While it’s never great to make a mistake, they have the interesting side effect of teaching you what not to do.

Save with SPP decided to hunt around for some tips on what not to do when it comes to saving for retirement.

According to the Espresso blog on MSN, there are a couple of retirement plans that can backfire on you.

Many who haven’t saved much for retirement plan to continue working past age 65. But, the article warns, your body may have other ideas. A StatsCan finding from 2002 was that 30 per cent of those who took early retirement did so “because of their health.”

If you are saving via an investment product that charges high fees, you may find those charges “can eat up huge amounts of your savings over time,” the article reports. Be careful and look for lower-fee options, the article advises.

A key tip is to get saving, even if you start late. “According to BNN Bloomberg, 32 per cent of Canadians approaching retirement don’t have any savings,” the article notes. “Anyone hoping to rely only on the Canada Pension Plan and Old Age Security will find it difficult to maintain a comfortable lifestyle in retirement, which is why middle-aged and older Canadians should start saving as early as possible,” the article concludes.

The Motley Fool blog offers up a few more ideas.

Be aware of your registered retirement savings plan (RRSP) limits, the blog warns — there can be penalties if you over-contribute.

If you are running your own money and wanting to think outside the box, don’t use your RRSP as the test bed, The Motley Fool warns. “You should test out your investment strategies in a non-registered account before investing in RRSPs. Apply your successful investment strategies in RRSPs because losses cannot be written off,” the blog suggests.

Other advice includes diversification — don’t go fixed-income only in an RRSP, because you’ll get more growth from equities, the blog advises.

Over on LinkedIn, Brent Misener, a certified financial planner, provides a few more ideas.

Don’t procrastinate on retirement saving, he notes. “The power of compounding is a significant advantage when it comes to saving and investing. Starting early allows your money to grow and work for you over an extended period. Take action now and harness the power of time to maximize your retirement nest egg,” he writes.

Have a handle on what your expenses will be after you retire, Misener writes. “Medical costs, housing, leisure activities, and unforeseen events can quickly deplete your savings if not accounted for,” he warns.

In a similar vein, he says you must not ignore the possible impacts of inflation. “Consider inflation as you plan for the future and ensure that your investments and savings can keep pace with rising prices. Consider how much everyday items like groceries and utilities have increased dramatically in the last two years,” he adds.

If you are among the fortunate few who have a workplace pension plan, don’t stop saving outside that plan, Misener states. “Whether it’s a defined benefit or defined contribution, it’s important to remember that your pension may not cover all of your spending needs. Most retirees plan on spending more in retirement and often work pensions may only cover basic expenses,” he concludes.

These are all good tips to be aware of.

If you don’t have a workplace pension plan, or you want to supplement the savings you are getting from one, have a look at the Saskatchewan Pension Plan. SPP is an open, voluntary defined contribution plan that will invest your money at a very low fee. Your savings will grow within SPP’s pooled investment fund, and when it’s time to retire, you have the option of a lifetime monthly annuity payment, so that you will never run out of money. Check out SPP today!

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By Sheryl Smolkin

For most people graduating from college or university this spring, getting a job is a top priority. But a job hunt is no longer as simple as reading the want ads and sending out resumés. It’s all about networking and effectively leveraging social media.

One study by Jobvite, a company that sells recruiting software, found the use of social media by recruiters to reach candidates is at an all-time high. Results show that 92% of respondents were using or planned to use social media in 2012, up almost 10% from the 83% using social recruiting in 2010.

LinkedIn is the social media site that is most targeted to business networking. While it may initially appear like simply an online bulletin board for business profiles, it is so much more.

Here are some ways you can use LinkedIn more effectively in your job search.

1. Post a complete profile: Make sure your profile is complete. Describe your job experience and education in reverse chronological order. Search for jobs you may be interested in and include key words in your profile that will help recruiters find you. Update your profile including recent projects or work samples regularly.
2. Connect with others: Link to everyone you know and everyone they know who may be able to help you. If you want to link to someone you don’t have a relationship with, ask for an introduction from one of your contacts. When “people you may know” pop up on your LinkedIn site, connect to these people where appropriate. I currently have 573 connections that link me with over 6 million people.
3. Get recommendations: Ask people you have worked with and for to write brief online recommendations explaining the work you did and how you did it.
4. Get endorsements: You can ask a broader group of contacts to click on the skills and expertise related to the key words in your profile to endorse you for those skills. Reciprocate and endorse them for relevant skills.
5. Status updates: To keep you top of mind, post regular status updates. Links to articles, conferences and research related to your professional skills will keep you “top of mind” when internal and external recruiters are looking for candidates to fill positions.
6. Other social media: LinkedIn now gives you the ability to link your blog post to your profile. You can also post to both LinkedIn and Twitter at the same time. However your twitter post will be cut off if you exceed the 140 character limit.
7. Find companies: Find out where people with your background are working by doing an advanced search for people in your area who have your skills. For example, if you are a web developer in Saskatoon, search profiles in your postal code using keywords like JavaScript and XHTML to see which companies employ people like you.
8. Check if a company is hiring: Companies with a LinkedIn page typically post open positions. While you can go directly to the company’s website, it is helpful to be able to do your research all in one place. There may also be information about the last people hired and internal promotions.
9. Get to the right HR person: If you are interested in a position, see if you can find someone within the organization in your network who is willing to walk your resumé to the hiring manager or HR department. There may be added incentive if the company pays referral bonuses to employees who help them find a candidate for advertised positions.
10. Secret job requirements: Job listings rarely spell out exactly what a hiring manager is looking for. Search for a company name. The results will show you who in your network connects you to the company. If you can find an inside contact, he/she may share the scoop on what is really required for the job.

Even if LinkedIn is your primary social media tool for job hunting, you should check your privacy settings and be very professional at all times on all social media. Recruiters and hiring managers will always Google your name. Pictures of a rowdy party tagging you that were shared by “a friend of a friend” could come back to bite you.

Have you used social media effectively to find a job? Send an email to so*********@sa*********.com and share your ideas with us. If your story is posted, your name will be entered in a quarterly draw for a gift card. And remember to put a dollar in the retirement savings jar every time you use one of our money-saving ideas.

If you would like to send us other money saving ideas, here are the themes for the next three weeks:

27-Jun	Summer activities	Inexpensive summer activities for kids
4-Jul	Summer vacation	Visit Canada. Take a road trip.
11-Jul	Travel insurance	What you need to know about travel insurance