A new year – 2025 – is upon us. Traditionally, it’s a time for making resolutions – maybe to hit the gym more often, to finally quit smoking, and so on.

Save with SPP, often with money on the mind, took a look around to see what sort of resolutions people are considering making when it comes to saving money.

The folks at the GoBankingRates blog have a few ideas; the first is to bump up your retirement savings by one per cent.

“One simple way to improve your long-term finances with minimal effort is to bump up your retirement plan contributions in small increments,” the blog explains. Let’s say you are earning $50,000 and contributing five per cent towards a retirement savings account. In Canada, that could be a registered retirement savings plan (RRSP), Tax Free Savings Account (TFSA), a Saskatchewan Pension Plan (SPP account) or any other savings vehicle where you control how much goes in.

Bumping that up by just one per cent means “you’ll be kicking in an extra $41.67 per month,” the blog explains. “That’s a money-saving resolution you could easily keep,” the blog continues.

Other ideas in this article include starting an emergency fund and the golden rule of “eat all the food in your house” to avoid food waste.

“Having an emergency fund is essential for keeping yourself out of debt when you face unexpected expenses,” the blog advises. Start small – maybe put away $100 a month. “Within a year, you’ll have $1,200…. enough to cover most short-term emergencies you’ll face.”

“If you want to save money… simply check your refrigerator every day for what you have and what might be going bad soon and eat that instead of picking up something new from the grocery store or a restaurant,” the blog advises. This “eat all the food in your house” rule is one our mother used to swear by; we would “use up” the food in the fridge before going out to buy more groceries, avoiding waste.

The Positively Frugal blog over in the UK offers up a few more ideas.

Getting out of debt is the blog’s number one resolution.

“Without a doubt, one of the absolute best financial goals to make this year is to get rid of your debt once and for all! I am a huge proponent of being debt free — not only is it good for your finances, but it’s good for your psyche,” the blog tells us.

“This year, challenge yourself to lose the burden of some of your debt. If you want to take it up a notch and brave the task of setting one of the best long-term financial goals, set a resolution to become completely debt free,” the blog advises.

Other suggestions – in the New Year, start paying off your credit cards in full each month (if you haven’t already begun doing this). “The amount you will save in interest and fees can add up to a nice little pile of cash, which can be used to kick start a savings account,” the blog suggests.

Another money-saving resolution offered up by the blog is to try and eat out less.

“If there is one area where most people can shape up their finances, it’s on the amount they spend eating out,” the blog notes. “You don’t have to completely eliminate eating out, but you can make a money resolution this year to spend less on the meals you eat at restaurants,” the blog adds.

Finally, the gang at Nerdwallet provide us with a few retirement-related savings resolutions.

First, the blog recommends, you should set a “goal retirement age.”

Figuring out when you want to retire will help you to estimate how much money you’ll need to have saved up by the time that day rolls around,” the blog tells us.

“Let’s say you’re 30 years old now and you want to retire by age 65. That gives you 35 years in which to save. So how much money will you need to retire at age 65,” the blog continues.

“A common rule of thumb is to aim to save at least 70 per cent of your annual pre-retirement income. Then, multiply this number by 25. Why? Because another rule of thumb says it’s a good idea to plan for 25 years of life after retirement — perhaps more if you retire early. Finally, you’ll want to subtract any pension income you plan to receive,” the blog states.

The blog also suggests that you automate your retirement savings.

“Once your (retirement saving) plan’s in place and accounts picked out, your next step should be to automate contributions. This ‘set it and forget it’ way to save ensures you’re constantly putting money towards your retirement plan with no little effort required on your part. It’s perfect for those who might be forgetful or be tempted to spend extra funds if they’re not allocated immediately,” the blog advises.

“Automating contributions to your retirement accounts should be easy, with financial institutions allowing you to set it up online. You can choose how much you want to contribute and at what frequency,” the blog adds.

Final word from Nerdwallet is to get started – today!

“It’s never too early to start thinking about retirement. The sooner you start, the more time you’ll have to save, and maximize those savings through registered plans, investments and tax-free accounts,” the blog concludes.

