Retirement has become a distant dream for most people due to high cost of living. Retirement planning starts at age 25 and not at age 55. It is better to work for a firm that provides good pension plan or you should take an annuity policy and start your own retirement fund.
Good pension plans deduct 7 % of your salary and contribute 100 % of your contribution and hence 14 % of your salary goes to long term savings. Good pension plans pay 2 % of your pay per year of service and if you contribute to pension plan for 25 years, you would get 50 % of your last drawn salary. Individual pension plans might vary, but if you don't get 50 % of your pay, you may have to negotiate better terms. The word Salary is derived from the word Salt and an employer who does not provide good benefits may not be worth the Salt. Salt was a valuable item during Roman times and soldiers were paid in Salt at that time.
If you work for a good firm in Canada almost 25 % of your salary would go towards long term savings. In most countries you may have to work part time after retirement to get additional income since the pension income may not be enough to pay for the high cost of living and medical costs.
Retired people earning below C$35,000 can get rental assistance and the web site iswww.bchousing.org .
The insurance company Aflac (www.aflac.com) is a good company to get medical coverage.
The web site www.manulife.com has a wealth of information on annuity policies.
You should read One upon wallstreet by Peter lynch and The Warren Buffet Way by Robert G Hagstrom to understand the importance of long term investments or you will wait for ever to retire.
If you want to maintain good health and extend your life expectancy GOTO
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