Playing Catch Up on Retirement Savings
Do you feel like you're behind on your retirement savings? If so, you are in good company.
32% of Canadians aged 45-64 have $0 saved up for retirement. 53% of Canadians don't know if they are saving enough.
In this short video, I offer some positive steps that you can take if you feel like you are behind on your retirement savings.
1) Don't bury your head in the sand - the best time to start saving was 10 years ago, and the second best time to start saving is today
2) If you are late in getting started as a saver, there may be some forces working in your favour - hopefully you are in your peak earning years, your kids may be leaving the nest, and you may be close to paying off your mortgage. Any of these circumstances can free up cashflow that you can devote to saving more aggressively.
3) Don't try and hit a grand slam with your investments - I often see people make very speculative and poor investment choices when they perceive themselves to be behind in their retirement savings. Focus on what you can control and stick with methods that are tried and true for building wealth. Just because you need higher returns, doesn't mean you are going to get them. Don't chase speculative investments. Especially now, you may not have time to recover from big investment mistakes.