One savings tip we will add is one learned from one of the books reviewed for writing this blog. Let’s say you look at your existing budget, and find there is no room to save anything. The book suggested taking one per cent of your take-home pay off the top and putting it into savings, then managing the bills. Once you’ve managed that for a while, bump it up to two per cent, and so on. This one worked for us back when we were still grappling with a mortgage and debt.

The Saskatchewan Pension Plan is a defined contribution pension plan open to any Canadian with available RRSP room. Like an RRSP, your contributions to SPP are tax-deductible. SPP takes your savings and invests them in a low-cost, professionally managed pooled fund. At retirement, SPP members can choose among such options as a monthly lifetime annuity payment or the more flexible Variable Benefit.

Check out SPP today!

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Emptying the nest egg – the challenge of finally spending your retirement savings

Our late father was in his early 80s when a financial adviser asked him if he was still saving up for a rainy day. “Yes,” said Dad. “Well,” the adviser said, “it’s raining.”

Many people, like Dad, are reluctant to finally start spending their hard-saved retirement nest egg dollars, reports Ritika Dubey of The Canadian Press.

“It can be a jarring switch from saving for retirement to spending in retirement,” she writes. “Financial experts say that transition is a process.”

Her article quotes Kurt Rosentreter of Manulife Wealth as saying we all need to “psychologically prepare” for retirement and need to start thinking about our retirement spending needs “at least two years before bowing out of the job.”

“It’s not just stop one day and all of a sudden, start living off your savings,” he tells The Canadian Press.

Anyone closing in on retirement needs to know things like your post-retirement “cost of living, tax impacts, and how to live off passive investment income or rental property income for the rest of (their) retired life,” writes Dubey.

And unlike the days of getting handed a paycheque every couple of weeks, retirement income is often a byproduct of investment, the article continues.

“All of a sudden, your food money and everything else — your fund money — is now tied to the stock market, bond market, politics, economics, tax rates,” Rosentreter states in the article. “That’s pretty intimidating.”

For Rosentreter, the answer is developing a written plan ahead of retirement, one that states, “here’s how much you have, here’s how you will access it over the next month, next year, 10 years, the rest of your life,” he tells The Canadian Press.

The plan should look at four key areas, he states in the article – fixed core costs (shelter, utilities), fixed variable costs (birthday gifts, etc.), discretionary expenses (i.e., dining out) and luxury costs (that expensive SUV).

“You start with the mathematics of what their cost of living is,” he tells The Canadian Press. “You can’t head into retirement without the numbers.”

Marlene Buxton of Buxton Financial tells The Canadian Press that you will also have to deal with income from multiple sources – many different pots of income.

You might, she notes in the article, have money in locked-in retirement accounts, registered retirement income funds, a defined benefit pension or tax-free savings.

She says it is not day-to-day spending that depletes your savings – “it’s the larger decisions, such as how long before downsizing or when to begin certain benefits such as the Canada Pension Plan or Old Age Security, or what age to retire,” she states in the article.

The article concludes by saying you need to revisit your cash flow plans every year after you retire and adjust them as required. “In the end, it’s putting all this on a spreadsheet and working with it and moving the numbers back and forth to see where it works based on what starts the conversation,” Rosentreter tells The Canadian Press.

With the Saskatchewan Pension Plan, it’s easy to automate your retirement savings. SPP allows you to make contributions via pre-authorized withdrawals from your bank account.

You can line up the withdrawals with your pay days so that you are saving the money before you even realize it’s there. Alternatively, you can contribute to SPP by setting it up as a “bill” in your bank’s online bill payment section. You can send us a cheque, or you can make a contribution with your credit card! It’s all part of the flexibility of being an SPP member.

Check out SPP today!

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“The man from the bank was very nice,” said Grandma over the phone one Monday evening. “He said he just wanted to run a security check, so I ran and got my card.”

Oh no, we thought. We were quickly able to contact the bank to verify that all was OK with her account. She hadn’t been able to see all the numbers (she’s 92) and began to think something was up when the “bank man” started yelling at her.

When we got her on the phone with her actual bank, they reassured her that the bank would never make a “security check” call like that; it was a scam.

Save with SPP took a look around to see what other scams are out there that we – particularly the older and more vulnerable among us – should watch out for.

According to the Toronto.com website, “Canadians have lost a staggering $447 million through various scams and fraud through the first nine months of 2024.”

