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Pensions are kind of the golden ticket in retirement planning as they have such a huge impact on how much money will be coming in the door after you retire but not all pensions are created equal. Today I’m going to break down the basic kinds of pensions that may be offered through your employer. This doesn’t include¬†government pensions like CPP and OAS; we’ll tackle those another day. Defined Benefit Pension Plans DB plans are the real winners in the pension world, and when most people think of a pension, this is what they’re thinking of. A DB pension will pay you a guaranteed monthly pension after you retire that will be based on your years of service, salary and a bunch of far more complicated calculations. This means that you will get a pension cheque every month after you retire until you die (depending on the option you choose…

Everyone would be happy to have a little extra money in the bank, but you usually have to put in at least a bit of effort to bring in money. Sure, you might win the lottery but let’s be real…that’s not going to happen! Increasing your income means putting in the work, but there are some relatively simple ways to bring in a few extra bucks that don’t require you taking on an extra job or selling your soul. In this post, we’re going to talk about a few ways you can earn some extra money. Maybe you have some debt to pay off or are looking to boost how much you save every month? Whatever your motive, it’s never a bad idea to try out a few of these tips. 1. Sell your junk Ok, I don’t mean actual junk…nobody wants your garbage! Chances are pretty good that you…