Why You Should Start Saving For Retirement Now!

If you haven't begun planning and setting aside funds for your retirement just yet, don't worry, you're certainly not alone. Most people you know not only haven't started saving money for retirement, but are also unaware of how to do it.

Thankfully, there's no better time to begin saving for retirement than now, and the tax experts at Charles Ghadban Accounting can help you start the conversation to set aside retirement money the right way. Let's dive into this quick guide on our biggest reasons why you can and should immediately start thinking about your retirement savings!

You Don’t Want to Rely Only on Social Security Benefits

When it comes to saving for retirement, Social Security and its benefits are only one part of the bigger picture. The average beneficiary of Social Security takes home approximately $1,500 in benefits cheques, which isn't a whole lot for the sole source of income.

Your retirement planning should, of course, factor in Social Security benefits checks, but it's also important that you secure other regular streams of income too. At Charles Ghadban Accounting, we can help you avoid downward mobility once you retire by carefully crafting a tax plan that will complement your retirement savings plan which accounts for revenue streams including Social Security benefits.

Fewer Employers are Offering Pensions

Not that long ago, working professionals could rely on staying with a single company from the time they joined until their final day at the office to enjoy a sizable pension. Unfortunately, the days of working for one business just to secure pension savings are long gone. Fewer employers are now offering pensions, which means that your retirement planning needs to account for alternative sources of revenue.

Instead of relying on a pension from a single employer to keep your retirement afloat, it's vital to come up with an effective retirement savings plan that helps you put away funds each month. This way, you don't need to focus solely on pensions when saving for retirement; the most important part is that you devise a savings plan that can help you take advantage of your job's savings options while you also save money incrementally.

You Don’t Want to Burden Your Children

Your retirement savings are essential if you want to make the most of your post-retirement life. However, it’s crucial that you keep your children in mind while you save and before you retire. All too often people underestimate how much they need to save for retirement in order to spare their children from taking on a financial burden that they simply cannot bear.

Don't make the mistake of not saving enough for retirement, only to put too heavy of a burden on your children's shoulders. Make sure that you start saving for retirement immediately with the help of experts like those at Charles Ghadban Accounting to accurately estimate exactly how much you'll need once you retire to keep living comfortably.

Start Saving With Charles Ghadban Accounting

Saving for retirement the right way can be stressful and time-consuming, but with the team of accounting and bookkeeping experts at Charles Ghadban Accounting, it doesn't need to be.

As the premier group of accounting, tax, and business advisory professionals serving Ottawa since 1992, we have what it takes to handle your personal taxes with expertise and care. If you're ready to start saving for retirement today and need help getting started, look no further than us.

Book an appointment on our website or give us a call at 613-234-7856 to start putting together a retirement savings tax plan that makes sense for your needs, lifestyle, and budget!