Of that total, the article continues, $228 million was lost in “investment fraud alone from January to September of 2024.”

An investment scam, the article notes, occurs when “the scammer may try to get you to buy digital currencies, stocks, bonds, or real estate, or to invest in a business directly,” the Competition Bureau Canada states in the article.

“Fraudsters often use social media, dating apps, online ads or websites telling investors to act now while promising high returns,” the article adds.

The Globe and Mail notes that $45 million has been lost “to phone-initiated fraud” like Grandma experienced. That figure “captures only a fraction of the suspected financial carnage,” the Globe notes. “The Canadian Anti-Fraud Centre estimates that a mere five to 10 per cent of victims actually report” the fraud.

In addition to investment scams and phone fraud, the Asterisk blog warns about “social media scams” which often consist of “false advertisements… that promise job opportunities, discounted merchandise, or free trials.” Clicking on these could lead to “identity theft and stolen passwords,” the blog warns.

Another category is called “spear fishing,” Asterisk reports. “Be aware of texts and email messages, which appear to be from a legitimate source, that say someone is trying to access your account. Never respond to the text or email, and do not click on any links.”

These messages may purport to be from someone you do business with – the bank, the post office, Amazon, or the government.

“The golden rule is that if you’re unsure, don’t click. Opening a fraudulent link can potentially infect your device or compromise your data. Instead, reach out to the government agency directly by looking up their official contact information,” the blog advises. “If you’re concerned about these messages, especially if they are ongoing, call your financial institution directly to find out if they’re trying to get in touch with you.”

Another category is employment scams, Asterisk continues.

For example, the blog reports, “Instagram direct messages that claim someone received your resume through a job posting site and is interested in hiring you. It is common for scammers to ask for personal details, financial information and even pretend to send you an advance ‘digital payment.’ However, after you deposit the money, you’ll get a call from your financial institution that the cheque was counterfeit,” the blog warns.

Similar scams involve “car wrapping,” being hired as a “financial agent” to help process invoices or offers for you to be a mystery shopper or personal assistant, the blog cautions.

We’ve all heard (and friends have experienced) the “grandparent scam,” where someone calls saying it is your grandson and that he needs bail money quick to get out of jail. Or the Canada Revenue Scam where a recorded voice says you are about to be arrested for tax evasion unless you contact a random number first. Artificial Intelligence can make any scam sound plausible.

The takeaway is to be skeptical about the reality of any unsolicited call. It costs you nothing to hang up – it might cost you plenty to stay on the line. As our parents used to say, “if it sounds too good to be true, it probably isn’t true.”

Are you among the millions of Canadians who does not have a retirement program through work? There’s a handy resource you should be aware of – the Saskatchewan Pension Plan. SPP is an open, voluntary defined contribution plan that any Canadian with available registered retirement savings plan room can join.

Sign up and start contributing, and SPP will do all the rest, investing your savings in a professionally managed, low fee pooled fund. At retirement, you’ll have options, including the possibility of a lifetime monthly annuity payment or the more flexible Variable Benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Working past 65? Check to see if you’ll still have benefits

More and more Canadians – either because they need the money or love their work – are continuing to be on the job beyond age 65.

But, reports Money Canada’s Vawn Himmelsbach, “if you stay with your employer after age 65, your benefits could expire at a time you need them most.”

Mandatory retirement at 65 stopped being the law in 2009, she writes. Today, Statistics Canada figures show that “one in five seniors (21 per cent) aged 65 to 74 worked in 2022,” she continues, noting that while “some seniors enjoy their work or the sense of purpose it brings them… many others are working because they have to.”

Those in the “have to work” category are doing so for “financial security reasons, such as affording everyday expenses, paying off mortgage debt, or supporting adult children,” Himmelsbach notes.

But even though there is no longer a mandatory retirement age, your workplace benefits may be impacted by the candles you see lit on your 65^th birthday cake.

“Many group insurance policies terminate at age 65, which typically impacts disability and life insurance benefits,” she explains. She quotes Rajiv Haté, a senior lawyer at Kotak Personal Injury Law, as recently telling BNN Bloomberg that health and dental benefit coverage may also end at that point.

“Say, for example, you’re 66 years of age and have been working at the same company for 20 years, with full benefits. You’re injured on the job and make a claim, only to find out your insurance expired when you turned 65 and the insurer denies your claim. Since you don’t have coverage, there’s not much you (or even a lawyer) can do about it,” she explains.

