What To Do If Your Employer Does Not Offer A Retirement Plan? | Refresh Financial

Official blog of Refresh Financial

What To Do If Your Employer Does Not Offer A Retirement Plan?

 Employer Does Not Offer A Retirement Plan?

Canadians who are employed full-time typically have retirement plans built into their employment, and employers will often match your RRSP contributions as a benefit of your employment. However, that's not always the case with some of us. If you're working for an employer who does not offer a retirement plan, what are you supposed to do? If you're wondering how you're supposed to prepare, keep reading! We're going to go over what to do if your employer does not offer a retirement plan.

At the end of the day, it's your responsibility to save for your retirement, but these are some great tips you can utilize!

1. Aim To Save 15% Of What You Make

- Saving 15% of your income over the years will ensure that you have enough to live off once you are no longer working. 15% should be the bare minimum of what you end up saving for retirement.

2. Put Your Savings Into TFSA's

- A TFSA is a tax-free savings account that Canadians can contribute up to $5500 per year. Try to hit that maximum every year.

3. Make RRSP Contributions

- Once you've maxed out your TFSA contributions, start making RRSP contributions each year. These contributions are tax-deductible and can help reduce taxes you may owe.

4. Get Educated On Investing

- Carve out some time for yourself to study how investing works. Speak with a financial advisor to discover the best route to making your money grow before retirement.

5. You Still Have A Canadian Pension Plan

- All working Canadians are eligible for the Canadian Pension Plan, which will help to replace your income once you retire.

It’s always nice to have the matched contributions from your employer, but if you don’t, it’s not the end of the world. There are still many avenues you can take on your own to ensure that your retirement transition is an easy one.

It may seem scary at first, taking that amount of money out of your regular monthly cash flow, but nothing is more valuable than your own peace of mind. Try and create a long-term plan for yourself. Document your plan and seek advice from professionals. If you're including the steps above, you're definitely on the right track!

What are your pointers for those who have to save on their own for retirement? Let us know in the comments!

 

Leave a Reply

Your email address will not be published. Required fields are marked *

*

50 + = 57

    What Canadians are saying about Refresh

    I would like to thank Refresh Financial for helping me get out of a bad spot. I never thought it was possible and almost gave up on things and then I saw Refresh Financial and and gave it a try. At first I was unsure of things but to see my credit score now makes me a believer in this program.

    – Aaron A

    “It hasn’t even been a year yet, possibly only 6-7 months, and my TransUnion score has gone up over 100 points. That was only the tip of the iceberg as recently I was able to get a consolidation loan from my bank that allowed me to move forward and make things easier for me. Talk about second chances!”

    – Angelica M

    “I am now in a position where I am able to obtain credit (just bought a brand-new car and refinanced my mortgage for a fantastic rate) and it took little to no time at all. I would 100% recommend Refresh to anyone looking to rebuild credit with as little hassle as possible.”

    – Cathy M

    “I had not heard of a company doing such a thing before someone suggested it to me and it made sense. I am not very good at saving money and Refresh Financial helped me. I have dealt with them for years now and never had a problem. The customer service is excellent and fast.”

    – Chris C

    Refresh helped me regain credit following a nasty divorce, which left me with a very poor rating. They were able to remarkably help me go from a 480 to a 600 score, in just over a year. Thank you Refresh!”

    – Deb K

    I have watched my credit score jump since being with Refresh and I have already recommended it to friends and family. Thank you for helping me build my credit faster for my future and my children’s future :)”

    – Heather T

    At first I was skeptical because I wasn’t getting funds upfront and had to make payments when I really needed the money. I’ve been in the program a year now and have noticed my credit has improved drastically!”

    – Irene L

    I have been a client of Refresh Financial for approximately 3 years. Since being a client they have improved my credit immensely. Definitely recommend this company to anybody that needs help re-establishing credit.”

    – Jason I

    “I recommend this program to anyone having credit issues. At the end of the agreement, your money is refunded to you. There were times I found myself short on cash and Refresh, with permission, used a portion of my money to clear up my arrears.”

    – Margaret L

    “I would like to thank Refresh Financial for their professionalism, great customer service and for helping get back to a better financial situation. I have always been treated with the utmost respect.”

    – Martine B

    Refresh Financial is an amazing program to help people get back on their feet. I was rock bottom with nowhere to turn. My credit was beyond poor. I would recommend them to anyone. If I can do it surely anyone else can.”

    – Matthew S

    “Great company to deal with for rebuilding credit, very simple process to get started. Good service if you ever have questions.”

    – Mike L

    This business truly cares about its clients. The customer service is always quick to return calls or emails. Their online portal functions very well so as a customer you are always updated as you progress with your loan.

    – Phil J

    “Refresh Financial has made us more aware of how to take care of our financial situation and be more responsible, and making payments on time is rewarding in the end for credit. Thank You sincerely.”

    – Rocky M.

    “Refresh financial is great!!! They boosted my credit score, helped me save money and helped my husband and I buy our house;) I was not only a number to them, they stayed in touch and helped me out along the way. Answered all my questions and concerns.”

    – Sara B

    “Refresh Financial had been exceptionally good to me! I’ve just been out on medical leave and they have accommodated me with my payments without hesitation!! I was in a really bad spot with my credit and they have helped me to try and correct it!! Bravo!”

    – Shannon B

    This company has been nothing but fantastic. They have gone above and beyond to help me. This program has given me the relief and peace of mind I need. I would certainly go back to them and give them names of people who could use this.”

    – Shirley K

    The financial services products are excellent for new immigrants, low-income earners and small business owners. Loans, savings and credit building all in one solution is a perfect fit to help with financial goals and stability.”

    – Soraya H

    “After successfully going through a credit rebuilding loan, I was able to use my built-up equity to purchase a newer vehicle and I have since been approved through a financial institution for a loan.”

    – Tanya W

    “I made some poor credit choices when I turned 18 and have always had this lingering thought of how am I ever going to better my score. Since being with Refresh I have realized that I took the right step towards bettering my future.”

    – Taylor B

    I’m so excited I’ve joined refresh! I’ve already seen a huge increase on my credit after the first month! The staff are a delight and make this so easy to understand. I strongly recommend Refresh Financial even if you have good credit this will give you a boost and you’re saving money with the reverse loan!”

    – Wayne B