Is there a way lower income earners can save?

You hear it all the time – “save? How can I possibly save? I’ve got a family to feed.”

Yet without at least some retirement savings, most of us will be largely dependent on the rather modest benefits provided by the Canada Pension Plan (CPP) and Old Age Security (OAS).

So is there anything folks with less income can do to put even a bit away for their future? Save with SPP took a look around to see.

Writing for Yahoo! Finance, Gail Johnson observes that “nearly half of Canadians – 48 per cent – say that lack of income is their biggest obstacle when it comes to saving and investing,” citing an Ipsos Reid poll.

But, she reports, financial experts say lower-income earners can and do save and invest.

“Low income is no excuse for not saving,” Calgary certified financial planner Kevin MacLeod of MoneyAdvisor.ca tells Yahoo! Finance. “I’ve met many individuals and families over the years that have one income, or two low incomes and they saved a large portion of their income; I have met others that have enormous income and nothing left at the end of every month and they live paycheque to paycheque. It’s simply a matter of choice on how you want to live.”

His advice, the article continues, is to make saving automatic.

“Have savings automatically deducted from your paycheque or your bank account on the day you get paid,” MacLeod states in the article.

Other advice provided by the article – sign up for any retirement savings program your workplace offers, as well as “setting a goal with a realistic timeline” to allow yourself to work towards a “concrete dollar amount” of savings.

The Clever Girl Finance blog adds a few more ideas to the mix.

Having a budget, the blog notes, is an important first step.

“It’s a key part of how to save money fast on a low income. And this is simply because having a budget opens your eyes to where your money is going and helps you form a financial plan,” the blog explains.

Getting debt under control is another way to boost savings, the blog tells us.

“Make it a priority to tackle your debt. It will take commitment to erase your debts, but it can lead to an easier life and peace of mind,” the blog continues. “You’ll be able to put the money you were using for credit cards and other debt repayments like student loans, towards your savings.”

Other ideas in the blog include considering moving somewhere cheaper, renting out rooms, and being “more mindful” of what you spend on food.

Let’s wrap up with some thoughts from MoneySense.

Building an emergency fund “for worst-case scenarios such as job loss, unexpected car or home repairs (not renovations), or medical, dental and vet bills” can prevent you from going into debt when these crises arise, the article observes.

Another key concept is frugal living, the article continues.

“Ask yourself, `What does fun truly mean for me?’ It may seem obvious, but when did you last reflect on what brings you genuine joy? Stop wasting money on activities that no longer bring you joy,” MoneySense suggests.

Put together a list of all the things you do like to do, and focus on ones that are cheap or free, or affordable. The rest can be filed under a “splurge” heading and done less often than the others, the article suggests.

All great ideas.

It’s never too late to start saving for retirement, but the earlier you do, the better. If you have a workplace retirement program, be sure to sign up and maximize your contributions. If you don’t have such an option, take a look at the Saskatchewan Pension Plan, open to any Canadian with registered retirement savings plan (RRSP) room.

With SPP, you’re in charge of how much you’ll contribute. You can start small and ramp up over time. SPP will do the hard part – investing your retirement savings dollars in a professionally managed, low-cost pooled fund. Options when you retire include the flexible Variable Benefit, or the security of a monthly annuity payment for life.

Check out SPP today!

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Canadians think $1 million is how much they need for retirement: Fidelity

New research from Fidelity Canada, reported on by CP24, has found that most of us believe we need $1 million “to retire comfortably.”

This marks the 20^th year Fidelity Canada has compiled their retirement report, the broadcaster notes, with this year’s study being carried out in March, and involving 2000 respondents, who had a median age of 62.

So what did the report find? CP24 notes that “88 per cent of respondents agree retirement today is more complex than it was 20 years ago.”

Those who had not retired (and were 45 and older) “believe they need at least $1,020,000 to achieve a comfortable retirement – more than double the amount 20 years ago,” the article continues.

By contrast, the article continues, “in 2005, the same age group felt they needed $447,000 to retire, which equates to $685,000 in 2025.”

Interestingly, CP24 reports, those already retired feel a little better about things than those yet to receive the golden handshake. A total of “81 per cent of retirees feel positive about retirement, while only 59 per cent of pre-retirees feel positive,” the article adds.

