside money now, it’s a good time to build your knowledge and fine tune your plan.

Every type of investment has its pros and cons. Understanding the different options available, the relevant financial terms and whether your choices fit your goals and unique risk tolerance are essential to making a wise investment decision.

Assessing your life stage is also a key factor for choosing appropriate investments. As you age and near retirement you may want to focus on shorter-term investments with lower risk. Setting aside some money for retirement early on is also important, as many Canadians 55-plus do not have any savings or investments set aside for the future.

To help you increase your financial knowledge, the Ontario Securities Commission offers unbiased investor education resources and tools, including factsheets, reports and quizzes. Build your retirement plan by considering:

- Your current and future sources of income (RRIFs, annuities, pension, savings plans and other income)

- Retirement goals

- How much income you’ll need each year

- How and when to turn your retirement savings and pension into income

- If you need help from a registered financial adviser

With this information in hand, take action and put your plan in motion. Remember to periodically review your investments to determine if they are still suitable.

Investing doesn’t need to be intimidating. With financial abuse one of the most frequently identified types of elder abuse in Canada, make sure you are familiar with the red flags of investment fraud as well as other ways to research any potential investment. An important first step is to check the registration of any individual or firm offering you in an investment. Find out more information on the Ontario Securities Commission website, osc.gov.on.