It’s important to check with your employer about your benefits coverage, she stresses.

“Whether your health and dental benefits expire will depend on your employer’s policy. Some policies will continue past age 65, so long as you’re paying your premiums. Others will end at age 65, though there may be an option to convert it to private coverage,” she writes.

If you are able to convert your workplace benefits into a private policy, you might be able to do so without the need for a medical exam, the article notes. Getting your own private coverage is also a possibility (if you find yourself without coverage), but a medical test may be required and that could impact the price of premiums – or worse, you could be denied coverage.

Those without coverage should put aside money in savings to cover medical expenses, the article concludes.

As one who has retired from full-time work for a little over 10 years, it is for sure a great thing if you can continue to take part in your workplace program. The cost of prescription drugs, dental care, and new glasses – like everything else – keeps going up, and once you are retired, you will be living on less income (barring a lottery win) than you had while working.

Saving for retirement on your own can be daunting, particularly if you aren’t up on stocks, bonds, real estate, infrastructure, or other categories of investment. But there’s a solution – the Saskatchewan Pension Plan. SPP does the heavy lifting of investing your savings for you. And, once it is time to turn in your name badge, SPP provides ways for you to turn those savings into income, such as via a lifetime monthly annuity payment, or our more flexible Variable Benefit.

Check out SPP today!

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Decades ago, a colleague – during a chat about retirement – told us that her in-laws felt that the best retirement decision they ever made was to leave work as soon as they could, at age 55.

They had enjoyed a very long retirement and did all the things they wanted to – and they looked back at it all fondly now that they were in their 80s.

Save with SPP decided to look around to see what other people think are the best, or most important, retirement decisions they can make.

The Motley Fool blog offers up a few key decisions.

One is to “make retirement a priority,” because “the sooner you decide to make retirement a priority, the more time `the force’ (the power of compounding) will work in your favour,” the blog tells us.

Another decision is to “explore your core pursuits,” the blog advises. “The happiest retirees report entering retirement with an average of 3.61 `core pursuits.’ Unhappy retirees have less than two,” the blog notes.

A related idea is to set retirement goals, the blog states.

“Something as simple as writing down three goals for your first year in retirement can work wonders in giving your time structure, purpose, and meaning. Of course, these goals will change over time — the important thing is devoting time to exploring them and following through,” the blog concludes.

The folks at Forbes offer up a few more.

Your health, the publication suggests, should be a top consideration.

“`Good health’ is the factor often cited by retirees as a top reason for happiness in retirement,” the publication notes. “As you’re considering the `when to retire’ question, you’ll want to find a way to balance your health goals with your financial goals, since money worries can be a significant cause of stress, which can in turn negatively affect your health. This can be another reason to consider working part time for a while—you’ll get more time to achieve your health goals while also improving your finances.”

The publication also suggests that delaying your retirement date may qualify you for larger retirement benefits.

Finally, the Kiplinger team brings up some important decisions on retirement you don’t want to get wrong.

Don’t “relocate on a whim,” the article advises. “Too many folks have trudged off willy-nilly to what they thought was a dream destination only to find that it’s more akin to a nightmare,” the article adds. Consider renting in your new, desired location before you decide to buy there, the article adds.

Don’t “not plan” to retire. Huh? Kiplinger says that 55 per cent of U.S. workers plan to work “after they retire,” meaning, essentially, continuing to work indefinitely. “That plan could backfire,” warns Kiplinger.

Changes in your health, or that of a spouse, could mean you’ll be retired before you planned to be. “Assume the worst and save early and often. Only 34 per cent of baby boomers surveyed by Transamerica have a backup plan to replace retirement income if unable to continue working,” the article adds.

Finally, Kiplinger cites “putting off saving for retirement” as a related, bad decision. Surveys found this was the biggest regret amongst U.S. boomers.

“The good news for investors (in their 40s and 50s) is that they may still have enough time to change their savings behavior and achieve their goals, but they will need to take action quickly and be extremely disciplined about their savings,” states Ajay Kaisth of KAI Advisors in New Jersey in the Kiplinger article.

