What’s the Best Way to Save for Retirement?

“First off, a boring but important reminder that in order to save, you need to live below your means,” says Wealthsimple’s Chief Investment Officer, Dave Nugent, who advises making savings a non-negotiable expense, just like your rent and phone bill. An RRSP, he says, is the first go-to if you know you won’t be using the money until retirement.

A TFSA, on the other hand, is often a better choice if you may be pulling some funds out before retirement. Set up automatic deposits, and if you’ve got something left at the end of the month, feel free to buy those new Yeezy sneakers — they definitely don’t look silly at all.