本文发表在 rolia.net 枫下论坛Only 5% of Canadian can really retire comforably, the remaining 95% will be struggling to get by. To be one of the 5%, you need to plan ahead:
1. maximize your RRSP contribution (check your Notice of assessment, it tells you how much you can put into RRSP)
a. work out an investment strategy by doing a thorough analysis of financial situation and your investment risk tolerance level. in a word, build a well-balanced portfolio.
b. stick to your plan and contribute regularly (say bi-weekly) for an amount that you can handle (without draining necessary fund for your daily expenses). In long run, the average return on your contribution will be higher than if you throw in a lump sum to beat the RRSP contribution deadline (march 1 of every year) ; the underlying principle is called "dollar cost averaging".
2. if you still have extra dollars every month, say $50, set up an annuity (only insurance company can provide annuity service). It works like this: every month you set aside $50 and let it accumulate in a pool of money managed by insurance company's investment team. You can choose just GIC type account (no risk at all). if you think you will retire in 30 years, set up 30-year annuity account, starting the 31st year, you will receive weeklyl, by-weekly or monthly cheque from insurance company to supplement your income at that time. such annuity service is not insurance, it is investment service offered by insurance company.
3. prepare a will and power of attorney to make sure all the hard-earned money will be disposed of according to your will, otherwise, government will take over and dispose of your properties according to lengthy and tidious government procedure
4. to lower possible health care cost, get all information necessary about OHIP (OHIP: Ontario Health Insurance Program sponsored by Ontario government so as to make the best use of it when you need it.
4. purchase Life insurance for income earner of your family
5. You may buy new products called Critical illness insurance and/or Long-term care insurance to minimize impact of becoming ill and lossing ability to take care of yourself. In detail, Criticial illness insurance pay a lump sum of money, say $100,000 to you when you are diagnosed to have one of 18 major illnesses. (CI and LTC insurances are designed to supplement OHIP coverage)
6. Last and not least, keep yourself health! Get a good job or start your own business, it means steady stream of income, then all RRSP, mutual fund, Insurance, annuity will make sense.更多精彩文章及讨论，请光临枫下论坛 rolia.net
1. maximize your RRSP contribution (check your Notice of assessment, it tells you how much you can put into RRSP)
a. work out an investment strategy by doing a thorough analysis of financial situation and your investment risk tolerance level. in a word, build a well-balanced portfolio.
b. stick to your plan and contribute regularly (say bi-weekly) for an amount that you can handle (without draining necessary fund for your daily expenses). In long run, the average return on your contribution will be higher than if you throw in a lump sum to beat the RRSP contribution deadline (march 1 of every year) ; the underlying principle is called "dollar cost averaging".
2. if you still have extra dollars every month, say $50, set up an annuity (only insurance company can provide annuity service). It works like this: every month you set aside $50 and let it accumulate in a pool of money managed by insurance company's investment team. You can choose just GIC type account (no risk at all). if you think you will retire in 30 years, set up 30-year annuity account, starting the 31st year, you will receive weeklyl, by-weekly or monthly cheque from insurance company to supplement your income at that time. such annuity service is not insurance, it is investment service offered by insurance company.
3. prepare a will and power of attorney to make sure all the hard-earned money will be disposed of according to your will, otherwise, government will take over and dispose of your properties according to lengthy and tidious government procedure
4. to lower possible health care cost, get all information necessary about OHIP (OHIP: Ontario Health Insurance Program sponsored by Ontario government so as to make the best use of it when you need it.
4. purchase Life insurance for income earner of your family
5. You may buy new products called Critical illness insurance and/or Long-term care insurance to minimize impact of becoming ill and lossing ability to take care of yourself. In detail, Criticial illness insurance pay a lump sum of money, say $100,000 to you when you are diagnosed to have one of 18 major illnesses. (CI and LTC insurances are designed to supplement OHIP coverage)
6. Last and not least, keep yourself health! Get a good job or start your own business, it means steady stream of income, then all RRSP, mutual fund, Insurance, annuity will make sense.更多精彩文章及讨论，请光临枫下论坛 rolia.net