How are you preparing for retirement?
How old are you and are you going to be able to retire by 60/65? Whatever age you thought you would retire by.
I am 3 months away from starting my job and I have a few ways that I plan on going about it to retire.
I am Canadian, so some of the terms will be different then what you guys use, any questions on terms feel free to ask.
First step is having my company max out my RRSP and have them put in the max that they will as well. Its free money so why not use that to the max.
Second is to try and max out my Tax Free Savings Account, this way any money I make from that is non taxable, which again is free money.
Third and my most important plan is to invest in real estate and use it to make money for me. The more you can acquire, the more potential for profit.
And of course have a savings account of some money. But this would never be the main way to retire because your money isn't actually doing anything for you. You cannot live off of a .5-2.5% increase in that money. Especially when cost of living increases more then the bank gives you.