The average age of retirement has picked up progressively over the last 20 years. There are several factors that have contributed to this trend. For one, defined-benefit pension plans have been in terminal decline in the private sector. This has limited options for many Canadian workers. Today, I want to look at three tips that will help Canadians retire early in the years and decades ahead.
Start saving as early as possible
Many investors may see this as a no-brainer, but it is worth taking home for those starting to save for retirement. The earlier you start saving and building a retirement portfolio, the sooner you will reach your retirement goal. That topic brings me to the next tip.
Build a retirement plan and set clear goals
The road to retirement is often long and sometimes the intricacies can be overwhelming. Canadian investors should seek to build a retirement plan, either through online tools or with a financial planner. With a retirement plan, investors will find it easier to target and meet their goals.
Take advantage of this red-hot market
Investors saving up for retirement have had a huge opportunity to lap up capital gains over the past decade. Look at a stock like Shopify (TSX:SHOP)(NYSE:SHOP), which debuted on the TSX in 2015. That technology stock launched at an IPO price of $17 per share. It closed at $1,876.31 on August 23. This illustrates how crucial it is to get in on this fiery market.
