One must start saving as early as possible
Of course no one wants to continue working longer than they have to. In Canada, that time is at age 65, when a person’s old age pension is made available to them. Finally after over 40 years of putting in the long hours, a person can relax. But it isn’t all fun and games once that 65th birthday comes along. The old age pension is not nearly enough to cover even the minimal expenses the average person faces. Canada is expected to be able to give their people enough money to live off of since they have paid their dues and done their part in contributing to the economy since they got their first job. But this is a ridiculous expectation because it is impossible for Canada to be able to fully support so many lives when they are no longer in the work force. Then there is the Canada pension that people must contribute to from their salaries. Canadians loathe these automatic deductions while they are in their prime but as soon as that money is given back, it’s a happy day.
People cannot just live off of their old age pension, they need reinforcements. This is why one must start saving as early as possible. Every little bit counts and in the long run, and that $20 bill you decided to put in your retirement fund instead of spending, will certainty benefit you more. Opening a savings account when one gets their first job is step one. Sure you’re excited about getting your first pay cheque and want to spend it on all on the newest, most popular things, but saving some, even a small percentage, every time, will make you one happy retiree down the line. My rule of thumb is fifty percent. Although my pay cheques from my part time job right now aren’t much, I am proud to say that I always allow myself to spend half and save the other half. This rule has already helped me start to build a future for myself financially. My savings over the next few years will be spent on my post secondary education of course, but the fact that I have gotten into the habit of setting savings goals for myself, will prepare me for saving for retirement once I am out of college. I have decided I am going to focus on saving for college for right now because the costs are so overwhelming, but as soon as I graduate, I fully intend to make my retirement savings plan.
The career path I have chosen is police work. Although this isn’t the only reason why I chose this profession, I will get the added bonus of the opportunity to retire early. Police are allowed to retire with a full pension after 25 years in the force. This is a huge advantage over other industries that will have to work for many more years. Because officers have very reasonable pay, they too can open their own saving accounts on top of the pensions they will be given. This is why I will have the opportunity to retire quite comfortably by the age of 50. I don’t know what my views will be at that stage of my life, but if I am enjoying my job a lot, I would consider postponing my retirement until I feel ready. The fact that there is just the option available is very comforting.