And most felt that some sort of semi-retirement approach could be the answer for them – “85 per cent agree retirement is about transitioning to flexible work arrangements or passion projects rather than stopping work completely,” CP24 notes.

A concern for those surveyed – in addition to having enough to live on in retirement – was ensuring “the financial security of the next generation” before they pass on.

“People are looking to have a more expensive retirement. With that we’re thinking travel as well as people understanding that they’re living longer and the third piece is that people are also helping launch the next generation so supporting their adult children,” Michelle Munro, Fidelity Investments Canada’s tax and retirement research director, tells CP24.

They are also worried about the state of the world’s finances, the article adds.

“Inflation, current turmoil in world politics and poor economic growth were cited as the main concerns for Canadians, according to the report. Uncertain times can affect pre-retirees, who are still in a period of accumulating wealth to support their retirement,” the article tells us.

The prospect of rising living costs had 46 per cent of respondents saying, “they might postpone retirement to later than planned,” CP24 notes. “In 2005, the average age of retirement was 61, which has risen to 65 in 2025. Only 26 per cent of current pre-retirees plan to retire under 65,” the article adds.

Those respondents with “a financial advisor and written financial plan” felt more prepared than those without, the article notes. A final thought in the article is that “women and those not born in Canada had a less positive outlook on their retirement.”

We frequently tell friends and family to make sure their kids are looking for work that offers some sort of retirement plan – and to contribute to the max. But if there is no retirement program at your work, look to the Saskatchewan Pension Plan.

SPP provides individuals with a professionally managed, low-cost retirement investment program. You decide how much to contribute, and SPP does the rest, investing your precious savings dollars and growing them over time. When it is time to hang up the name badge for good, your options for turning savings into retirement income include the option of a lifetime monthly annuity payment, or more flexible withdrawals via our Variable Benefit option.

Check out SPP today!

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Retirement is a funny thing. You don’t really think about it until it is about to happen – and have a very hard time, at that transitional point, imagining what it will be like.

Save with SPP, to help those for whom retirement is now a distant abstract thought, took a look around to find what people think is the best aspect of it, the “best thing” about retirement.

The Sixty + Me blog provides us with a few thoughts.

One is that “you gain freedom from responsibilities,” the blog tells us. “It is liberating to not be responsible for others, for meeting deadlines, and for achieving someone else’s goals.”

As well, the blog continues, retirement allows you to “explore your creativity.”

“Contrary to popular belief, creativity does not decrease with age. Artists in their 60s, 70s, 80s, and 90s are producing fresh, exciting art. And in our retirement, we have the time to learn those forms of art we have always found fascinating. Being creative is very satisfying,” the blog explains.

A third, but very major one, is that “you have fewer time restraints.” You will, the blog continues, be able to “do something unexpected, travel, try a new hobby, or explore new interests” once you are outside the confines of your once busy schedule.

The Retirement Tips & Tricks blog provides us with a few more retirement highlights.

There’s the feeling of having “no obligations,” the blog notes. The blogger quotes her mom as summing this idea up nicely – “nothing has to be done; everything is possible.”

Just “being home” is another retirement perk, the blog continues.

“People spend 40+ hours outside of their homes to be able to afford a comfortable home. And when it is finally time to retire, people like that they finally can enjoy their own home. And make it an even more comfortable place as a nice new project in retirement,” the blog notes.

The missus disliked working from home for that reason – it was making her not enjoy being in her own home! Retirement cured that feeling for her.

Finally, the blog mentions the “feeling of freedom” that retirement brings.

“The open road or the open future is not experienced very often in life due to the system most of the Western world operates in. So when the moment comes of total freedom, it is indescribable,” the blog enthuses.

Let’s leave the last thoughts to the Bolde blog.

There’s “freedom from the 9 to 5 grind,” the blog begins.

“Imagine waking up with no alarm, no boss waiting for you, and no soul-sucking commutes to endure,” the blog notes.

Travel is made much easier when you’re not working, the blog notes.

“With no office to report to, they’re free to explore the world at their own pace, often taking trips during off-peak seasons or staying in one place for weeks at a time,” the blog reports.

Many of us can “enjoy being a grandparent.”

