Derek Foster retired at the age of 34 despite spending his 20s backpacking across Europe, Australia, and New Zealand – and living a number of years in Asia. He has written six books including “The Idiot Millionaire” and most recently, “The Worried Boomer.”
On February 13, 2012 he was interviewed by Patricia Lovett-Reid Senior Vice President with TD Waterhouse Canada Inc. for Business News Network. When asked for one tip that is not out there in mainstream personal finance, here’s what he said:
“Join a pension plan. Why doesn’t everybody join a pension plan? There is a pension plan available called the SPP run out of Saskatchewan and anybody in Canada can join it. It’s a no-brainer as far as I’m concerned. Have a few eggs in that basket here, a few over here, a few over there….
…The reality is that a lot of people don’t belong to a pension plan and they are going to have to create some sort of income stream in retirement. There’s talk of OAS changing, who knows what will happen to CPP? The SPP is another stream of income. If you put all these baskets together, eventually you have enough to live fairly comfortably.”
Shouldn’t YOU join SPP?