Canadians know that saving for retirement isn’t easy. It takes time and effort and the payout is many years in the future. So why start saving now? One big reason is that we are living longer and need to plan for a longer retirement than we did before. Starting to think about retirement early and having a plan go hand in hand; the following tips will help you get you started.

• Consider how you’re saving. It is not easy to save money early in your career, but there are ways to make it less difficult. Registered retirement savings plans (RRSPs) and tax-free savings accounts (TFSAs) can help you save for retirement while offering some tax advantages. Each plan works differently, so seeking out the help of a financial professional is a good idea.
  
  
• Get to know your spending. Temptation is all around – dining out, clothes, gadgets, vacations. Resist the urge to be a big spender, even as your take-home pay grows. Keep track of how much you spend on your needs and your wants, so that you can live for today without sacrificing tomorrow.

• Stay focused. Your late 20s and early 30s can be marked by major milestones such as marriage, buying a home or the birth of a child. Along with these big events come the associated costs. Take a step back and decide what is most important to you and adjust your finances accordingly.

Our research on retirement security shows that many Ontarians are concerned about not having enough money when they retire. Your HOOPP pension takes some of this pressure off and is something you can count on, so you can continue focusing on what’s really important to you.