If there is a single takeaway from all this, it’s the idea of planning. You will almost certainly reach a point in life when you are no longer working or able to work. If you thought about this long ago and saved, or joined a retirement program at work, you will have more options than if you didn’t.

If you don’t have a workplace pension plan or retirement program, the Saskatchewan Pension Plan may be just the ticket for you. SPP is open to any Canadian with available RRSP room. You make tax-deductible contributions to SPP at any rate you wish – and you can transfer funds into SPP from other RRSPs. Once your savings are entrusted to SPP, we will invest them in a low-cost, professionally managed pooled fund. At retirement, your choices include income for life via an SPP annuity, or the more flexible Variable Benefit.

Check out SPP today!

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Saving for retirement is only half the battle: Brett Millard

While saving, investing and building wealth are key to retiring well, there’s a second factor to consider – drawing down those savings as income when you actually leave paid work.

So writes Brett Millard in Castanet.

Saving is the “accumulation” phase, but drawing down that money, or “decumulation” also requires a lot of thought, he writes.

“Once retirees reach their golden years, a new challenge emerges: how to best withdraw those funds in a sustainable and tax-efficient way. This phase, known as ‘decumulation,’ is just as crucial to a retiree’s financial well-being as the accumulation phase. A well-thought-out decumulation strategy can make the difference between financial security and uncertainty in retirement,” he explains.

After a lifetime of saving in such vehicles as “RRSPs, TFSAs, pension plans and other investment accounts,” it’s important to get decumulation right, he adds.

“Without a proper decumulation plan, retirees risk depleting their savings too quickly, paying more in taxes than necessary and leaving less behind to their loved ones. To maximize the funds available in retirement, Canadian retirees need a thoughtful, carefully managed withdrawal plan that considers taxes, investment growth, longevity, and lifestyle needs,” Millard writes.

He offers up a number of guidelines to help people think through the decumulation process.

• Determine retirement income needs: You need to know how much you are going to be spending once you are retired, he explains, and then budget accordingly. “A thorough budget helps you understand how much income you’ll need each month, setting the foundation for your decumulation plan,” he notes.
• Calculate sustainable withdrawal rates: You want to try and determine how much money you can take out of savings as income per year at a rate that is sustainable, he explains – so that you don’t run out of savings when you are older. Some use the “four per cent” rule, if in doubt consider getting professional advice, he adds.
• Consider tax-efficient withdrawal strategies: “Withdrawing from different accounts in a strategic order can help minimize taxes and extend the life of a portfolio. Generally, but not always, it’s tax-efficient to withdraw from non-registered accounts first, then RRSPs or RRIFs, and finally TFSAs. By delaying RRSP withdrawals, you allow these funds to continue growing tax-deferred. Similarly, keeping withdrawals from TFSAs until last can help protect tax-free income. Again, everyone’s situation is different and a plan should be customized for you,” he writes. Will income-splitting be beneficial to you, tax-wise, he asks.
• Manage longevity and market risk: “Outliving retirement savings is a major concern for retirees and balancing growth with security is a critical part of any decumulation plan. One approach is to keep a mix of assets that allows for growth potential, such as stocks, alongside lower-risk investments like bonds or guaranteed income products,” he warns.
• Evaluate guaranteed income options: Millard says you may want to consider buying an annuity to provide guaranteed lifetime income. “Certain types of guaranteed income products, such as annuities, provide predictable income that isn’t subject to market volatility. While annuities often require an upfront investment, they can ensure a steady stream of income for life, which can reduce stress about market risk and longevity,” he writes. Again, consider getting professional advice to be sure an annuity is right for you.
• Review and adjust regularly: “Retirement circumstances, lifestyle changes, market conditions, and tax laws evolve over time. A regular review—ideally once a year—helps ensure your plan stays aligned with your goals and income needs,” he writes.

“By giving as much focus to decumulation as to accumulation, retirees can enjoy their retirement years with financial freedom and flexibility,” Millard concludes.

If you are a member of the Saskatchewan Pension Plan, you have several decumulation options when you retire. There’s SPP’s stable of annuity options, all of which provide you with a lifetime monthly payment so you can never run out of money. There’s also the Variable Benefit, which provides you with more flexibility in when and how much of your savings you draw down.

Check out SPP today!

