Gail’s tips for retirement planning at any age...

In your 20s:

If you save early, you only have to save a little for the long term. Develop an automatic savings program where 6% of your pay cheque is going toward retirement investments

Build an emergency fund. Six months worth of the essentials. Shoes don’t count. You have enough clothing and footwear to get you through the tough times

Track where your money is going. A little bit here and a little bit there adds up to a lot if you’re not paying attention 

In your 30s:

While it’s a good idea for some people to buy real estate, don’t put all of your eggs in one basket. Diversify the assets you plan on living off of in retirement

Commit to an RSP

Make sure you have the right kind of insurance for your lifestyle  

In your 40s:

Focus on your own future. The sandwich generation is torn between making sure the kids are alright and the parents are being taken care of. Put yourself first and make sure you are doing all you can to secure your own future. Then take care of everybody else.

Spend your money consciously. You want to start getting your ducks in a row and now is not the time to be wasteful. Ask yourself, do I really need this?

Start practicing. Live like you’re retired so you don’t go into shock later in life when your income is limited.