At every stage of your journey to retirement, you need to know the essential money moves you should be making, the savings target you’re aiming for, and the ideal mix for your investment portfolio. Those change as you move into your peak earning years and pre-retirement red zone. When you’re starting out, use these checkpoints to set your course.

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1. Saving: Collect your full RRSP company match

Why it’s key • If you start saving at age 35, you’ll have to put away 16.6% of your income for 30 years to retire well at 65, according to research by Wade Pfau, professor of retirement income at the American College. Begin at 30, and your target drops to 12%. At 25, a steady 8.8% a year until 65 is enough—including the match.

 

How to do it • Typically you need to save 6% to earn the full 50¢-on-the-dollar match. Too much? Start at 3% and go up a point every year.

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2. Work: Ask for $5,000 more in pay

Why it’s key • What you earn in your first decade on the job has a lasting impact on your wealth. The typical worker’s wages grow the most between ages 25 and 35, according to research by the Federal Reserve Bank of New York. A pay boost of $5,000 when you’re 25 adds up to $634,000 more in lifetime earnings, a study by researchers at Temple and George Mason universities found.

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How to do it • Whether you’re fielding job offers or angling for a raise, negotiate. First, speak up. Only 37% of millennials have ever asked for a raise, reports salary site PayScale.com, but nearly half of those who did got the desired hike. Don’t wait until review time. Put in your request right after you’ve pulled off a major project.

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3. Investing: Start NOW

Even as little as $100 per month can add up...  for some of you thats your pizza money, or maybe you have 48 channels of ESPN you don't need.  It could be a Latte 3 times a day, nights out with friends,,, its only $100. a month, just cut back on some of your extra activities.   Lets look at the numbers $100 per month from age 27 to 67 if invested properly in a zero risk Guaranteed Investment Fund,

just doing the market average by age 67 you would have $979,307.10. say WOW... wait until your 37 to start 37-67 you would have $308,097.32, still cool but not as much... Don't worry you make more money as you improve yourself in your occupation... 

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4. Lifestyle: Balance saving and student loans

Why it’s key • A third of millennials say that student-loan debt is delaying saving for retirement, a survey by the Investor Protection Institute found.

How to do it • To free up cash, do it grandma's way budget.  before the month begins right down your total take home income, list all upcoming expenses for the next month. Every month is different, some have birthday's to attend and buy for Weddings, don't forget Christmas is always on December 25th, don't let it surprise you. Click this link >> to get to our budgeting page

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5. Mindset: Get to know the future you

Picturing your future self can put you in a savings mind-set. If you decide to talk to a professional you easily could be sipping MaI Tai's on the beach at age 45, while your friends work because they HAVE TO.  For a simple chart email us we will send you a calculator to figure out the numbers yourself..  click HERE.  Don't plan on the CPP to be there when you retire... Don't leave your future upto someone else... 

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Once you’ve made these five moves, you’re on your way. To see how you’re doing, use these benchmarks to measure your progress: