What gets people to start saving?

Saving is a lot like staying in shape, or losing weight – you know you should be doing it, you know it makes sense for you, yet it’s easier to not think about it and do something else.

Save with SPP decided to try and find out if there was a particular trigger, or strategy, that got people started on their saving journey – and tips on how they stuck with it.

At the Bustle blog, Allie, age 22, says “my best tip (which stems from my lack of self-control) is to pretend like that money isn’t even there. I set up direct deposits so that the money is taken right out, and I factor my savings into my monthly overhead as if it’s non-negotiable. (And I can negotiate with myself preeeetty well when it comes to money!)”

So, her plan is to pay herself first, and to make it automatic.

Erin, 29, tells Bustle she has developed a strategic approach to saving.

“Since I started working full-time, I’ve adopted a system of ‘hiding’ money from myself. I set up automatic transfers of 15 per cent of my paycheque to the other accounts. That way, I was able to build my (emergency) fund up to equal six months of my living expenses in a couple years. To help me save more money, and replenish my (emergency) fund, I’m currently trying out spending ‘fasts,’ where I try to live off as little as possible. My goal is to keep my spending under $100/week. I also made sure to participate in company-sponsored retirement plans and max out any matching, when I had the option.”

Erin also automates saving, but uses savings challenges to jump-start her efforts.

Lisa Picardo, Chief Business Officer at Pension Bee in the UK, tells MSN that she got more serious about saving as she got older.

“Like many people, I wasn’t as engaged as I could have been in my early career, so I just made minimum contributions into the workplace pension I was auto-enrolled into, and then forgot about it,” she tells MSN. Later, she didn’t contribute at all, but when she joined Pension Bee (a retirement savings app/program), “I started to consolidate my old workplace pensions into one easy-to-manage plan and became a more active saver. I now use the PensionBee app to track my pot, top up contributions and have felt empowered to actively select a plan that invests my savings in line with my values and goals.”

Lisa consolidated her savings into one plan, and ensures she contributes to the maximum, and uses a savings app to monitor her progress.

Kate Dore, 32, tells Money Rates believes in the power of starting the savings journey early.

“When I was in my early 20s, I wasn’t earning a lot,” Dore tells Money Rates. “But I knew that I had to start saving anyway, even if it was just a little. When I was 18, I contributed $1,000 a year. That was my goal, even when I was waiting tables. Since then, I’ve tried to contribute as much as I can to that.”

It was the need to become more self-reliant after a divorce that got Oraynab Jwayyed on the savings bandwagon later in life, around age 42, Money Rates reports.

“I knew that I had to take care of myself financially after the divorce,” Jwayyed tells the publication. “I had decided it was time to focus on saving for retirement and I wasn’t going to let my divorce stop me from doing that.” She now contributes 10 per cent of her earnings to her retirement account.

She’s catching up on savings in early middle age.

Sooner or later, something will get you to start saving. Maybe retirement age is fast approaching. Or you’re just starting out in the work world, and want to put a bit away for the future. Maybe it’s a life changing event that forces you to take on more saving. All reasons to start saving are good and valid ones.

And if you are saving for retirement on your own, the Saskatchewan Pension Plan may be just the partner you have been looking for. With SPP, you can contribute any amount you wish, right up to your annual registered retirement savings plan limit. You can also transfer in any amount from a non-locked in RRSP to consolidate your nest egg.

SPP will then take those hard-saved dollars and invest them in a low-cost, professionally managed pooled fund, growing them for your future. When it’s time to turn savings into retirement spending money, SPP options include a lifetime monthly annuity payment or the more flexible Variable Benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

The tricky part of retirement – turning savings into income

You’ve got to the point where you are ready to retire – you’ve saved up a nice nest egg. But now comes the tricky part, turning that lump sum of money into income you can live on.

A recent Investopedia article took a look at what it calls “the part of retirement planning no one talks about – turning savings into income.”

