3 Ways to Help You Retire Early in Canada

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.