How to save for retirement
(NC) — You've put in your fair share of time at work and now you can enjoy the fruits of your labour in retirement. Perhaps you've decided to keep working for a bit longer so that you can afford your retirement dreams. Whether you're receiving income from a pension or you're still working, there are several ways you can stretch your dollar both during tax season and throughout the entire year. Here's a small sampling:
-- Many promotions have been designed specifically for seniors. Special discounts are available at restaurants, stores and businesses, even if only on a weekly or monthly basis.
-- Public transportation may be a great way to save money that you might otherwise have spent on rising gas prices, parking and car maintenance. A transit pass can be claimed on your income tax and benefit return.
-- You may be able to split your eligible pension income with your spouse or common-law partner, allocating up to 50% of your pension to him or her.
-- For those of you who have decided to keep working, keep in mind that there have been changes made to the Canada Pension Plan (CPP). For those 65 or younger you must make CPP contributions; after 65 you can elect to stop contributing. If you do not make this election, contributions will be continued to the age of 70.
More information on this topic is available online at www.cra.gc.ca/seniors.