Approximately two-thirds of Canadians are making deposits for pension, even though a national savings rate decreased in the second quarter of this year.

65.2 percent of 14 million households pitched to an official pension plan.

Meanwhile, according to a Canadian Imperial Bank of Commerce poll, 32 percent of preretirement age Canadians have nothing saved for a pension.

"For the most part, taking into account an average-income Canadians, they are saving."

The premise for this guide is straightforward. Plan for a retirement that helps you do what you want when you want. That might entail not working at all, working less in the same area or beginning a whole new dream career.

But how do you go about it? And perhaps most important, how can you reach your dream? The answer is to start as soon as possible and save as much as possible.

While you're saving and investing, come up with a strategy that will carry you to a convenient pension, whichever form it takes. So there are steps to follow:

Change Your Mindset

Start by learning a new mindset of what the job of an “embezzler” is all about. You’ll have your own version of what that is. I don’t encourage or expect you to turn into a free-wheeling, gold-chain wearing. Describe your own point of view for what you want this next chapter of your life to be like—and spend according to that point of view.

Be Literate

While planning your retirement, financial literacy is just as important. ABC of finance (also known as financial literacy) is the knowledge, abilities, and assurance to make responsible financial steps.

In the spring of 2016, a national survey was conducted by FCAC. Participants were asked to estimate themselves in five aspects: personal financial literacy, tracing of funds, getting by, searching the best goods to buy, and staying informed about modern financial problems.

While calculating how much money you will need on your pension you may see that there are many rules of calculating for saving your money. You may have found out that you need to be saving from 10 to 15 percent of your pre-tax income, or that you will need approximately 70 percent of your income when you stop working.

Work and Save

A convenient pension is in the preparing well before it’s time to get retired. Every day you go to work and every dollar that you give is the groundwork for your retirement.  And even if you take out payday loans in Ottawa or in another big city in Canada wisely, you can still manage to save for your retirement. 

What is the best way to get closer to the comfortable retirement years? Nobody knows for sure. But the important thing is to not be bothered about the coming of retirement time, or the money sum of retirement savings. The only points you need to dwell on are working and saving.

Of course, having a plan, or at least arming yourself with the knowledge of what saving tools exist and what are the most useful ones, doesn’t hurt. That’s why we’re here to give you a lay of the land.

Social Security

When you work, you have to know your Social Security balance. This balance is the “building material” of your profit. Having not much balance, the Social Security Administration has no right to add to your account monthly profit. For retirement benefits, you need 40 credits.

Real Estate

One of the sources of funds to consider on pension is your house or flat. Investing in real estate and paying off your mortgage before you go on a pension means reduced living experience in retirement.

From beginning to end, these steps will be useful for you to create and follow your financial strategy that can help to provide your financial groundwork for retirement, even after you stop working.