A look at the best of the Internet, from an SPP point of view

Canadians begin to make a dent on their collective debt
As interest rates begin to creep up, it appears that Canadians’ thirst for low-interest debt is finally starting to be slaked.

According to Bloomberg News via the Financial Post, the debt to income ratio for Canadians “dipped” to 168 per cent in the first quarter of 2018. That means that the average working Canuck owes $1.68 for every dollar he or she earns. It’s down from 170 per cent in the last quarter of 2017, the Bloomberg article notes.

Debt is often described as the destroyer of retirement dreams. If you are maxed out on all your credit cards and credit lines, there is precious little money left to put away for retirement. If you don’t have a workplace pension plan and are relying on your own savings for your future retirement, the pressure is doubled.

It appears that Canadians are beginning to turn the corner on debt. If you’re in that situation, consider starting to put a little away for life after work. Start small and build up your savings as debts are paid off. The Saskatchewan Pension Plan provides the ideal way to put a little away now so that there’s a bit of security later on – visit their site at www.saskpension.com for full details.

What are the habits of those who retire rich?
Writing in Business Insider, financial advisor Roberto Pascuzzi says there are several key characteristics he has noticed in wealthy retirees.

First, he says, they don’t get distracted from their overall plan. They are realistic about their wealth creation plan and aren’t hoping for “magical” investment gains. And they don’t worry about what others think – they don’t seek approval, he writes.

They make smart, long-term financial decisions and don’t look for a “get rich quick” home run. They are mentally tough and well organized.

They visualize the goal of retiring rich, and they dream big “with a realistic foundation.”

A systematic approach to retirement can help you get there in style. Pay yourself first. Be consistent and methodical in your savings – don’t lose focus and keep a steady stream of income directed at the target. Get rich slowly and avoid trying to hit home runs via your investments. With a little homework we can all get there.

Written by Martin Biefer

Martin Biefer is Senior Pension Writer at Avery & Kerr Communications in Nepean, Ontario. After a 35-year career as a reporter, editor and pension communicator, Martin is enjoying life as a freelance writer. He’s a mediocre golfer, hopeful darts player and beginner line dancer who enjoys classic rock and sports, especially football. He and his wife Laura live with their Sheltie, Duncan, and their cat, Toobins. You can follow him on Twitter – his handle is @AveryKerr22