Financial Literacy

Planning for Retirement, Despite Having Debt

retirement planning

Retirement planning can seem like an impossible task when you’re burdened by debt.  For many Canadians, it’s hard enough coping with the pressures of today, let alone thinking of tomorrow.

Household Saving Rate in Canada

Troublingly, Canadian savings rates continue to be well below the recommended level – 10% of net income. The latest data from Trading Economics reveals that Household Saving Rates in Canada decreased to 1.10 percent in the first quarter of 2019 from 1.40 percent in the fourth quarter of 2018, reaching near record lows.


source: tradingeconomics.com

Why don’t Canadians save?  One reason may be that we never learned that savings comes first.  When we first received an allowance as a youngster or got our first pay cheque, not enough of us learned to put some of our money away, right off the top.

According to a recent article published by Forbes, handling personal spending and paying off debt are key to retirement planning.  While the focus is on early retirement, the article offers some helpful tips on how to plan ahead.

Retirement planning can seem daunting when you are in debt but it’s important to start small – whatever your finances – and build from there.

If you need help with debt management, budgeting or general financial education, we can help you pick a credit counsellor. Click here to find a credit counsellor near you.

Share this

Twitter


Are you one of four-in-10 indebted Canadians who don’t know where to turn for help? If you or someone you know needs help, @Creditcc nonprofit members are here for you!

#bedebtfree #debtfreelife #finacialadvice

https://t.co/G3IGbTdt0F https://t.co/Tcabldarvw
Creditcc photo

If you’re worried about your finances, don’t miss @Creditcc’s Free Financial Health Checkup for anyone in Canada with debt!

Enter promo code BEDEBTFREE to get your check up before Dec 3rd and be eligible for a free giveaway worth C$200.

#BeDebtFree

https://t.co/aPxeHr2Cg3 https://t.co/ar3xJsIszZ
Creditcc photo

A good credit rating is important not only to obtain credit, but also when seeking a job or rental accommodation.

Credit reports can be obtained free of charge from Equifax Canada and TransUnion. Have you checked yours lately?

#BeDebtFree

https://t.co/lrIOeNt0q4 https://t.co/YEN01hr8cv
Creditcc photo

Break free of debt. Get a free health checkup (link below) from a @Creditcc nonprofit member!

Enter promo code BEDEBTFREE before Dec 3rd and be eligible for a free giveaway worth C$200.

#BeDebtFree #FinancialAdvice

https://t.co/aPxeHr2Cg3 https://t.co/mQXLtUDtXa
Creditcc photo

Trust that Credit Counselling Canada members have the knowledge and expertise to help you get rid of your debt. They will look at your entire financial picture and help create a plan that works for you.

#BeDebtFree #FinancialAdvice #financialLiteracy

https://t.co/HKiDbcDHxn https://t.co/oyWZiJO3Yn
Creditcc photo

Drowning in Debt? Here’s the Best Way to Take Care of It. https://t.co/qvfpZWTobh