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A whopping 84 per cent of Canadians surveyed “believe financial education in school would have helped them manage their personal finances with less stress today.”

That’s just one of the findings of recent research carried out for Edward Jones Canada. The research found that 64 per cent of Canadians “did not learn about money management in school during their younger years” with most “looking for ways to upgrade their knowledge later in life,” according to an Edward Jones Canada media release.

The organization has developed four “complimentary interactive online modules” to help Canadians self-educate about such topics as “debt management, buying a home, and how to have conversations with family about money,” the release continues. You can access the modules here:  www.edwardjones.ca 

Save with SPP reached out to Maryon Urquhart, Director responsible for Community Impact Programs, Edward Jones, to get more details on the topic.

Q. What can a financial advisor help with that those with little or no financial literacy knowledge?

A. At Edward Jones, we do money differently. Our approach involves taking a wellness approach to wealth, focusing on all life pillars: Family, Health, Purpose, and Finances. These pillars are interconnected and impact one another, so we look at them holistically.

We seek to understand every client and their family’s priorities to provide personal advice. This includes developing personalized budgets that address current needs and future considerations.

Our process begins with the ‘My Priorities Quiz,’ where clients rank different life events, helping us understand what matters most to them. We also discuss our ‘Family Influence Circle’ to learn about who clients consider family, which often extends beyond blood relations.

Based on their priorities, family dynamics, risk comfort, and timelines, we develop a unique plan for each client. This plan includes an overview of their goals, strategy pros and cons, personalized recommendations for account types and investments, and an action plan.

We revisit and adjust the plan annually or more frequently if circumstances change. We understand that life evolves, goals shift, families grow, jobs change, health fluctuates – and these changes affect priorities. We partner with our clients through these changes to ensure their financial plans always reflect what’s important to them now and in the future.

Q. It’s good to see support from survey respondents regarding the availability of financial literacy education in schools. Do we know how widespread such programs are in Canada at this point?

A. Our goal is simple – plant the seeds of financial literacy early, so young Canadians can grow into effective financial planners for their families in the future.

Since launching in 2023, more than 4,100 students in 143 schools across Canada have completed our Financial Fitness training. Through real-world simulations in the classroom, students learn the essentials of investing, navigating global markets, and building a solid foundation in personal finance.

Our data shows that confidence in financial decision-making has jumped from 61 per cent to 78 per cent among students who’ve taken the course. Edward Jones is committed to providing Canadian youth with the education needed to build their financial knowledge and confidence.

Q. Are you getting a good response to your online modules (financial education)? 

A. The early results of our online financial education modules look promising. Since launching in late October, we’ve seen 855 users engage with the modules, setting a strong foundation for 2025.

We offer interactive modules for Canadians of all ages, covering crucial topics like debt management, home buying, taxes, and family financial conversations. Finance can be a learning curve for all ages, but we’re here to help smooth that curve with the tools and guidance needed to make informed decisions.

Q. What surprised you the most about the survey results? 

A. What surprised us most about the survey results was the clear divide between Canadians who received financial education in school and those who did not. Seventy-eight per cent of those who learned at least a bit about money management in school rate their current abilities as good, compared to only 59 per cent of those who did not receive any education on the subject.

Conversely, 41 per cent of those who did not learn about money management in school rate their ability to manage their personal finances as okay at most, compared to just 22 per cent of those who had some form of financial education. These findings underscore the importance of early financial literacy education.

We thank Maryon Urquhart of Edward Jones for taking the time to answer our questions.

The Saskatchewan Pension Plan has been helping Canadians save for retirement for more than 35 years. You can join SPP as an individual, or participate via the growing number of companies that are using SPP as their organization’s pension plan. See how SPP can help your future you enjoy a more secure retirement.

Check out SPP today!

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Less than half of Canadians feel they are on track with long-term savings: TD survey

Just 49 per cent of Canadians surveyed by The TD Bank Group believe they “are on track with their savings,” reports Wealth Professional.

And about two-thirds of those asked cite “the common theme of the cost of living as the main factor disrupting their ability to put more money into savings or investments for their future financial security.”

But 45 per cent, Wealth Professional continues, “said they lack investment knowledge, and many more are either concerned that they have ineffective long-term investments, don’t have a plan, or are holding back from making any investments at all.”

