With the rising cost of living and a longer life expectancy, the most realistic way of retiring comfortably is to be a millionaire by the time you stop working full time. This may sound like a pipe dream but it’s actually not that difficult to achieve, even for ordinary people. It does, however, require careful planning. Here are some tips to help you retire with millions.

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1. Start Early
The earlier you start saving for retirement, the less you need to put away every week in order to have a million or more by the time you retire. If you start saving at 25 to have a million by the time you reach 65, you need to save a little under $50 every week but if you only start saving at 40, you’ll need to save nearly $800 a week!
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2. Change Your Mindset
Instead of just trying to build as much wealth as possible for the short term, change your mindset and think about the future. Your goal with making money should be focused on having enough wealth by the time you retire to live a comfortable life in old age.
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3. Work Out a Retirement Budget
Look at how much money you spend each month and what you spend it on. Determine which of these expenses will continue into retirement and what other expenses, such as healthcare, you may have once you’ve reached retirement age. Then determine how much money you’ll need for a comfortable retirement.
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4. Know How Much To Save
If you want to be a millionaire when you retire, you need to save enough money every month for several years leading up to retirement. Online calculators such as the one from Service Canada will help you determine the monthly amount you need to save.

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5. Live Frugally
No matter how much money you make, keep your lifestyle simple and frugal. This will allow you to put away more of your money into your retirement savings every month.

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6. Get an RRSP
An RRSP, or registered retirement savings plan, is specifically designed to save for retirement. It has several tax advantages, so not all of your savings will go to the tax man.
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7. Match Your Employer’s Contributions
Many employers contribute to their employees’ retirement savings plans, with the employees paying in a contribution as well. Match your employer’s maximum contributions and, if you can, pay in even more.
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8. Get a High-yield Savings Account
A high-yield savings account pays more interest, making your money grow even more. Set up a debit order to pay an amount of your salary every month into a high-yield account.

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9. Use Your Company Benefits
Use as many of the benefits your employer offers as you can, whether it’s free access to a gym or free snacks in the kitchen. Whenever you don’t have to spend money on something because your employer offers it for free, you can pay the savings into your retirement savings account.
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10. Don’t Spend All Your Money on Your Kids
Of course you want to give your kids the best in life but this doesn’t mean that all your money should go towards them. Teach them to live frugally too and that they don’t need every new toy their friends have.
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11. Invest Wisely
Investing your money can be a way to fast-track your savings for retirement. However, do your research and invest wisely before you lose all your retirement savings in a scheme that turned out not to be the next big thing after all.
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12. Save a Percentage, Not a Fixed Amount
Instead of saving a fixed amount every week, save a percentage of your income. As you move up the career ranks you’ll be making more money, so if you save a percentage of your income instead, you’ll be saving larger amounts.

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13. Maximize your Savings Options
In addition to an RRSP, there are many different tools available to help you save, including tax-free savings accounts and registered education savings plans. Ask your financial advisor about your options and use every tool you can to save more.
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14. Prepare for Rainy Days
Life will throw curveballs at you but if you’re financially prepared, you can minimize the damage without facing financial ruin. Have a rainy-day plan for emergencies.

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15. Be Patient
Saving enough to retire with millions will be a long, slow process. Don’t give up and don’t be tempted by get-rich-quick schemes that could ruin your finances. Be patient and keep your eye on the goal.
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