retirement goals by age 30, life after retirement, retirement planning tips
These tips can help you balance your income and expenses to prepare for retirement.
Stay focused today – enjoy tomorrow
Balancing your income and expenses is an important part of planning for retirement
When you’re full swing into your career, it can feel like you got there in the blink of an eye. Most people hit their stride in their career in their late 30s and 40s. Your earnings are typically higher than when you were younger, but so are your expenses, and that can make it tricky to balance your finances.
Although retirement might seem far away, and even with the added security of your HOOPP pension, you should think about your life after work. Here are some tips to help you stay focused.
- Are you paying yourself first? According to figures from Statistics Canada, most Canadian households only manage to save five cents for every dollar of income. Putting aside some savings from every pay can help put you on the right track. Consider an automatic savings plan that puts aside a set amount as soon as you get paid. You’ll be saving more without even noticing.
- Continue balancing your budget. You’re earning more, but you’re also probably spending more on your home or your lifestyle. This is the life stage where too many expenses can end up as debt on a credit card or line of credit. Do your best to keep a handle on your expenses and try not to let them add up. You can do this by downloading an app that can help you manage your spending and saving.
- Review your goals. As life changes, so do our wants and needs. What you may have wanted earlier in your life may not entice you as much today. Setting aside some time to review your long-term goals can help you realign. Keeping a journal or creating a vision board can help you stay on track.
Staying focused on the big picture can help you achieve the retirement you want. Your HOOPP pension can help you get there.
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Stay focused today – enjoy tomorrow
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This document provides a simplified overview of HOOPP's benefits based on the terms of the HOOPP Plan Text at the time of publication. From time to time, HOOPP may amend the HOOPP Plan Text. In cases where the information provided in this document differs from that contained in the HOOPP Plan Text, the HOOPP Plan Text will govern. More details, including the full HOOPP Plan Text and a complete description of the Plan and its benefits, can be found on hoopp.com.
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