Are you considering an RRSP?

Like most working Canadians, you likely have some thoughts or concerns about your financial future. It is important to answer the following question: Will you have enough money to live as you wish and do the things you want?

While you may receive some retirement income from the Canada Pension Plan (CPP), Quebec Pension Plan (QPP) and Old Age Security (OAS), you should not rely solely on government programs that may only replace a small portion of your income. Perhaps you are among the fortunate Canadians who have a company pension plan. It too, however, may leave you short in achieving the lifestyle you’ll someday want.

If you’re imagining a comfortable, financially secure retirement, you should begin a savings program as soon as possible. Get started with a Registered Retirement Savings Plan (RRSP). Without a doubt, it is one of the most effective ways to build a solid financial foundation for your future and supplement other income sources.

Getting started
The key to planning for your retirement is to figure out how much money you’ll need for your retirement and then determine how much you need to put in your RRSP each year to reach this goal. As a quick check point, use our RRSP Savings Calculator to see if you are on track to meet your goals. Take a few minutes to find out if you are saving enough for your retirement. If you haven’t decided when and how you want to transition to retirement or what you want to do in that next phase of life, visit our Regeneration site to get some insights on Canadians current views on retirement, and how we can help.

Once you know how much you need to save, you have to decide what’s the right investment for your RRSP? Picking the right investments doesn’t have to be complicated. Your answers to a few simple questions can help you to determine what kind of investor you are and to identify the investments that are right for you.