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How much of your income should you be saving for retirement - 10%? via @globeandmail and @preetbanerjee

 

 

ivon t hughes

March 31, 2014

 

by

Ivon T Hughes

 

 

Here is an article by Preet Banerjee on retirement savings which raises some interesting points and makes some pertinent comments.

 

His main point at the start is the need to save automatically. As the author says, our income tax is deducted automatically each month as, quite probably, the governments don't trust us to save enough.

 

Whether you save through an RRSP, TFSA or construct a non registered plan, you need to start. That's it; just start and put in a minimum of 15% into the plan each time you make a withdrawal. In other words, if you're taking out $100 to spend, transfer $15 to a savings account. You can invest it all later in a lump sum.

 

Simple plans like this are just that; simple to use.

 

Read: How much of your income should you be saving for retirement - 10%?

 

About the Author:

Ivon T Hughes is a leading expert in life annuities in Canada. His website LifeAnnuities.com is a recognized authority on annuities. He's also an established insurance and investment broker, licensed across Canada through The Hughes Trustco Group since 1972. Recently, he's been redefining how annuities are sold in Canada.

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