Saving for a happy, comfortable retirement is one of the most common goals of personal financial planning for Canadians. A clear understanding of how RRSPs works, tips for picking the savings plan that works for you, and some common terms will help relieve the strain and set you up for success.

Question from a Globe and Mail reader: I’m 36, married and expecting my first baby soon. After saving up for over a decade, my partner and I would like to purchase a home this year before the baby comes and are wondering about the best strategy.