Life after work is a challenge for single people: they can’t just take the amount couples save for retirement and divide it by two — they need much more. Luckily they have a hidden advantage that couples lack.
With no kids and no mortgage, you’ll need less retirement income than you thought.
If you set up your RRIF early, you can funnel your RRSP savings through it to claim extra credits.
If you don’t have a defined benefit pension, you may be better off than you thought. It turns out that many group RRSPs and non-guaranteed plans are even better.
Knowing the difference between a DB and DC pension can make a big difference when it’s time to retire.
Good things come to those who wait.
Follow these six steps to reduce your retirement needs by up to $125,000.