“Unlike the pressures of parenting, grandparenting is all about the fun stuff—spoiling the kids, creating memories, and being the hero with unlimited hugs and treats,” the blog adds.

And while the blog notes that retirement can bring bad things, like anxiety about living off your savings, or the fear of social isolation, the good things tend to outweigh the bad.

More money in retirement brings more freedom around choices. Did you know that Saskatchewan Pension Plan members can choose to consolidate their non-locked in registered retirement savings plans within SPP – and that there’s no limit on how much they can transfer in? Why have multiple retirement savings pots when you can have the simplicity of one?

Check out SPP today!

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Acting your age – when it comes to your investment portfolio

Writing for BNN Bloomberg, Dale Jackson tells us that if “you’ve ever been told to act your age, the same advice applies to your investment portfolio.”

“Tweaking your nest egg properly as you get older will maximize consistent returns over the long term and lower risk as you near retirement,” he writes. “Determining what to hold, how much, and when, depends on who you are and how you want to retire. A qualified advisor can help but make sure investment fees don’t impede growth.”

When you are in your twenties, he writes, “time is on your side.” Since, he continues, “the biggest rewards come from the biggest risks… young people have more time for that to happen, or to recover if it doesn’t.”

Jackson cites T. Rowe Price, a major U.S. investment firm, as stating that “young investors should focus on the growth potential of stocks with at least a 90 per cent weighting on a diversified portfolio of equities.”

The younger folks, he adds, tend to have the most debt, an impediment to saving and investing. “The first priority should be to pay down debt starting with the highest interest rates or consolidating all debt into a low interest loan,” he suggests.

In your thirties, he writes, you should “continue chipping away at your debt,” and your portfolio should “push toward equities.”

“Kids and bills call for a mature strategy that includes investing in good companies that produce something with intrinsic value and grow earnings over time,” he writes.

Diversifying your equities “across sector and geographical lines” will hedge against risk, he continues, and at this point you should consider placing some of your investments in fixed income vehicles, such as guaranteed investment certificates (GICs) and “investment grade bonds.”

By your forties, the article continues, you are reaching your peak earnings years.

“T. Rowe Price recommends pulling back from equities in your forties and adding safer alternatives with less return potential. The investment management firm suggest up to twenty per cent of your portfolio be allocated to fixed income,” he notes.

When you are earning more, he adds, registered retirement savings plans “make more sense… refunds will be bigger because the contribution amount will have been taxed at a higher rate.”

By your fifties, Jackson notes, “you tend to have more to invest as basic necessities are paid for and the kids leave home.” The folks at T. Rowe Price suggest you should now be “15 to 30 per cent in fixed income.”

Finally, he concludes, once you are in “your sixties and beyond” you need to change your focus “180 degrees” from saving to spending. Since no paycheque will be coming in, he adds, “it is essential to have a reliable income source for day-to-day needs.”

“In your sixties T. Rowe Price recommends your portfolio weighting be pulled back to 45 per cent to 65 per cent equities and ten per cent cash,” he writes. “In your seventies and over it suggests 30 per cent to 50 per cent equities and 20 per cent cash.”

Diversification is something that members of the Saskatchewan Pension Plan can benefit from. SPP’s Balanced Fund is invested in Canadian, U.S. and Non-North American equities, real estate, infrastructure, bonds, mortgages, private debt and short-term investments. That way, your precious retirement savings “eggs” are not all in one investment basket.

Check out SPP today!

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If your knowledge of investment terminology is limited – or even if you have done a bit of it over the years – Bob Kaye’s How To Avoid Not Having Enough Money To Live On After Retirement delivers a lot of info in a fun, crossword-laden way.

While the book is aimed at U.S. readers (several chapters are devoted to the ins and outs of the tax system south of the border) the investment overview material is good for anyone.

The first chapter reassures us with a quote from the great Warren Buffett – “to invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What’s needed is a sound intellectual framework for making decisions and the ability to keep emotions from eroding that framework.”

On inflation, Kaye warns that “if inflation moves upward at four per cent, then the cost of living will double every 18 years…. (and) in 36 years, $1 million will be worth only $250,000.” That’s why people need higher returns on investments than the rate of inflation, he explains.

He makes a distinction between long and short-term investments. “Due to the frequent ups and downs of stock investments, they are usually only a correct investment for the long term, four to five years, or more.” If you are saving not for say, retirement, but for a short term goal, “a time horizon (of) less than four to five years,” it is better to invest in a savings account or “fixed income” investments.

He sees stocks as the most important investment category for long-term investing.

“Stocks should constitute the overwhelming proportion of all long-term, financial portfolios. Based on historical evidence, even the most conservative investors should place most of their financial wealth in common stocks,” the book quotes Jeremy Siegel as saying.

Stocks provide you “a share of ownership in a company,” and the value of them “goes up and down with the value of the company.” Bonds, on the other hand, “are a loan from you to a government or large corporation” that is paid back with interest.

Kaye sees equity investment as “insurance against living too long” as they tend to appreciate in value over time and often pay you income via monthly or quarterly dividends. Bonds tend to pay you interest twice a year, the book explains.

He notes that a “small cap” investment refers to shares in a company that is valued at $300 million to $2 billion; “medium-cap” is $2 to 10 billion and “large cap” refers to companies values at more than $10 billion, such as “Microsoft or Disney.”

Kaye also explains the difference between “value investing” and “growth investing.”

“The manager… who buys stocks at a bargain and waits for them to increase in value is said to be managing a `value’ fund,” he writes. If the goal is to “buy stocks which are steadily increasing in value,” it’s a growth fund. “Neither of these two strategies may be superior, but rather, they complement each other,” he notes.

“Rebalancing” refers to “periodically rebalancing the percentages of (securities) in a portfolio to their original allocations.” As one security will do better and another worse, rebalancing “automatically sells high and buys low, which is a positive way to earn more income on investments.”

He presents a “diversification scale” which explains that if your portfolio contains “a few stocks and bonds in the same asset class” it is not diversified. If you have a portfolio containing “10 to 20 stocks and 10 to 20 bonds” you are, Kaye writes, “barely diversified.” He sees a “well diversified” portfolio as having “several mutual funds in different asset classes,” along with many dozen stocks or bonds.

Kaye concludes his book, which is laden with crosswords, interesting famous investing quotes, graphics and charts, by hoping readers are now “more proficient in the basic terminology which is the foundation of investments and retirement planning.”

A message of Kaye’s book is that a diversified basket of investment “eggs” is preferable to owning only one or two things. Members of the Saskatchewan Pension Plan, open to all Canadians with registered retirement savings plan room, can rest assured that their savings are well diversified. The SPP Balanced Fund features investments in Canadian, U.S. and Non-North American equities, real estate, infrastructure, bonds, mortgages, private debt and short-term investments.

Check out SPP today!

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Most Canadians “financially prepared for retirement” if they stick to the plan: HEC

More than four-fifths of working households in Canada “would be financially prepared for retirement if their intended retirement age and saving strategies are realized,” according to research from HEC Montreal’s Retirement and Savings Institute.

Results of the study were covered off in a recent article on Advisor.ca.

“The report defines financial preparedness as households that can replace at least 65 per cent of their net income in retirement after taxes, transfers, savings and debt payments, or for households in the lowest income quintile, 80 per cent,” the article notes.

The study, the article continues, takes into account “both private and public sources of retirement income, with the latter being most important to middle and low-income groups.”

The research, based on data from 2022 is “little changed” from a previous study using 2018 data. “Only 18 per cent of households have less than an 80 per cent chance of being prepared,” the article notes.

Pension plans make a difference in retirement preparedness, the article continues.

“Prepared households are more likely to have a defined benefit (DB) pension plan, earn lower income and expect to retire later,” the article explains. However, the study says that the preparedness level could drop if “the generosity of DB pensions decreased…. in the next decades, it is possible that the coverage and generosity of DB plans will be eroded.”

OK – so who is most as risk for not being financially prepared for retirement? Let’s read on.

“Households most at risk of being unprepared have higher than median income and no savings, with a 52 per cent chance of being prepared for retirement. On the flip side, those earning below the median income who also have no savings have an 89 per cent chance of being prepared,” the article notes.

Let’s unpack some of this.

If you aren’t a high-income earner, government benefits will provide a pretty good replacement ratio of your pre-retirement income. Our late sister reported to us that she was actually better off once her Canada Pension Plan and Old Age Security benefits kicked in.

And she was right. For those making a modest income, the modest government benefits are pretty good, providing an income close to what you were making before. But those with higher incomes will find that CPP and OAS benefits, even at the maximum, are quite modest.

If there’s a pension plan available at your workplace, be sure to join it and contribute as much as you can. If you haven’t started saving for retirement on your own, and don’t have a workplace plan, the Saskatchewan Pension Plan (www.saskpension.com) may be just what you’ve been looking for.

With SPP, you decide how much to contribute, and SPP does the heavy lifting, growing your savings through professional investment in a low-cost, pooled fund. And when work is in the rearview mirror, SPP members can choose the security of a monthly annuity payment for life, or the more flexible Variable Benefit.

Check out SPP today!

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“Buy low, sell high.” As well, there’s “sell in May and go away.” There’s “buy and hold.”

These are among the investment tips Save with SPP has heard about over three decades writing about pensions. But what other gems are out there – what “one best tip” exists, or is at least spoken about, in the great Interweb universe?

Well, let’s start with well-known personal growth guru (and financial author) Tony Robbins.

In a GoBankingRates piece, he offers us three ideas to put us on the path to being millionaires.

“Capitalize on compound interest,” he suggests. “Compound interest is the key to long-term investment success with mutual funds, individual stocks and bonds. It takes a long time to reap the full benefits of compound interest, so as Robbins endorses, the earlier you can start on your time horizon, the better.”

OK, start investing early, and leave the investments alone so that the growth and interest compounds. What else?

Robbins also tells us we have to diversify – “you can’t put it all in one place.” And finally, your savings approach needs to be automated, a “set it and forget it” strategy.

“If you set up your accounts to automatically transfer money into savings and investments, you won’t have the opportunity to talk yourself out of socking it away. It then becomes a habit that you don’t even have to think about — you’ll just be automatically building your wealth without even lifting a finger.”

Let’s turn to the Oracle of Omaha, newly retired Warren Buffett, for some more key investing strategies, in an article from The Globe and Mail.

“Be greedy when others are fearful, and be fearful when others are greedy,” the article quotes Buffett as saying. In other words, if the market takes a downturn, that’s a good time to be “greedy” and buy low.

Other advice from Buffett: “don’t be a stock picker, be a business-picker.”

“[W]e own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves,” he is quoted as saying in the article. “That point is crucial: (We) are not stock-pickers; we are business-pickers.”

Timing the market, or waiting for the perfect moment to wade in, is also not a wise idea per Buffett.

“If you wait for the robins, spring will be over,” he states in the piece. Huh?

“I can’t predict the short-term movements of the stock market. I haven’t the faintest idea as to whether stocks will be higher or lower a month or a year from now,” he is quoted as saying in the article. “What is likely, however, is that the market will move higher, perhaps substantially so, well before either sentiment or the economy turns up. So if you wait for the robins, spring will be over.”

Last word goes to the Get Smarter About Money blog.

They suggest avoiding “trending” investments, to “consider the type of investment advice you want and the cost,” and to “commit to a plan rather than be guided by emotions.”

It’s a wise step to get some professional investment advice before you venture into investing on your own.

There is a way to get professional investing at a low cost for your retirement savings – joining the Saskatchewan Pension Plan either as an individual, or as an organization. SPP invests savings dollars in a pooled fund that is professionally managed at a fee of less than one per cent. When it’s time to retire, your grown savings can be received as income in retirement – options include a lifetime monthly annuity payment, or the more flexible Variable Benefit.

Check out SPP today!

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Don’t trap yourself in these seven pre-retirement “money drains”

Those of us who have reached a certain vintage may remember the yuppie-era boast that “whoever has the most toys at the end is the winner.”

Not so fast, writes Vishesh Raisinghani for Money Canada.

“You probably know the importance of retiring with a hefty, well-diversified portfolio of assets. But what if you’ve spent some of your money accumulating things that look like ‘assets’ but are actually hidden liabilities,” he asks.

He then identifies these “tempting, but deceptive money drains that many people trap themselves in before retirement.”

Brand-new cars: “Splurging on your `dream car’ can be the ultimate temptation,” he writes. But a new car loses 30 per cent of its value after about two years, he continues. “Buying a modestly used car at an affordable price is a better way to secure your financial future,” he suggests.

