Best Retirement Books Canada

Most individuals who are within the last one to five years of their working careers are not happy with how they plan to spend their retirement years. Some are even bored! This article will share the best retirement books Canada has to offer. These are inspirational picks that can help you plan for your life after you leave your day job.

One of the biggest challenges to retirement planning is that no one really wants to do it. It’s boring, complicated, and it requires you to be honest with yourself about how much you have saved so far. If you are looking for the best retirement books Canada has to offer, you have landed in the right place. We have reviewed ten of the best books for your consideration.

One of the largest privileges in Canada is the ability to retire. Sadly, this privilege isn’t accessible to everyone. Many Canadians will leave their careers short of needing this kind of option. It should be their decision to return to work if so desired. Many other factors influence retirement living in Canada, but many aren’t aware of them until their late forties or fifties. When it comes to living in retirement, there are specific forms that must be followed according to law. Each province has different rules and regulations for this matter which means it’s important to take note of these things. The best way to prepare yourself financially is through reading books on retirement. This is a list of the top ten Canadian retirement books available

Everyone these days is talking about retirement. It’s almost becoming a national obsession – but why? With most Americans working towards retirement in some form or another, it is easy to see why retirement has become such an important topic.

Understanding Retirement

Early retirement is typically considered at age 62, which is the earliest age an individual can collect Social Security retirement benefits. Typically, 40% of pre-retirement income comes from Social Security for those who decide to retire early

Full retirement age is when an individual can collect the maximum amount of Social Security benefits, which is typically age 67 if you were born in 1960 or later. However, Social Security benefits are reduced for those who decide to retire early.

According to the Special Committee on Aging by the U.S. Senate, advances in public health and medicine have allowed Americans to live and work longer. Those who are aged 55 and over are expected to make up nearly 25% of the workforce by 2026, which represents an increase from 35.7 million in 2016 to 42.1 million in 2026.3

These changes may present opportunities for people to save longer provided they remain healthy. The three most frequently used methods of saving for retirement are:

  • Employer-sponsored retirement plans, such as a 401(k)
  • Retirement savings, such as investments
  • Social Security retirement benefits4

When developing a retirement savings plan, it’s important to determine how much income you’ll need in retirement to comfortably live. Expenses should be considered such as whether there will be a mortgage or rent payment and if so, how much. Typically, retirees will need 80% of their pre-retirement income to continue their current standard of living.4

According to the Special Committee on Aging by the U.S. Senate, advances in public health and medicine have allowed Americans to live and work longer. Those who are aged 55 and over are expected to make up nearly 25% of the workforce by 2026, which represents an increase from 35.7 million in 2016 to 42.1 million in 2026.3

These changes may present opportunities for people to save longer provided they remain healthy. The three most frequently used methods of saving for retirement are:

  • Employer-sponsored retirement plans, such as a 401(k)
  • Retirement savings, such as investments
  • Social Security retirement benefits4

When developing a retirement savings plan, it’s important to determine how much income you’ll need in retirement to comfortably live. Expenses should be considered such as whether there will be a mortgage or rent payment and if so, how much. Typically, retirees will need 80% of their pre-retirement income to continue their current standard of living.4

Prepare for Retirement

If you are already saving, whether for retirement or another goal, keep going! You know that saving is are warding habit. you’re not saving, it’s time to get started. Start small if you have to and try to increase
the amount you save each month. The sooner you start saving, the more time your money has to grow (see the
chart below). Make saving for retirement a priority. Devise a plan, stick to it, and set goals. Remember, it’s
never too early or too late to start saving

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