THREE THINGS YOU CAN DO NOW TO PREPARE FOR RETIREMENT

1 THINK ABOUT HOW, NOT JUST WHEN,

YOU WANT TO RETIRE. You’ll obviously need to save more if you want to retire at 60 instead of 65, but just as important is determining what kind of life you want in retirement, says Sandra. “If you want to travel, you’ll need to save more than if you want to retire to the Maritimes and spend time with your grandchildren.”

2

FIND OUT WHERE YOU STAND. The Canadian Retirement Income Calculator on the Government of Canada website (canada.ca/en/ services/ benefits/publicpensions/cpp/retirementincome-calculator. html) will show you how much you can expect to earn in retirement based on your contributions, age and planned retirement date.

3 DON’T LEAVE MONEY ON THE TABLE.

If your employer offers a pension plan with matching contributions, it might make more sense to participate in that than to contribute to your RRSP. Also, mutual- fund management fees are often lower in a company pension plan because of the group discount, says Sandra.