Retirement Planning

Most of us look forward to retirement and reaping the rewards of our years of hard work!

The average life expectancy is now approximately 80 years! As a result, if you retire at age 65, you should have saved up the equivalent of 15 years of income (though typically at a lower income level that you needed when you had a mortgage to pay, car loans and perhaps children to support). The Federal Government provides each of us with a basic level of income with the Canada Pension Plan and Old Age Security – but that won’t get you too far!

You can never start too early to save for your retirement (and remember, if you actually save more than you need, you can always stop saving and start spending it!) The government encourages us to save by offering the benefits of a Registered Retirement Savings Plan (RRSP). Money deposited into an RRSP can be deducted from income before calculating income taxes, which can result in substantial tax savings. The money deposited into an RRSP is allowed to grow tax-free until the funds are withdrawn (typically after retirement).

 

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