In the realm of retirement, women in Canada are outliving their male counterparts, with a life expectancy of around 84 years compared to men’s 79 years, according to Statistics Canada. This demographic reality underscores the need for women to secure their financial future during retirement. To navigate the longer span of retirement, here are five empowering strategies to boost your retirement income:
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Maximize Your Pension Contributions
Now is the opportune moment to augment your workplace pension or retirement savings. Take advantage of government tax relief and explore if your employer matches contributions up to a certain limit. If you’ve had career breaks leading to gaps in your retirement savings, consider voluntary contributions to bridge these disparities.
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Save More Through Small Changes
A careful review of your budget may reveal areas where you can trim expenses, freeing up additional funds for retirement savings. Remember, the more you save now, the more you’ll have to enjoy during your retirement.
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Consider Investing
Explore investment opportunities as an alternative to traditional savings accounts. Investing has the potential to yield higher long-term growth, offering a strategic approach to building your financial nest egg.
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Make the Most of Joint Allowances
For those in committed relationships with shared assets, evaluating both pensions and savings collectively is crucial. Assess the joint cost of living in retirement to ensure a comprehensive financial plan for the future.
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Adjust Your Retirement Plans
If retirement age is approaching and financial concerns arise, consider delaying your retirement. Inform your pension provider and explore adjustments to your investment strategy. Reduced working hours or semi-retirement can also enhance financial security while fostering a better work-life balance.
Taking action today will not only fortify your financial well-being but also pave the way for a longer, more comfortable retirement. Empower yourself with these strategic moves tailored to the unique needs of women facing an extended retirement period in Canada. Remember, the key to a secure financial future lies in proactive and informed decision-making.