The survey found that “the current economic climate” is making Canadians “cautious,” the article notes. “Thirty-five per cent are opting for liquidity in their choice of savings accounts rather than Tax Free Savings Accounts (TFSAs), registered retirement savings plans (RRSPs), or First Home Savings Accounts (FHSAs), especially as just 30 per cent know when it is appropriate to choose an RRSP versus a TFSA,” the article adds.

The survey found that the percentage of respondents who are actually investing is low.

“More than a third of respondents… have never invested and 58 per cent only do so once a year,” Wealth Professional reports. “Thirty per cent don’t have a personalized investment plan, with 29 per cent of that group believing they don’t save enough money to need one and 20 per cent not knowing where to start,” the publication adds.

“It’s no secret that Canadians are feeling the impact of the current economic climate in how they approach their investments, and that’s why it’s more important than ever to seek trusted advice,” Pat Giles, Vice President, Saving & Investing Journey at TD, tells Wealth Professional. “It’s encouraging to see that Canadians would feel more confident reaching their financial goals if helped by a financial professional. Having the right financial support can make a significant difference when it comes to planning for both short and long-term financial goals.”

The good news from the survey, the article notes, is that “the youngest cohort of adults, Gen Z, are already showing good financial habits.”

“While 44 per cent across all respondents recognize the benefit of improved financial planning in helping to achieve their financial goals, this includes just 32 per cent of Boomers and 43 per cent of GenXers, compared to 59 per cent of Gen Zs and 55 per cent of Millennials, with 68 per cent of Gen Zs also having the highest level of respondents who invest at least once a year,” reports Wealth Professional.

“Balancing competing saving and spending priorities can be challenging,” states Giles in the article. “It’s possible to enjoy the present while also investing and saving for the future. Setting financial goals doesn’t require a large amount to start; it’s about cultivating a habit of investing and sticking to it.”

Members of the Saskatchewan Pension Plan can start small when starting their retirement savings journey. You can contribute any amount up to the limit of your own RRSP room. You can also transfer in funds from any RRSPs you have. SPP will take your hard-earned savings and grow them in a low-cost, professionally managed pooled fund. When it’s time to turn savings into retirement income, your options include a lifetime monthly annuity payment or the more flexible Variable Benefit.

Get SPP working for you!

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What are our older folks getting up to these days?

We continually read and hear that there are more seniors than ever, living healthier and longer.

That’s great, but what are all these folks up to with their free time? Save with SPP decided to try and find out.

The Age Space blog has a list of 50 activities! Here’s a small sampling.

Crafts. “Wreaths aren’t just for Christmas,” the blog post states. “You can make some beautifully creative decorations for your home all year round.”

Another pastime – getting back into cooking. “Dig out an old recipe book or watch a cooking show and choose a meal you’ve never made before. The more unusual the meal, the better!”

Farther down the list is an interesting one – the virtual coffee club. “Have a weekly coffee morning video call with your friends. This can be even more fun if you bake the day before, and you can have a little treat with your coffee – and share the recipe!”

The PrimeCarers website offers up a few more.

The first – putting on walking shoes. “Walking is a simple but helpful way for elderly parents to stay active. It makes their hearts healthier, muscles stronger, and bodies more flexible.” There are often walking trails and parks nearby, the article encourages.

Gardening, the site suggests, helps older folks “enjoy nature… it can help improve their hand skills and give them a sense of achievement as they care for plants and watch them grow.”

Another classic activity is birdwatching, the site notes. “Help (seniors) set up a bird feeder in their garden or take them to local parks or nature reserves. Birdwatching can encourage them to spend time outside, enjoy nature, and sharpen their observation skills,” the site adds.

The Great Senior Years blog says group exercise classes “are an excellent way for seniors to stay active and maintain their fitness levels.” A side benefit, the blog adds, is that the classes also provide “a social and enjoyable experience.” Options include yoga class, which benefits flexibility, balance and strength, and for older seniors, chair exercise.

Our mother-in-law, now 92, takes part weekly in the next activity suggested by the blog, Wii sports. Her specialty is bowling, and she often gets the high score in this interactive, “motion sensitive” video game that allows seniors “to participate in sports they may have enjoyed earlier in life or (to) even try new ones.”

