While saving for retirement can be challenging, there are options available to you that may help your savings grow - no matter what your age.
While a defined contribution pension plan, like the CSS Pension Plan, can help provide a substantial portion of your retirement income, just how much you end up with at retirement depends on the choices you make with respect to your funds in the Plan and your own personal savings.
Though you may not have much money during these years, what you do have is time.
You may not have major demands on your money yet either, like a mortgage. This gives you flexibility to save - even if it’s just a small amount, which can add up over time.
Consider budgeting and cutting out small purchases - like that daily caramel macchiato - and set up auto-payments to put that money toward your savings instead. Your future self will thank you.
With the CSS Pension Plan’s early retirement age of 50, this is the decade many members start thinking about when they might be able to retire. This is a good time to start reviewing the various retirement income options available - either with the CSS Pension Plan or your credit union or bank - because the option you choose could also affect your investment strategy.
*This information may not be suitable for your circumstances. Consult a CSS Pension Plan Consultant at email@example.com or 1-844-4CSSPEN, or a qualified financial advisor to help you make choices that are right for you.
Article from the spring 2017 issue of TimeWise