If you’re under the age of 16 and still live at home in reasonable comfort or in jeans without a belt, switch to another station.
Otherwise, start saving money for your future apartment and lifestyle, wherever and whatever that may be, right now.
Not kidding. The way things are going you could be as poor as the proverbial church mouse by the time you get fired for the last time or retire with most of your hair and teeth.
This from ‘Retirement savings lacking,’ Sept. 17 issue of The London Free Press:
“The pension system needs to be reformed quickly (it won’t be) because Canadians aren’t saving enough to maintain their standard of living in retirement...”
Start saving now or be prepared to accept a smaller lifestyle (not entirely a bad thing, in my humble opinion).
From the news article:
“The Canada Pension Plan is on solid footing, the head of the CPP investment board says, but it only provides retirees with about 25% of their pre-retirement income, or about $11,000 a year in today’s terms.”
So, if you’re house, car, loans, VISA, etc., aren’t going to be paid off when you turn 60 or 65 and you need more than 11 grand to survive, save money. That’s right - reduce spending now, survive later.
Methinks it could get worse too.
The CPP and many other plans rely on steady contributions and steady, high returns on investments, which cannot be guaranteed during times of high unemployment or when a country subscribes to an unsustainable economic model.
So, save. Reduce spending. Live small.
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