By Sheryl Smolkin
There is lots of good reading this week from some of our favourite bloggers.
On retirehappy.ca, Scott Wallace reminds us why RRSPs should not be viewed as short-term savings accounts. Saving for retirement is hard. It requires sacrifice, long term vision and discipline. Short term gratification can be the ‘Achilles Heel’ for anyone’s RRSP portfolio.
If you have a defined benefit pension plan, you may think you don’t have to worry about additional retirement saving. But on boomer & echo, Robb Engen says he is saving outside his DB plan because there is no guarantee he will work for the same employer for the next 20 years. Furthermore, in the current economy, layoffs are always a possibility, even at educational institutions.
Another reason to accumulate additional retirement savings is to have a nest egg to spend on healthcare later in life. Canadians are proud of their healthcare system, but on Brighterlife.ca Kevin Press reports on the results of the 2013 Sun Life Canadian Health IndexTM. The study reveals that among Canadians who have received a serious health diagnosis, or who have had a bad accident, 40% said the experience caused them some degree of “financial hardship.”
For some people, saving for retirement is only the first hurdle to overcome. Then they have to figure out when to actually cut their ties with the world of work and take a leap into the world beyond. Tim Stubbs says on Canadian Dream: Free at 45 that fear of the unknown is natural, but you can do a little fear testing by playing the game: what’s the worst that can happen?
And finally, getsmarteraboutmoney.ca blogger Alison Griffiths says youth financial literacy is all the rage but the focus has been on debt, credit, budgeting and the like. This is important stuff; but families need to include investing with the lessons their children should learn before they leave home.
Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere. Share the information with us on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.