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Sandra - investment specialist : Saving enough money so that you can retire, may feel like an overwhelming task. Even if you've been putting
money aside into an RRSP, Tax Free Saving Account or in other investments such as GICs, Government savings bonds and stocks, you still may
be wondering if you will have enough when you retire. Well before you get too concerned, pause, take a breath, and assess all of your
savings sources. Remember, there isn't just one way to save for retirement. And if you take into consideration all of the ways to save and
grow your money, you'll be able to create a retirement savings plan that will work for you. If you've been working steadily over the years, you will
have some basic building blocks in place for retirement. Canada Pension Plan benefits, also known as CPP benefits, are based on the number of years
you've worked, and total amount you contributed to the plan. For 2010, the maximum monthly CPP benefit is $934.17. Another government program,
Old Age Security, provides a monthly benefit that is available to most Canadians age 65 or older. However with Old Age Security, it's not
necessary to have worked in the past, although you must have resided in Canada for at least 10 years. As of July 1st, 2010, the maximum
Old Age Security benefit is $518.51. CPP and Old Age Security replace about 30-40% of the average Canadian's pre-retirement income and form
a good foundation to your retirement plan. Another building block that may apply to you is a company pension plan. Even if your current
employer doesn't offer a pension, you may have earned pension benefits through a previous job. Think about everywhere you've worked and
determine whether you'll be receiving any pension benefits from any of your employers. Investigate and be familiar with your pension plans.
Some companies also offer savings plans through payroll deductions for Canada Savings Bonds, company stock savings and other investments.
This can be another easy way to save. When it comes to saving for your retirement, there are a lot of building blocks to consider. Having
a plan, that includes saving regularly whether it's on your own or through your employer, is the key to your success.