Retirefunds or target dated retirement funds, set up with your retirement date in mind. If that date is 30 years out, then you are ahead of 98% of your peers in planning for the future. If that date is only 10 years out, then you are in the middle of the pack so to speak, of your peers in planning for the big day. In other words, most people only think about their retirement and it's financial consequences as it gets closer. Obviously, the sooner you take the plunge and begin your investment plan, the better off you will be in your golden years. If you are one of the Millennial generation (currently between the age of 18 and 34) you should be talking to a qualified investment adviser right now about "your" plan to retire in good financial health.
I have a nephew who just turned 20 and he recently approached me with some questions about how he should start an investment plan. We talked briefly about registered retirement savings plans and tax free savings accounts but my main advice to him is to seek out a good financial planner and to make a Retirefund or target dated retirement fund, one of his main options. I wish I had been as in tune with finances at his age as he seems to be. While many of his peers are still looking for jobs, going to college or university etc, he already has some significant savings and is looking for solid advice in planning for a rainy day.
I happen to be from the generation that was blessed with a pension plan I had paid into for 36 years, It makes me more free to play with a portion of my portfolio. If you are not part of a long term pension plan (and even if you are) you should not "play" with your retirement money.
Since this article is a "heads up" so to speak for the 18-34 yr old crowd, I will not get into boring details of individual funds or companies. I will leave that to your qualified investment adviser.
Retirefunds, as you begin your journey to financial independence in retirement.
Familiarize yourself with the various funds then sit down with a qualified financial planner to discuss your Retirefund options. Don't play the market. Leave that to the experts.
And if you are Canadian: