Thread by @TorontoStar

While it may seem far into the future, there are many ways young Canadians can get a head start to better understand, prepare and plan for retirement.

To #MakeItMakeSense, money expert @jessi_moorhouse breaks it down and give us tips. thestar.com/business/perso…

There are people in their 30s and 40s who wish they started to think about it earlier. It’s why Moorhouse emphasizes not being afraid to start doing some research in your 20s.

“You may not think it applies to you right now but it will apply to future you"
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For retirement there are several account options, including a Tax Free Savings Account, Registered Retirement Savings Plan as well as other taxable or unregistered accounts, Moorhouse says.

You can also invest in individual stocks, mutual funds and more.
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People have also invested in collectables like fine wine and art to sell later in the future.

Because there are so many options, Moorhouse says it’s all about figuring out what makes the most sense for you and where you are at in your life.
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While there are generic rules of thumb like saving 25-times your current income, Moorhouse says that those guidelines often don’t take into consideration where an individual lives and what their lifestyle will look like when they retire.
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Those considerations should be a starting point that can then be tweaked and customized later on if for example someone’s lifestyle or income changes, Moorhouse explains.

Read this week's #MakeItMakeSense in full ⬇️💰
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