“Navigating the math of decumulation –how to draw down savings without running out — is one of the biggest blind spots in retirement planning. And while lifetime income tools are gaining traction, the foundation of a secure retirement still lies in a smart withdrawal strategy — one that balances your need to live well today with the reality of funding a future that could last decades,” the article begins.

It’s basically flipping the script for most people – you are now trying to sustainably spend the money you just finished saving for years.

“After decades of saving, people are suddenly expected to figure out how to spend it down in a way that lasts,” states Mark Stancato, founder of VIP Wealth Advisors, in the article. “There is no built-in structure, no paycheque, and considerable uncertainty.”

The risk, the article adds, is “over-withdrawing in the early years, or being overly conservative and losing purchasing power over time.”

One route to deal with retirement income needs would be to structure your portfolio so that it “builds a foundation of guaranteed income,” states Stancato in the article. For instance, fixed expenses might be covered by a “core floor” that includes government income from the Canada Pension Plan and Old Age Security, as well as any workplace pension benefits you might have that deliver a monthly pre-determined income.

“From there, you can structure your income sources and assets using what’s known as a bucket strategy. Short-term spending needs are covered with cash or bonds, while medium- and long-term needs can rely on equities and other growth-oriented investments, effectively giving your portfolio room to grow while still supporting your near-term liquidity needs,” the article continues.

Another way to guarantee how much money your investments will generate is through an annuity, the article explains.

“Annuities, which turn a lump sum into a predictable monthly paycheque for life, are often the first option considered,” the article points out. A recent Nuveen study in the U.S. found that 90 per cent of members of 401 (k) plans (similar to a registered retirement savings plan or defined contribution plan) “would consider using fixed annuities to create a steady retirement income.”

“Turning a nest egg into retirement income requires more than just taking withdrawals — it requires intention, strategy, and adaptability. “The biggest mistake people make is treating every dollar the same,” Stancato states in the article. “You need to know what each account is for and when you will need it.”

Members of the Saskatchewan Pension Plan have the option of an annuity when they decide to retire. SPP’s Pension Guide provides full details on the plan’s life only annuity, joint and last survivor annuity and refund life annuity.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Worst-ever bits of financial advice to watch out for

We occasionally, in this space, have listed some of the best bits of financial advice people have ever received.

That got us thinking – what are some of the worst bits of financial advice that have been doled out to people. In the interest of protecting us all from being steered the wrong way, Save with SPP is on the lookout for the worst of the worst, in terms of financial advice.

“Let the bank come get it,” is identified by the A Dime Saved blog is a top bad financial idea.

“When you finance something whether it’s a car or a home, you’re entering a legal agreement to pay for it. If money gets tight, you should be reaching out to your lender to negotiate, not ghosting them. Walking away and letting the bank `come get it’ might sound like a bold move, but it comes with long-term damage to your credit score that could haunt you for years,” the blog explains.

Another one on the blog’s list is “take a loan to pay off a loan.”

“Unless you’re consolidating debt at a lower interest rate, using one loan to cover another just digs a deeper hole. It delays the inevitable and compounds your financial stress. It’s not a solution — it’s a snowball,” the blog warns.

A third one is “put everything on a credit card for points.”

“Chasing credit card rewards without discipline is a trap. The points might look great, but the interest you’ll pay if you don’t clear your balance each month will wipe out every perk. If you’re not careful, your spending will spiral,” the blog explains.

The SoFi Learn blog suggests that “you don’t have to worry about retirement until later” is a particularly unsound bit of advice.

“Friends, family, and acquaintances may tell you to enjoy your youth and not to worry about your old age until later,” the blog explains. “However, the sooner you start to save, the more money you’ll have later on thanks to compounding interest, which builds earnings on your investment and on that investment’s interest. Putting off saving until midlife can put you behind the eightball, causing you stress and anxiety as you try to make up for lost time,” the blog adds.

