Planning is the key to success!
Whatever your big project is, you need to plan it financially. It is the best way to make sure you get what you want and take control of your future.
Here are a few simple steps to help you plan.
1. Think about your projects and your future needs.
Are you dreaming of big travel projects, buying your first home? You are on the right track because you have a clear goal! With your plans in mind, you are better able to estimate how much you will need to make them a reality.
Do you like to eat out or spoil yourself shopping from time to time? Of course, it is important to treat yourself and enjoy life. It is also part of your needs. You will have to think about it and plan accordingly to find your balance.
2. Make a plan and set goals.
Plan your savings according to your situation and goals.
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Make a budget. This way, you will know how much you can save each month.
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Set savings goals. If you can put aside about 10% of your income each year, that would be great!
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Choose
registered investments. In the long term, registered investments such as an
RRSP or
TFSA deliver greater returns because of their tax benefits. Choose the best type of investment (RRSP or
TFSA) for your situation.
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Use
SimulR to find out the amounts to which you will be entitled at retirement and estimate how much you should save.
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If needed, ask a financial planning specialist for help.
3. Review your plan regularly.
Assess your financial situation regularly, especially if there are changes in your life. Therefore, you will be able to put everything in place to make your retirement plans a reality.
What will your sources of retirement income be?
The
Old Age Security pension from the Government of Canada 
and the
Québec Pension Plan (QPP) offer
basic income in retirement. The retirement pension under the
QPP varies according to your salary, the number of years during which you contributed to the
QPP and your age when you apply for it. However, you must have additional income to ensure you have an adequate standard of living in retirement. This additional income may come from a
workplace pension plan and/or your personal savings.