Timeshares: Buying a timeshare to get winter access to a sunny beach is another tempting thought, he writes. “Timeshare ownership involves steep initial costs, recurring maintenance fees, low resale potential and rigid usage schedules,” he points out.

“On top of that, the secondary market is notoriously poor, and many owners struggle to exit their agreements. Sales tactics can be aggressive, and the contracts themselves are often complex and difficult to navigate,” he warns.

Luxury collectibles: “Luxury consumers are a fickle bunch and what’s considered valuable today may not be as valuable by the time you retire,” he notes. So, such items as “vintage cars, designer handbags and luxury watches” may not turn out to be the profitable investment you hoped for.

Buying a mansion or home upgrades: Canadians, he writes, collectively own a whopping $4.7 trillion in home equity. But, he warns, you can “go overboard” with home ownership. “Buying a house that is far beyond your budget or too big for your needs can make it tougher to pay off the mortgage or maintain the property when you’re on a fixed income. It’s also a good idea to avoid excessive and frequent renovations to try and add value to the property,” he notes.

Lottery tickets or speculative investments: Spending money on lottery tickets or “unproven and speculative investments” is particularly bad for “when you’re older and approaching the end of your career,” he writes. Instead of trying to get rich quick, get rich slow with “blue chip dividend stocks, bonds, or gold.”

Multiple or excessive mortgages: Those of us with more than one mortgage, or a big one on a rental property, should realize that as we age, our “capacity for risk is much lower,” he warns. “With this in mind, consider lowering or paying off all the mortgages on your rental properties. If you can’t, sell a few units to pay off the loans on others in your portfolio,” continues, adding that as “a retired landlord, you can’t afford a sudden housing market crash or interest rate volatility.”

These are all good points to keep in mind when you are entering your fixed-income years.

It’s important, as well, to realize that the more you put away for retirement today – in the now – the more wiggle room your future you will have to handle rising costs. If you don’t have a retirement plan at work and are spinning your wheels on saving for retirement, a trusty partner is the Saskatchewan Pension Plan. With SPP, all you have to do is contribute any amount (up to your registered retirement savings plan limit) each year.

SPP will invest your savings dollars in a professionally managed, low-cost pooled fund. When it’s gold watch time, your SPP income options include receiving a monthly annuity payment for life, or the more flexible Variable Benefit.

Check out SPP today!

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The whole “51^st state” thing has prompted many Canadians to change their travel plans and avoid vacationing south of the border.

So where, Save with SPP asks, are they going instead?

The National Post reports that trips to the U.S. by Canadians by air dropped 24.2 per cent in May 2025 compared to one year earlier.

“Return trips from overseas countries rose 9.8 per cent to 1.1 million. Meanwhile, Canadian resident return trips from the U.S. by automobile totalled 1.3 million, down 38.1 per cent compared with May 2024,” the Post adds.

If not the U.S., where are we going?

According to TravelWeek, citing stats from Booking.com, many of us are choosing to travel within our own country.

Trips to Kelowna and Canmore are up by 61 per cent over last year, and for Banff, Canadian travel has increased by 45 per cent, the publication reports.

“Family travel is on the rise, with 90 per cent of Canadian parents planning at least one domestic trip, and 81 per cent planning at least one international trip this year. Europe is the top pick for international travel among parents (48 per cent), followed by Asia at 21 per cent,” the publication notes.

Besides the afore-mentioned Kelowna, Canmore and Banff, the top Canadian travel destinations this year are “Halifax, Calgary, Toronto, Vancouver, Quebec City, Montreal and Niagara Falls,” TravelWeek reports.

“Among global destinations, the top choices are Paris (France), Sharm El Sheikh (Egypt), Tokyo (Japan), Dubai (UAE), Bangkok (Thailand), Alicante (Spain), Nice (France), Malaga (Spain), Rimini (Italy) and Dubrovnik (Croatia),” the publication adds.

Blog.to suggests a few travel destinations where your “Canadian dollars go further than in the U.S.”

In Argentina, the Canadian dollar is worth 746 Argentinian pesos, the article notes.

“Anyone looking to go to Argentina can get a 15 to 20 per cent better return on their Canadian dollar than they would have if they went a year ago,” Knightsbridge Foreign Exchange President Rahim Madhavji tells Blog.to.

