Saving a big amount of money for your retirement doesnât happen overnight. However, if you start cutting down on your unnecessary expenses early in life, planning a dream retirement — free of financial worries — might not be as difficult as it may sound at first. This way, you can save a big amount of money little by little for your retirement. Or even better, you can let your saved money grow with time by investing it in fundamentally strong stocks that could help you get rich faster. Thatâs why Iâve compiled a list of three of the best Canadian stocks that could help you get super-rich before retirement if you act in time.
Enbridge stock
When youâre investing in stocks to retire rich, you must include the shares of some trustworthy companies in your portfolio with a well-proven financial growth track record. As such, Enbridge (TSX: ENB)(NYSE: ENB) could be one of the most reliable Canadian stocks to invest in right now. Itâs a Calgary-based energy infrastructure firm. Enbridge has been delivering excellent growth and value to its shareholders for decades, making it a perfect investment for your retirement planning.
Its big liquids and gas pipeline network across North America has helped the company post strong financial growth in the last decade. Thatâs why Enbridge also rewards its investors with high dividends. Currently, its stock has a solid dividend yield of 6.8% at the market price of $49.28 per share.
Pembina Pipeline stock
Pembina Pipeline (TSX: PPL)(NYSE: PBA) is another Canadian energy transportation and storage company that focuses on providing midstream service. The company also provides gas gathering and processing facilities.
After its 2020 revenue fell by 14% year-over-year (YoY) due to the COVID-19 driven energy demand issues, Pembina Pipelineâs 2021 revenue is expected to be higher than the pre-pandemic levels. Significantly higher revenue growth is likely to accelerate the companyâs earnings growth. Thatâs one of the reasons why its stock is outperforming the broader market this year.
These recent gains could just be the beginning of a long-term rally in Pembina stock as the energy demand outlook remains strong. You can add its stock to your portfolio for your retirement planning as it currently trades at $39.12 per share and offers a solid dividend yield of 6.4%.
Magnet Forensics stock
After making sure that you have a larger part of your retirement savings invested in reliable companies like Enbridge and Pembina Pipeline, you must also include a cheap high-growth stock in your portfolio. For example, Magnet Forensics (TSX: MAGT) is a great yet cheap Canadian high-growth stock to buy right now that could help you get retire super-rich.
Magnet Forensics is a Waterloo-based enterprise software firm that focuses on providing innovative tools to investigate cybercrimes and data breaches. The demand for its investigative solutions has surged in recent years, helping the company deliver strong financial growth. This recent growth could be one of the reasons why Magnet Forensicsâ stock has jumped by 65% in August so far.
I expected the demand for cybersecurity solutions to explode in the coming years as more businesses seek to safeguard their online presence and data. These factors could drive a massive long-term rally in Magnet Forensics stock and help you get rich much before your retirement.