A second idea in the blog is that “follow your passions” may not be the best financial advice you’ll get. “Although it sounds nice, following your passions professionally rarely pays the bills. And it can also put you into a very competitive and crowded field, if your passion is one of the common ones; say, acting, singing, cooking, or creating art,” the blog warns.

In a Global News article, a number of bad ideas are captured. Common bad financial mistakes, the article notes, include “using a credit card advance to fund a down payment, using student loan money to travel, moving too often and any investment seminar promoting a ‘sure-fire way to beat the market.’”

We can add a few more from our own travels. Thinking it’s OK to only make the minimum payment on a credit card. Taking a vacation “on the card,” without saving anything for it in advance or to pay down the debt afterwards. Unwittingly paying super high fees, front-end and back-end loads on investments. Not really knowing how much you are spending versus how much you are taking in.

Avoid these potential pitfalls, live within your means, and save for the long term. If you have a pension plan through work, be sure you are signed up and contributing to the max – don’t decide you’d rather spend that money versus setting it aside for your post-work future.

If you don’t have a workplace plan, the Saskatchewan Pension Plan may be just what you are looking for in terms of a savings partner. SPP is open to any Canadian with registered retirement savings plan room.

You decide how much you want to contribute – and you can also transfer in any amount from your other non-locked-in RRSPs. You provide the money, and SPP’s investment wing does the rest, growing your money in our low-cost, professionally managed pooled fund.

At retirement, those savings will turn into income to live on. Options include a monthly, lifetime annuity payment, or the more flexible Variable Benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Top retirement countries for Canadians

The True North is, as we all know, Strong and Free, but can be cold in the winter, and expensive to live in.

So the folks at Money Canada have put together a list of the top countries Canadians might want to move to in retirement.

“When determining the top 12 best places to retire in the world, we considered factors like the cost of living, political stability and infrastructure, healthcare quality, safety, things to do and see and proximity to Canada,” the article begins. “We also looked at the ease and requirements involved in getting a retirement visa/long-stay visa. When doing our research, we consulted a variety of governmental sites, as well as local and international websites.”

At the top of the list is Panama.

“Panama is a wonderful place to retire, thanks to its unique combination of modern amenities, affordable cost of living, fascinating culture and tropical beauty. The country is especially attractive to those who prize an active lifestyle thanks to an abundance of outdoor activities ranging from hiking and birdwatching, to surfing and snorkeling along the coast,” reports Money Canada.

Portugal, the article continues, “boasts plenty of sunshine, affordable living costs and incredible cultural assets. The Algarve region, in particular, is popular with retirees for its beautiful beaches, charming towns and laid-back lifestyle.”

In Thailand, “few can resist the destination’s beguiling mix of modern amenities and ancient attractions and traditions.” France, the article enthuses, “has it all: a highly regarded food scene, ancient, atmospheric villages brimming with history, one of the most storied capital cities in the world and a never-ending selection of highly acclaimed museums and galleries to whittle away the hours.”

Mexico offers “proximity to Canada…  (a) temperate climate and (a) lower cost of living. Mexico is a top pick for Canadian citizens of retirement age,” Money Canada reports. Beautiful Malaysia is a country where “the cost of living is very low, healthcare is top notch and housing is affordable.”

Italy “offers an enviable mix of culture, awe-inspiring landscapes and affordability,” and Costa Rica “is well-known for its unparalleled natural beauty that showcases white-sand beaches, verdant rainforests, jaw-dropping volcanoes and acclaimed national parks.”

Rounding out the list are Spain, “with its delightful Mediterranean climate,” Greece, “one of the best places to retire in the world on a budget,” Switzerland, which boasts “one of the highest standards of living in the world,” and Ecuador, which “boasts some of the most singular and breathtaking landscapes in the world, including Galapagos, a world UNESCO site.”

It’s always nice, especially when you are shovelling the walkway in mid-January, to think of tropical weather in faraway lands. But whether you travel in retirement or stay put here at home, you’ll need some savings to live on.

The Saskatchewan Pension Plan is an open, voluntary defined contribution plan that any Canadian with registered retirement savings plan room can join. A feature of SPP is that you can consolidate any other RRSPs you have within SPP. Rather than having bits and pieces of retirement income from multiple sources when you retire, your income will all come from one place.

SPP’s retirement income options include a monthly annuity payment for life or the more flexible Variable Benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Retirement planning in a novel format: Retire Younger Canada

Russell Roy’s Retire Younger Canada not only offers solid information on how to take control of your finances (and your life), but is a well-told, gritty novelized life story of fictional engineer Sam Jackson. We follow Sam’s life from his very early retirement at 48 until his death, in his 70s.

The author begins by telling us that he is “just a regular working Joe Schmoe who hated his job enough to be motivated to investigate and understand what I needed to do to retire early.”

As Sam prepares to clear out his desk at work, he gives a younger co-worker some important lessons “I learned as a kid,” specifically, “delayed gratification,” or learning to “save and plan,” the “impact of children on personal finances,” the importance of getting a higher education and “you get out what you put in, so work hard.”

Later, in a post-retirement party discussion, his wife Cindy remarks that many people don’t really enjoy their jobs, adding “I think that the people who truly enjoyed their jobs were the ones who chose to work for themselves.” This discussion led to thinking around the value of trying to retire as early as possible so that you can enjoy life after work in good health.

In retirement, Sam tells us, you get “freedom on so many levels. Freedom from work anxiety. You know I already feel freer to speak my mind… it feels like a weight has been lifted from my shoulders.”

Thinking about how he was able to retire at 48, Sam recalls that “as a young, bona fide working citizen, Sam saved a down payment and bought a house. This was the first, and most important and key financial decision he made.”

In a section about living off savings (decumulation) Sam talks about the ideas of spending four per cent (or 3.5 per cent) of your nest egg each year, with the goal of not outliving your money. He discusses the “bucket” plan where your nest egg is divided into “a cash bucket for the short term… a bonds bucket for the intermediate term and maybe stocks bucket for the long term.”

He goes into detail on how to track your income and expenses via a spreadsheet, and factoring in any upcoming big expenses. A second spreadsheet should track the progress of your investments, and a third, the “big picture” or grand total of all savings and investments.

He talks about the dangers of high investment fees. “You know, here in Canada, mutual funds will take an average of 2.2 per cent of your cash each year just to manage your money,” he explains to a young friend. Even if the indexes double, the annual fees eat up much of your growth, he explains. Instead, Sam reveals, he and his wife switched out of mutual funds into a portfolio of stocks – the Canadian ones eligible for the dividend tax credit – and fixed income, which he describes as “loan(ing) the money you save to others…. (so that) the money (interest) will slowly flow to you. The work of others will go into your pocket.”

He later goes on to explain that you need to be aware of the tax consequences of every type of income you will be receiving in retirement, so that you can plan to opt for a route that offers the least taxation possible.

In looking at his parents’ and in-laws’ finances, Sam noticed the risk of risk aversion had put them in the highest income tax bracket, since nearly all of their income came in the form of interest. Being anxious about investment risk, Sam observes, is a common trait. “It seems fear, more than anything, cripples people as they get older. They are afraid of more and more so they do less and less.”

“That is just another reason to retire early and live life now,” Cindy responds.

“Every day is Sunday in retirement,” the book notes, but without the dread of returning to work Monday.

The book concludes with this bit of advice.

“One parting thought. Few of us can afford the savings it would take to live forever. Retirement isn’t necessarily the end of anything. What it really is, is the freedom to make the best of the last years of your life on your own terms. Get after your bucket list, live your life to the fullest, and have fun.”

This is a very unique, creative, story-telling approach to the topic. It’s a highly recommended addition to anyone’s retirement library.

The Saskatchewan Pension Plan is a voluntary, defined contribution plan that is open to any Canadian with registered retirement savings plan room. If you don’t have a workplace retirement plan, SPP may be just the ticket for you. You decide how much you want to save, and SPP does the rest, investing your hard-saved loonies in a low-cost, professionally managed pooled fund. At retirement, your income options include a lifetime monthly annuity payment or the more flexible Variable Benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Consider these steps to help you afford retirement – even if you are starting late

Gen Xers, reports GoBankingRates, are a “scrappy” bunch who are raising kids and caring for parents against a backdrop of “inflation and other rising expenses.”

A Lending Tree survey, the publication adds, suggests that 70 per cent of Gen Xers will “need all the help they can get to be able to retire.”

But the article lists eight things this group can do to help them to arrive safely in the Land After Work.

First, the article says, you need to understand “your own cost of living, health and goals” when figuring out how much you’ll need – not some generic “retirement blueprint,” states Tyler Meyer, CFP, and founder of RetireToAbundance.com.

Second, he adds. “don’t think of retirement as an all-or-nothing finish line.”

“For many people, retirement may look like a blend of part-time work or flexible work with investment income instead of a complete stop,” the article notes. “That shift in thinking instantly lowers the savings target and opens up more possibilities,” Meyer tells GoBankingRates.

The article is aimed at an American audience, but the third step applies to Canadians as well – be sure to contribute as much as you can to any workplace pension, or registered retirement savings plan, or Tax-Free Savings Account. If you have unused room, begin to fill it up, the article suggests.

If debt is a barrier to your saving, pay it off, the article tells us. Pay off the debt with the highest interest rate first, the article advises.

Think about side hustles that will bring in money when you are retired, rather than simply the idea of having to live on less, Meyer tells GoBankingRates.

“I have seen clients successfully turn interests such as woodworking, photography, fishing and gardening into steady income streams,” he states in the article.

Don’t judge yourself “for not being prepared for retirement,” states Ashley Stearns of Michigan’s Community Financial Credit Union. “Realize you are not alone,” she tells the publication, noting that on average, Gen Xers in the U.S. carry $9,557 USD in credit card debt, surpassing even boomers.

“The most important thing is to start. With the right support and a clear plan, Gen X can rewrite the narrative on debt,” she states in the article.

Another idea, the article continues, is to get the help of a money coach or financial adviser to help you develop “a workable retirement plan.”

The article concludes with a three-step approach to freeing up money for retirement savings, developed by Stearns:

• “Begin by tracking your expenses for a month to identify potential areas to cut and shift to retirement.”
• “Analyze your spending habits.”
• “Make small changes one at a time.”

Many members of the Saskatchewan Pension Plan take advantage of SPP’s automatic contribution feature. SPP permits you to make pre-authorized contributions from your bank account or credit card. By going this route, you are saving money before you have the chance to spend it. SPP will take those contributions and grow them in our low-cost, professionally managed pooled investment fund.

When it’s time to turn savings into income, your options include receiving a monthly annuity payment for life, or the more flexible Variable Benefit option.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Tips to get clutter packed up and on its way

Most of us have a room, or corner, where our clutter collection is tucked away. It’s often still boxed up from two moves ago. Or it’s a once-prized possession that no longer does anything but take up space.

It’s daunting to think of de-cluttering, particularly if the problem has grown out of hand. Save with SPP decided to see what the experts say about getting that junk gone in an easy, manageable way.

The Custodia Home Management site offers some ideas on de-cluttering strategy.

“Have you ever walked into a cluttered room and felt overwhelmed? Now, imagine how a senior feels when their home is filled with piles of unused items, making it harder to move around safely,” the article begins.

The goal of decluttering, the piece continues, is to create “a comfortable, stress-free place where seniors can move freely and feel at ease.” But how to get cracking on it? Let’s read on.

To “ensure a smooth and stress-free process,” the article suggests a strategic approach to clutter-outplacing.

“Start small – declutter one room at a time,” the article advises. “Begin with a small space, such as a closet or drawer, to build momentum.”

Next, the article suggests a “keep, donate, discard” approach.

