Retirement

STARTING EARLY MAKES IT EASY

Retirement is a time of life to look forward to, whether you’re taking up new hobbies, spending more time with family, or traveling the world! It may feel like retirement is a long way off, but it’s never too early to start saving.  

What difference will saving now make?

If you live pay cheque to pay cheque, like many do in the beginning, you can make ends meet. But what happens when you’re 65, not working, and want to start enjoying your retirement?  A retirement savings plan is the key!   Compound interest has a huge impact on your investments, so starting early will make it that much easier to save.  After 40 years of work, you deserve to enjoy yourself without hesitation!

What about my contributions to the Canada Pension Plan?

You’ve been paying into Canada Pension Plan (CPP) since your first well-paying job - so have millions of Canadians.  However, even if you’ve paid off your home by retirement, there are electricity, water, internet, food, property tax and health bills to cover.  CPP is designed to be only a partial replacement of income in retirement, which makes additional retirement savings so important!  

What are the first steps to investing?

If you’ve been contributing to your RRSP, that’s the first step!  You can make small contributions each time you receive a pay cheque, or make larger lump sum contributions using a tax refund or other savings.  RRSPs, Tax-Free Savings Accounts, and mutual funds*, are all investment options available.

I’m stressed about money. I don’t think I can afford to invest.

If you’re having difficulty paying bills or making payments on time, please contact us.  We are here to help!  There may be options you weren’t aware of to help consolidate debt and make a manageable investment plan.

WHAT IF YOU’VE ALREADY PLANNED AHEAD?

You’ve already made a plan and saved for retirement. Nice work!  Now, you’re ready to enjoy a new era in your life. But there’s one very important decision you still have to make: How should you manage your retirement income?

There are a lot of options out there, and each personal situation is different.  We can help when it comes to planning your retirement income, and how you can continue growing your RRSP, tax free after the age of 71 by transferring your RRSPs into RRIFs.   

Ready to take the next step in your retirement planning? 

 

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