I know, retirement may be a long way away, but that’s no reason you shouldn’t start counting your pennies now! You may want to focus on saving for a new ride, a new house, or even a vacation. But a recent study conducted by Tangerine Bank found that this isn’t the case. 62% of millenials have already started saving for retirement!
You love living a happy life now, so why shouldn’t you have a great one down the road? By opening up an RSP, you can put a few pennies away a month and thanks to a great interest rate, you’re on your way to owning a great vacation property after retirement!
So how do they do it? 42 per cent of the surveyed millenials said they make it automatic by setting up an ASP (Automatic Savings Program), and 27 per cent said they participate in their company’s matching program.
So besides working hard and stashing away cash for the good life later on, what else are millennials prepared to do for retirement? Tangerine’s survey also asked about some interesting sacrifices – here are the results:
- 59 per cent of millennials would only go out once a week to socialize with friends in order to retire before the age of 65
- 47 per cent of millennials would give up takeout food and cook all their meals to retire before the age of 65
- Over a quarter (28 per cent) of millennials would work 50+ hours a week for the remainder of their working career to retire in their 50s
So that being said, if you’re between 18-34 it may be time to start considering an RSP. Find out more here