2024-02-03 20:51:29
“Ramsey Show” co-host Jade Warshaw revealed the key to “thriving, not just surviving” during your retirement years during an interview on the “Big Money Show” on Monday.
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“It is very important to make sure that you plan for your own social security by investing yourself,” she stressed.
Ms Warshaw, who works as a Ramsey Solutions Master Financial Coach and debt elimination expert, stressed the need to diversify one’s investments in the markets and use other retirement benefits to maximize one’s financial security in retirement .
She suggests people invest 15% of their gross monthly income towards retirement.
In this regard, she mentions the 401(k) Plan, which is equivalent in the United States to what the Registered Retirement Savings Plan (RRSP) offers in Canada.
Ms. Warshaw also advises investing in Roth IRAs, of which the Tax-Free Savings Account (TFSA) and the Tax-Free First-Time Home Buyer Savings Account (CELIAPP) can be used. equivalent in Canada.
Remember that in Canada, the amount granted by a Canada Pension Plan (CPP) retirement pension depends on certain factors.
The Government of Canada indicates in particular the following three:
-The age at which you decide to start receiving your pension
-The duration and amount of your CPP contributions
-The average of your income throughout your working life
The maximum amount that can be received monthly by a person starting to receive their pension at the age of 65 is $1,364.60.
The average monthly amount paid for a new retirement pension at age 65 was, however, $758.32 in October 2024, the government further indicates.
Ms. Warshaw’s advice that one should not rely solely on the government pension seems enlightened.
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