CBC News has an in-depth report on retirement for Canadians. The report discusses everything in detail: how much money we need in retirement, how much the government contributes through the Canada Pension Plan (CPP), Old Age Security (OAS) and Guaranteed Income Supplement (GIS), pension plans at work (for those lucky enough to have them), saving on our own through RRSPs etc.
Retirement for me and my spouse is 25-30 years away. We don’t have pension plans at work, so we diligently sock away the maximum allowed contributions to our personal retirement accounts. The retirement portfolios will eventually follow our asset allocation plan. With any extra savings, we make a pre-payment on our mortgage. In a low-returns environment, it is one of the best “investment” options available.
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