Inflation has become a big part of our lives lately. You need help to quickly determine just how much of a bite inflation takes out of, or will take out of, your hard-earned money, especially when you need precise and tailored calculations.This Cheat Sheet summarizes some important factors to keep in mind when you're considering retirement plans like Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs).

When you’re ready to start setting aside (or withdrawing) money for your retirement — whenever that might be — take a look at the valuable benefits of each of these types of retirement plans. Consider investment recommendations including bundling, pre-tax contributions, and how life circumstances may change your opportunities.

Building a comfortable retirement is up to you. If you follow sound rules by saving as much as you can and maxing out your retirement accounts, your golden years will likely be pleasant.However, many perils can stand between you and a successful retirement. Some of these easily avoidable mistakes can severely injure your plans, resulting in the need to work longer than you expected or spend less than you’d hoped.

Keeping track of your pension, which is important for planning your retirement, isn’t as easy as logging onto your online brokerage. Most companies are eager to get out of the pension business, so they farm the entire thing out to firms that specialize in pensions, such as Willis Towers Watson.If you need to call for pension help, you'll probably be talking to people who work for the firm your employer hired to handle the pension plan.

Getting money into your IRA is where the magic begins. You can’t build a portfolio until a source of funds exists. IRAs give you not only big leeway in what investments you buy but also lots of control over how you buy those investments. Set up IRA deposits When you’re talking about putting money aside that you can’t touch for decades, it’s easy to understand why lots of people put off retirement savings.

When you turn 70-1/2, you’re no longer allowed to contribute to a traditional IRA. You can contribute to a Roth IRA at any age as long as you have earned income below limits dictated by the IRS. Remember that earned income is money you make from reportable income-producing activities—in other words, a paying job.