You'll often hear condensation called a warming process, which can be confusing since condensation has to do with cooling. While condensation does cool the air inside of the air parcel, in order for that cooling to occur, that parcel must release heat into the surrounding environment.
A Tax-Free Savings Account (TFSA), is an account where you can save or invest up to $10,000 a year. 1 Unlike other types of savings, youâre not taxed on the income you earn.Itâs a great way to save for your short or long-term goals; because it lets your savings grow â tax-free. Tax-Free Savings Account (TFSA) is a registered savings account regulated by the federal government. Through a TFSA, you can put your savings into eligible investments and not pay tax on the investment income you earn.
In terms of how using savings by age as a benchmark impacts your own retirement strategy, it's important to consider the bigger picture. Across all age groups, the average retirement savings is $95,766, according to the EPI. Overall, the data suggests that Americans are simply not saving enough for retirement, regardless of age. As you evaluate your own plan, it's important not to let the average retirement savings by age distract you from your goals.