Will you be financially ready for retirement?

You are never too young to think about retirement.

Money set aside and invested wisely will help you prepare for this milestone. For many Canadians, a Registered Retirement Savings Plan (RRSP) is an excellent savings option; for others, a Tax Free Savings Account may be the right way to save.

What type of life do you image for yourself in retirement? What will your financial needs be? What can you do now to make sure you will be able to relax and enjoy yourself later? Studies have found that few Canadians have a good handle on what their needs will be and a plan to meet them. Your financial institution may have on-line tools to help you answer these important questions or you can talk to a financial advisor.

A 2012 Canadian study found that people who receive advice are more likely to feel confident they will have enough money to retire comfortably than people who do not receive advice. That’s because people with financial advisors are more likely to save. The study found that the longer investors receive advice for, the more they are able to save and the more interest they earn.