Everyone wants to retire with more than just their OAS and CPP pensions. One good strategy is to save your tax refund from the Canada Revenue Agency for retirement. We have two other options: increase our income or decrease our expenses.
The desire to retire can easily cause financial stress. Luckily, there is good news. Building savings for the long-term is a goal like any other.
If you are like me, it is much easier to concentrate on goals near to the future than it is to focus on long-term goals. I like quick payoffs. That’s why it is easier to reach long-term goals if you break them down into multiple short-term goals.
Meeting your short-term goals will fuel your commitment toward the broader goal that the sub-goal represents.
There’s no need to stress about retiring today. All you need to do is set realistic financial goals. If you feel overly burdened by debt, you can pay it off. If you lack room in your budget to save adequately, you can find the money to save.
It might mean cutting out a latte from your morning routine or eating out less. Perhaps it means asking for that raise that you know you deserve. Whatever it means for you, believe that you can meet your retirement goals and set your intentions there.
Here is a great stock to buy with the money that you do have to save for retirement.
News from Molson Coors Canada in August
Molson Coors Canada (TSX:TPX.B)(NYSE:TAP) has been busy in August. This company may have been hurt by a decline in hospitality sales during the COVID-19 pandemic. Nevertheless, Molson Coors is moving forward with an eye on the horizon.
If you are dreaming about retiring and are suffering from some setbacks, the Molson Coors management team can provide you with some inspiration for carrying on.
In August, Molson Coors announced:
- An expansion into Nicaragua with Miller Lite
- New hop-infused sparkling water products in Canada
- A limited-edition Peroni gelato to celebrate international beer day
- Redesigned Coors Lite packaging with brighter skies and an updated mountain icon
Investors want to see companies change for the better to spark growth. Molson Coors is doing just that. While these might be hard times, we can find ways to improve our situation for the better.
If you are looking for a great stock to buy to save for your retirement, Molson Coors is a great option. When we come out of the COVID-19 pandemic, the company will likely be just as strong as when we went into this health crisis.
Retire in comfort with top TSX stocks
Saving for retirement seems daunting to most people. You aren’t alone. Investing can also seem too complicated at times.
The trick with investing is to practice patience. Timing the market is complicated and time-consuming. It isn’t worth the stress or the effort.
Instead, pick out some stocks and slowly buy into them. That way, if the share price drops, you can buy another share to take advantage of dollar-cost averaging.
While it may be tempting to try to garner quick gains through short-term trades, these strategies aren’t for everyone. The best thing you can do to meet your investment goals is to buy and hold stocks for the long term.
Check out these stocks to build your retirement portfolio.
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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.
Fool contributor Debra Ray has no position in any of the stocks mentioned.