Sunday, March 13, 2011

Why we need to take of overselves!!

That alarm you hear isn't your clock radio telling you to get up for your 9-5, its me saying you need to care of your affairs now for the future. Unless you have an Aunt Mary to leave you her estate or know how to calculate Loto odds (lol), here are some scary facts;  the average Canadian income is $41,000 so if your to retire now this is what you have to look forward to. Old Age Security and the max payment is $524.00 per month and the Canada Pension Fund and that max is $960.00, so in total you have $18,000 for the year. A far cry from the lifestyle of your work income, the answer? Canada its either RRSP ( Registered Retirement Savings Plan) or the new TFSA ( Tax Free Savings Account)  So if by yourself that's easy as its called discipline to save, but if you have a partner who loves to spend here is what to do ( and if you think the problem will go away on its own dream on,  peoples brains are geared towards spending rather than saving.....its called instant gratification!) sit down as a couple and discuss what you
are saving for which makes it easier, also talk about where you want to be in 2, 5 or even 10yrs and what are the big goals? After you agree on those subjects, discuss what each of you are willing to give up to attain your future retirement together. In closing, don't you want to control your own destiny?..... i thought so!

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