“Simplify decision-making by sorting items into three categories: keep, donate, and discard. This method streamlines the process and reduces indecision,” the article explains. Many organizations welcome “gently used items, offering a meaningful second life to possessions.”

Your “keep” list, the article notes, should “prioritize essential and sentimental items.” Consider digital options for things like photo albums, the authors add.

Make it a fun and family focused activity, the article suggests, by hosting a “decluttering party” where guests are encouraged to take home things they want or need. Finally, you can consider hiring a professional company to assist you in the operation, the article concludes.

The Sort and Simple Canada blog provides a few more ideas.

Visualization, the article suggests, is a great first step. “Picture how you want your space to look, feel, and function, and be as specific as possible. With a clear vision, you’ll be able to decide with confidence what belongs in your space—and in your life,” the article tells us.

Another good idea – “stop clutter before it starts – decrease the incoming stuff,” the article explains. “Let’s be more intentional about what you bring into your home: think twice before making purchases, unsubscribe from mailing lists, and avoid freebies or hand-me-downs you don’t really need,” the article continues.

Some questions to ask yourself while decluttering include “`does this item support my organizing vision?’ or `Would I buy this again today?’ These questions help you shift from a mindset of scarcity (`I might need this someday’) to one of abundance (`I’m choosing what to keep in my life’).”

Another nice thought in the article – “pull everything out of the area you’re working on, and only return items that fit your vision and are genuinely useful or loved.”

A final thought – if you have a donation pile or box, “make sure those items don’t linger…. This will help avoid second-guessing your decisions,” while keeping things “clutter free,” the article concludes.

The publication House Digest adds a few final ideas to get your decluttering going.

Many of us fail to get going on sorting things out because “we feel intimidated and overwhelmed just thinking about trying to declutter everything. We picture spending hours — or even days — on end going through pile after pile and drawer after drawer just to make a small dent,” the article begins. So, start by setting a specific time period you will spend decluttering – start with five minutes a day and ramp it up as you go, the article advises.

Employ, the article continues, the Marie Kondo method. “Kondo recommends evaluating each item in your home and only holding on to those that `spark joy.’ That means that if you have something, but don’t use or enjoy it, you should let it go,” the article advises.

Another way to make the process fun is to turn it into a challenge, the article notes.

“Try the 30-day minimalism game. With this `game,’ you and your friend would each have to get rid of (trash, sell, or donate) a number of items to match the day of the month. So, on the fifth day of the month, you’d clear out five items, and on the 28th, you’d get rid of 28 things. When all is said and done, that means you will have gotten rid of an impressive 465 different items,” the article continues.

We’ll add one more – finding a loving home for your old stuff. A nearly new cat carrier used gently by our late kitty was greatly appreciated by the local cat rescue shelter. A perfectly good golf club we couldn’t hit is now in a friend’s golf bag, another friend is happily playing a 12-string guitar we got bored of playing after getting a new electric guitar.

If you are able to get a few dollars for any of your unwanted items, you can add to the thrill of your decluttered living space by contributing to your future self’s retirement income. Consider joining the Saskatchewan Pension Plan, open to any Canadian with registered retirement savings plan room. SPP will invest the dollars you save in our professionally managed, pooled, low-cost investment fund, and when it’s time to leave the clutter of the workplace behind, you can turn savings into income via such options as our monthly annuity payments or the more flexible Variable Benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

In the U.K., Gen Z confident about retirement, despite not saving or having pensions

Despite “the high cost of living, stagnating wage growth and lower job security,” a surprising 38 per cent of British Gen Zers say they are “confident in their financial future,” reports This is Money.

The data, compiled by U.K. pension firm M&G, found that only 17 per cent of those aged 45 to 54 shared that confidence, the publication adds.

“Although almost half of Gen Z don’t currently have a workplace pension, a fifth still expect to be able to retire when they are in their 50s,” the article reports, adding “this is despite the fact their pension age is likely to be at least 68.”

This suggests, the publication continues, a disconnect among younger folks about how much money they’ll need when they are retired, and when to start saving.

“It suggests young people’s optimism might be down to a lack of information about how much they need to save for retirement — and how much of a difference it can make if they begin saving earlier in life,” This is Money adds.

Alarmingly, only 30 per cent of Gen Zers asked fear running out of money in retirement, compared to 44 per cent of those “in their late 20s and early 30s” and 52 per cent of those aged 35 to 54, the publication continues.

 “It’s refreshing to see such positive attitudes from Gen Z towards their financial futures, but optimism alone isn’t enough to guarantee a comfortable retirement,” M&G’s Anusha Mittal tells This is Money.

There should be more focus on long-term retirement savings, even for the young, the article adds.

“As few as eight per cent of 18 to 24-year-olds say that building a pension pot is one of their financial priorities. Some 49 per cent said a priority was to spend money on things they enjoy,” the article explains.

Indeed, retirement saving may not be much of a priority for younger Britons, the article notes.

“Most of my savings go towards life experiences, especially travel, which I see as a valuable way to spend money while I am still young,” assistant psychologist Cynthia Wong, 27, tells This is Money. “I believe that wealth is defined by meaningful experiences, and I prioritize them over saving for things that feel distant like retirement,” she states in the article.

Wong goes on to say that saving for retirement may become more of a priority for her later on.

M&G’s Mittal contends that now is the time to start retirement saving.

“Unless Gen Z’s enthusiasm is matched by action — including better understanding of where their money is going, how much they’re saving, and whether it’s enough — they could be sleepwalking into a ‘too little, too late’ scenario when it comes to retirement readiness,” she states.

Workplace pensions are a great thing, but are becoming scarcer, forcing many to save on their own for their retirement. If you’re in this category, the Saskatchewan Pension Plan may be the savings partner you’ve been looking for. Open to any Canadian with registered retirement savings plan room, SPP does the heavy lifting for you, investing your savings in a professionally managed, low-cost pooled fund. At retirement, your income options include getting a monthly annuity payment for life, or the more flexible Variable Benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Is the “buy Canadian” movement having a positive impact?

The whole issue of the trade war with the U.S. has prompted many of us to focus on buying made in Canada goods and services wherever possible.

Save with SPP checked to see how this idea is going, and what benefits it may be bringing.

Writing in Retail Insider, Mario Toneguzzi cites a recent report from NielsenIQ that stated “retailers and brands, take note—this is more than a moment. It’s a mindset. And it’s reshaping what loyalty, value, and national identity look like in the Canadian aisle.”

The article points out that “nearly half of Canadians are taking a stand” on buying Canadian or avoiding American brands. “From boycotting U.S.-made goods to choosing Canadian products even when they’re not the easiest or cheapest option, shoppers are putting their wallets where their values are,” the article adds, again citing NielsenIQ information.

There are economic benefits to the movement, reports Money Canada.

“A report by BMO economist Robert Kavcic suggests that the `Buy Canadian’ trend could add as much as $10 billion annually to Canada’s economy. This shift in consumer behavior is not just patriotic — it’s becoming a meaningful source of stimulus for the Canadian economy. Kavcic estimates that a modest shift in spending toward Canadian goods could generate $6 billion in value. With more than half of Canadians saying they intend to buy Canadian-made products in response to the trade conflict with the U.S., the movement has become a potent economic force,” the article notes.

In the grocery aisle, the article continues, “the `Buy Canadian’ movement represents both a business opportunity and a chance to support local farmers and producers.” As well, the article adds, “with more Canadians choosing to buy local, it seems that the movement is not only reshaping how Canadians shop but also how they think about their role in the economy.”

The Toronto Star reports that Canadian chocolatier Purdys has made its products available in a Canadian grocery store for the first time in its 118-year history, all thanks to increased buy Canadian demand.

