If only saving was this simple
Creating a financially secure future can be a daunting prospect, particularly in the midst of a recession. But adopting an avoidance strategy for retirement savings is hardly a money-savvy move. No matter what your stage of life, these simple tips are a good starting point for stability in your golden years.
1) Pay yourself first. "That's my number one rule," Jillian MacPherson, Associate Portfolio Manager at TD Canada Trust, told VO.
Shockingly, MacPherson doesn't think that budgets are a necessity. Isn't that sacrilegious for a money-pro? A kind of financial blasphemy?
Not necessarily, according to MacPherson. "If you take out 20% of what you’re making after tax and put it into a savings plan you’ve saved enough," she explained.
2) Have a plan. "It’s the old adage. If you fail to plan, you plan to fail," stressed MacPherson. If you have a goal of where you would like to be, you should figure out how you're going to get from A to B, she said.
"It's shocking how many people put more thought into buying a car than their retirement savings," she noted.
