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Early Retirement Planning in Canada
 The
majority of Canadians dream of an early retirement. The
reality is most individuals are not financially ready to have
an early retirement for a variety of reasons which can include:
unexpected expenses; poor financial planning; overspending during
one’s working years; loss of income; divorce; illness or a variety
of other potential issues.
Early Retirement Planning Tips
Early Retirement Planning Tip #1 – Invest
Only in Smart Investments
Do not lose the money you invest. Once you lose money you
are banking on for retirement – it will affect your retirement
plans.
Look at Guaranteedinvestments.com
for safe and secure investment options.
Early Retirement Planning Tip #2 – Start
Saving from Today
Start saving money for your retirement as early as possible.
The sooner you start saving, the sooner you will be able to retire.
The power of compounding has a tremendous effect on investment
returns.
Early Retirement Planning Tip #3 – Cut down
Investment Risks
Diversify your investments. This will help reduce the overall
risk of your investment portfolio. For product diversification
look at the investment options available at Guaranteedinvestments.com
Early Retirement Planning Tip #4 – Avoiding
Temptations
Learn to live with what you can afford. Avoid the temptation
of trying to keep up with your friends.
Early Retirement Planning Tip #5 – Pay off
Debts
If you receive tax refunds due to Registered Retirement Savings
Plan (RRSP) contributions – try to use the funds efficiently and
either invest the funds or pay down your mortgage or other debts.
For RRSP investment options visit Guaranteedinvestments.com
Early Retirement Planning Tip #6 – Be Smart
while you Invest
If you inherit money, use it in a very smart way. Your inheritance
was not probably intended for you to go out and buy a fancy new
sports car.
Early Retirement Planning Tip #7 – Investments
with Capital Gains
Consider making tax effective investments outside of your RRSP.
Investing in GICs with a 3% return which is taxed highly as interest
income is not very tax effective. Consider investing in
safe investments that potentially provide dividends or capital
gains.
Visit Guaranteedinvestments.com
for additional information.
Early Retirement Planning Tip #8 – Don’t
lose your Money
Do not buy a home that is too large. A large and expensive home
not only comes with high mortgage payments in most cases, but
comes with higher utility costs such as electricity, heating,
water and other up-keeping costs.
Early Retirement Planning Tip #9 – Plan
your Retirement Effectively
Try and put your retirement plan on paper and review it at least
once a year. At the same time, ensure you have instead educated
yourself on the variety of investment products available in the
Canadian marketplace. Visit Guaranteedinvestments.com
and do not assume your financial planner has access to all of
these types of products.
Early Retirement Planning Tip #10 – Invest
in Smart Investments Only!
Do not lose the money you invest. This Tip was already mentioned,
but should be mentioned again. Only invest in speculative
and risky investments with funds you are prepared to lose.
Visit Guaranteedinvestments.com for safe and secure investment
options.
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