A final suggestion from the blog is art class. “Art classes provide a wonderful opportunity for seniors to explore their creativity, develop new skills, and foster a sense of connection with others. Engaging in artistic activities has been shown to have numerous benefits for the elderly, including improved cognitive function, reduced stress levels, and enhanced emotional well-being. Whether it’s painting, drawing, sculpture, or ceramics, art classes offer a diverse range of mediums for seniors to express themselves and engage in a fulfilling hobby,” the blog concludes.

Our circle of seniors do many of these activities, as well as dancing (line and square), playing bridge, darts and pool, cycling, singing groups, working out at the gym, travelling and cruising, and much more. Once you join the ranks of the retired you will wonder, as they say, how you ever squeezed in the time to actually work.

If you don’t belong to a workplace pension plan, and worry you lack the expertise to invest your retirement savings, take a good look at the Saskatchewan Pension Plan. Members of SPP can contribute any amount they want, right up to their annual registered retirement savings plan limit. Then SPP takes on the heavy lifting of investing and growing those savings in a low-cost, professionally managed pooled fund. At retirement, SPP can convert some or all of your savings to a lifetime monthly annuity payment. There’s also the more flexible Variable Benefit option.

Check out SPP today!

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Six smart money moves for the younger set

When this writer thinks of his own terrible money habits in his 20s – no budget, no savings, living payday to payday, high debt – the memory is cringeworthy.

We wish we had been able to read CNBC Select’s article, “Six Money Moves to Make in Your 20s,” back in the day. But for those of you blessed to be young, this article has some great concepts.

First, the article recommends, “create a budget and stick to it.”

“While it may seem like a lot of work to create a budget, there are numerous online resources and apps that can help you. Plus, once you have one, the majority of the work is done, and you can tweak it as your spending habits or income change,” the article advises.

“After you create a budget, it’s important to stick to it. Regularly check-in with your budgeting goals so you don’t spend more than you can afford to repay. And if you share expenses with someone else, make sure you both have access to the budget and hold each other accountable,” the article continues.

The next tip is to “build a good credit score.”

“Establishing a good credit score is key to qualifying for the best financial products, like credit cards and loans. Plus, the higher your credit score, the better terms you’ll receive, which can save you thousands of dollars in interest in the long run (we always recommend you pay your balance on time and in full each month),” the article explains.

If you get a credit card, “the easiest way to improve your credit score is to use the card, be mindful to spend within your means, make sure you pay at least the minimum on time every month and pay it in full when possible,” CNBC Select suggests.

Tip number three is to build up an emergency fund, for unexpected expenses like car repairs, the article notes. “The money in your emergency fund can help you avoid taking out a loan or carrying a balance on a credit card, which can save you money on interest charges,” the article adds.

Your emergency fund should be in a “high yield savings account,” and experts recommend building it up to cover “three to six months of expenses.” Start small but build it steadily, the article suggests. “Saving $20 a week (roughly $3 a day) adds up to $1,000 in a year, which is a good cushion to get you started,” the article continues.

The next tip is to save for retirement.

“It’s never too soon to start saving for retirement, and the earlier you start putting money toward your future, the more it can grow,” the article begins. If your employer offers any kind of retirement savings program, be sure to sign up and contribute to the max, the article continues. Otherwise, you can save on your own – here in Canada, you can contribute to a registered retirement savings plan, a Tax Free Savings Account, and (of course) the Saskatchewan Pension Plan, a voluntary defined contribution plan.

Pay off your debt, the article advises – if you have “student loan or credit card debt, you should make paying it off a priority in your 20s.” Carrying debt, the article says, not only can lower your credit score and make it harder to borrow money, but it will cost you “a lot of money in interest charges the longer you carry the debt.”

Finally, the article concludes by recommending we develop “good money habits,” such as regularly reviewing your money situation, avoiding high fee banking, and “spending within your means.”

This is a nice overview and makes sense for older people as well as young.

If, as the article suggests, you want to start saving on your own for retirement, the SPP may be of interest. It’s a government-run, not-for-profit plan, so the fees are low – less than one per cent. SPP takes the money you contribute (which you get a tax deduction for), invests and grows it in a professionally managed pooled fund, and then will turn it into retirement income for the future you. Options include a lifetime monthly annuity payment or the more flexible Variable Benefit.

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