In Brazil, where a loonie is worth nearly four reals, “you’re getting a seven to eight per cent discount” thanks to a favourable exchange rate, states Madhavji.

Other countries where the exchange rate works in Canadians’ favour include Mexico, Turkey, South Korea and Japan, he states in the article.

There were many, many Canadians on board during our recent cruise to the British Isles and Ireland, and those we talked to agreed that they weren’t vacationing Stateside as long as annexation talk continues.

Travelling, even if the exchange rate is pretty good, still costs money. And if you are travelling while retired, more income may mean more travel. Did you know that you can consolidate any existing registered retirement savings plan (RRSP) accounts you may have within your Saskatchewan Pension Plan account? Any amount from a non-locked in RRSP can be transferred in, increasing your overall savings nest egg.

SPP will then grow your savings via professional investment in our low-cost, pooled fund. When it is time to pack up your suitcase in retirement, you’ll be able to count on income from SPP, which delivers you the option of a lifetime monthly annuity payment or the more flexible Variable Benefit.

Check out SPP today!

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62 per cent of Canadians surveyed see homeownership as a key retirement strategy: HOOPP study

More than half of Canadians recently surveyed by the Healthcare of Ontario Pension Plan (HOOPP) said they “were depending on the sale of their home to put a retirement plan in place,” reports The Financial Post.

Relying on your home to provide retirement income is a strategy that has “issues” associated with it, the Post notes.

“Sixty-two per cent of people surveyed by HOOPP said homeownership is `a key part of their retirement strategy, either as a financial investment or a source of stability in retirement,’” the article states.

“Forty-four per cent of people said they were depending on the sale of their home to put a retirement fund in place, up from 42 per cent last year and 38 per cent in 2023,” the Post article continues.

“When people are younger, they have to save for two key assets in life, one being a house and one being retirement,” states Jennifer Rook, HOOPP’s vice-president of strategy, global intelligence and advocacy, in the Post article. “As the house becomes more expensive, you are kind of forced to choose a little bit more. What we are seeing is people are really still striving for the house and putting stock in (it),” she adds.

Surprisingly, one-third of survey respondents “said they would remortgage their homes to fund their retirement — the first time HOOPP asked that question in the seven years of the survey,” the article points out.

Planning to sell your house to pay for retirement costs is a move “that is a lot less certain than it was when you embarked on that path many years prior,” Rook tells the Post.

And having a mortgage to pay down – in retirement – is seen as a possibility by 65 per cent of homeowners surveyed. “They (the 65 per cent) are worried that they will still have a mortgage by the time they are ready to retire, up from 51 per cent in 2024 and 45 per cent in 2023,” the article notes.

And while the survey found 48 per cent are “worried about being able to afford their current or future mortgage payments,” a drop from 52 per cent last year, 62 per cent of those surveyed who don’t own a home “doubt they will ever be able to purchase a home based on current interest rates.”

“The survey said younger generations are more likely to be banking on homeownership to fund their so-called golden years, with 55 per cent of those aged 18 to 34 saying they are going to rely on their home to `set them up for retirement,’ compared to half of those aged 35 to 54 and 41 per cent of those aged 55 to 64,” the article continues.

“When you’re young, you think of things differently than you do as you get a bit older,” Rook tells the Post. “But it might also speak to the availability of a pension.”

“Perhaps that’s why 88 per cent of those surveyed by HOOPP said they would be willing to contribute regular instalments to a defined-benefit pension plan, which is structured to guarantee payments for life once you stop working,” the article concludes.

It’s a great closing point. Having a pension plan through your workplace is an excellent way to provide yourself with additional retirement income, over and above the modest benefits offered by the Canada Pension Plan and Old Age Security. If you have access to a pension plan at your workplace, be sure to join up and contribute to the max.

If you don’t have a plan through your work, have a look at the Saskatchewan Pension Plan. With SPP, you decide how much to contribute each year – we do the rest. We’ll invest your pension savings in our professionally managed, low-fee pooled fund. You can join as an individual, or – if you are an employer – you can leverage SPP as your company pension plan.

At retirement, SPP members have numerous options for turning their savings into income, including a range of lifetime annuity payment options or the more flexible Variable Benefit.

Check out SPP today!

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