Newfoundland & Labrador edition
Thinking about retiring?
- There are many programs that are created to help seniors with retirement.
- You must apply to the programs in order to get the benefits.
- To learn about some of the government programs for seniors, please read the Accessing and Optimizing Pensions and Public Benefits pocket tool.
- It is important to think about how much money you will need as you retire and age.
- Closely monitor your investment account, and make sure you understand the statements that come from your bank or brokerage firm.
- Many people consider saving for retirement by investing in some type of savings account such as a Tax Free Savings Account (TFSA) or a Registered Retirement Savings Plan (RRSP) where the investment income is not taxed while in the account.
- Your best investment strategy may be to pay down your debt (credit card, mortgage debt, etc).
- If housing in your area is affordable, the best way to save might be through home ownership.
- If you’ve accumulated substantial savings or sold your home and wish to convert the savings into a lifetime pension, then you might wish to consider annuities.
- Life annuities can be a helpful source of income during retirement, depending on one’s personal circumstances, because they pay out a guaranteed monthly stream of income.
NL - Retirement and Savings Options Tool