“Since about January, we really noticed … people either remembered that we are a Canadian brand and always have been or were interested in learning more about Canadian brands and how they could support Canadian companies through that uncertain time,” said Kriston Dean, vice-president of marketing and sales at Purdys, tells the Star.

“Their interest manifested in a more than 200 per cent increase in traffic to Purdys website and a whopping 300 per cent spike in searches about whether the brand is Canadian,” the article adds.

The CBC reports on a small farm business in Quebec has seen “a spike in sales” thanks to the movement.

The Agricola Co-operative Farm in Petite Nation, Que. “grows vegetables, herbs and cut flowers.” Sales were up more than 20 per cent over last year, the broadcaster reports.

“It’s a way of getting your groceries, but I think it’s also that idea of [how] community supported agriculture is also a way of participating a bit more directly in the local food system,” the farm’s Natalie Childs tells the CBC.

Did you know that the Saskatchewan Pension Plan is a voluntary retirement savings program that is open exclusively to Canadians with registered retirement savings plan room?

With SPP, you decide how much you want to save, and we do the rest, investing your hard-saved loonies in a professionally managed, low-cost pooled fund. At retirement, your income options include receiving a monthly annuity payment for life, or the more flexible Variable Benefit Option.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

There’s no question we are living in uncertain times – how will the trade war and its tariffs impact investing and Canada’s job markets?

We may not yet know exactly where things will land, but – according to a Money Canada piece by Nicholas Sokic – Canadians “are staying diligent in saving for retirement.”

In fact, he writes, citing a report from Sun Life, retirement savings contributions are, on average, at $9,500, “a six per cent increase from 2022.”

“The ‘buy Canadian’ sentiment that gained popularity earlier this year may also be having an impact on how people are investing their money. While some are adjusting their finances, it’s encouraging to see that they aren’t reactively pulling their money out of the market,” Sun Life’s Dave Jones, senior vice-president, group retirement services, states in the article.

“In the first quarter of 2025, members moved their money out of U.S. equity funds at the highest rate witnessed since the beginning of the COVID-19 pandemic. While more people are reducing their risk exposure, they are not withdrawing their money from their plans. Withdrawal rates remain stable when compared to past years,” the article continues.

Other findings outlined in the article:

• 70 per cent of plan members “who engaged with an advisor” were seen as being more likely to take action with their finances than those without such help.
• 42 per cent of plan member balances are in “target date funds,” a type of investment that becomes more conservative (and less exposed to equities) as the member ages.
• Workplace pension plan members are, on average, retiring “two years earlier than the average Canadian.”
• Average workplace pension plan balances in the Sun Life survey were at $94,220.

The idea that Canadians are saving more these days is also captured in an article on the Statistics Canada website.

“Recent analysis from Statistics Canada on the `third pillar’ of the retirement income system — in addition to government pension plans — hows that there has been an increasing share of families’ contributions to one or more of the three registered savings accounts: Registered Pension Plan (RPP), Registered Retirement Savings Plan (RRSP), and the tax-free savings account (TFSA),” the article begins.

In 2009, just over half of Canadian families contributed to one or more of these savings vehicles – a rate of 52.3 per cent,” the article continues. By 2022, that percentage had jumped to “nearly three in five families (58.1 per cent),” the article adds.

TFSAs increased in popularity in the 2009 to 2002 period, while contributions to RPPs and RRSPs “stayed flat, or declined over the same period,” the article notes.

These articles show, it would seem, that Canadians see that saving for retirement is important, even if the times are challenging.

If you have a retirement savings program through your workplace, be sure you are signed up and contributing – often there can be an employer match.

If you don’t have a workplace plan and aren’t sure how to go about investing for retirement on your own, the Saskatchewan Pension Plan may be just the ticket. With SPP, you decide how much you want to save, and SPP’s team does the rest. Your savings dollars will be invested in a low-cost, professionally managed pooled fund.

When it’s time to depart from the workforce, your options for turning your savings into income include getting a lifetime monthly annuity payment from SPP, or the more flexible Variable Benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!