How to save for retirement when you have no savings?

Are you self-employed living pay check to pay check? Do you have any money saved for retirement? Maybe you have a part-time business like me because you won’t have enough even with a government pension.

Are you assuming the government will take care of you? Or maybe you don’t plan to retire, but what if, just what if, something happens to you and you get injured? Do you have disability insurance?

I met a nice man a little while back and he told me sheepishly that he’s 55 and doesn’t have anything saved:(. I feel so bad for him because he will have to work until he’s 70 to at least get something to live on because CPP and Old Age Security doesn’t’ kick in until then, and I’m not sure he will qualify for it because he doesn’t contribute to it.

I gave him a suggestion that I learned to do 20 years ago and that was to start saving a small amount every month to help put towards retirement. I suggested 3 – 5% for the first 6 months, and then increase it to 6 – 10% for the next 6 month, up until he’s got at least 20% put away. For example, if you were making $2,000 a month, 3% of that would be $60 a month. I’m sure you can manage that. Heck, I’ve bought dinner out for my man and I and spent that. However, if you times that over 10 year, that will only be $7,200. But if he gradually gets to 20% and saves that for 10 years, he will have $48,000 and that’s without interest being accumulated.

Now, if you want to get free money from a bank, I would suggest you open a Tangerine account for retirement savings and they will give you $25 or $50, depends which promotion their doing, just for opening and account.

I just made $50 from Tangerine bank which is affiliated to Scotia Bank. Do you want to make $50 easily from a BANK??? My friend emailed me telling me that Tangerine was offering new clients $50 just for opening an account.  The only catch to getting the $50 is that you have to deposit $100 and that’s it. My friend also said you can even take your money back later, but I was actually looking for a way to save more for my vacation. So, I plan to leave it there and let it grow. It’s VERY legit. Here’s what happened. I opened the account and got an email to say congrats and asked me to verify if there was a deposit in my regular bank account, which there was. I think it was 24 cents. I thought that was funny. Hey, it’s still free money again. Then, I got another email telling me that in order for myself and my friend to each get $50 I would simply need to deposit $100 into my new savings account. Once Tangerine verified, I would get an email confirming it was deposited and that’s it. So, I deposited the money and within a few days got $50 in my Tangerine account. Woohoo! The bank is finally paying me for doing business with them.

tangerine deposit

If you want to get the same deal, just go to www.tangerine.ca  and when it asks you to enter Referred by a friend, please enter my Tangerine account #46012150S1 and that way, we will both get money from the bank.

Now, if you want to get even more money from them, they are also offering $25 I think for simply doing an automatic deposit monthly. I believe the amount is $100 each month, which again I am doing because I want the extra FREE money and, I am saving for my trip in December down south.

Now, if you want to help our your friends too after you open up your account, tell your friends the same thing and get them to open an account and they and you too will get FREE money deposited.

Here’s to vacations and retirement savings.

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