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How to start saving for retirement at 45
– moneysense.ca
Saving for retirement at age 45 means you’ll have a 20-year runway toward a traditional age 65 retirement. But what’s your starting point? The National Bank of Canada suggests that by age 40 you should have 2.1 times your annual income saved for retirement, while the U.S.-based firm Fidelity recommends three times annual income in retirement savings by age 40, and four times annual income saved by age 45.
Are you on track, or are you playing catch up?
For some Canadians, that may feel like plenty of time to ramp up their retirement savings, especially if expensive childcare years are behind them. For others, starting to save for retirement at 45 can feel like they missed the window on savings growth.
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I’ll turn 45 this summer, and so I felt compelled to take on the assignment about saving for retirement at this age. While I’d like to think I’m in a better financial position than most Canadians my age (Lake Wobegon effect, perhaps?), I’m also keenly aware that I’m closer to my 60s than I am to my 20s…
In recent years, thousands of Canadians have picked up a side gig or started a business, according to a study by Quickbooks. Self-employment can have a steep learning curve—and Julie Barlow is here to help. Barlow, who’s based in Montreal, is an inspiring example of a successful freelancer: she’s a magazine writer, a French translator and the author of eight non-fiction books. Her latest book, Going Solo: Everything You Need to Start Your Business and Succeed as Your Own Boss (Sutherland House), came out in September. Co-written by Barlow’s husband, Jean-Benoît Nadeau—who’s also self-employed—Going Solo is a comprehensive guide to self-employment in Canada. Below, Barlow shares her thoughts on entrepreneurship, saving money and not being afraid to invest in your business.
Who is your money hero?
My father-in-law, Yvan Nadeau, who co-founded one of Quebec’s big engineering firms, is my money hero. He taught me to save for retirement but take risks and invest when necessary, even if that means borrowing…
