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Planning for retirement is something every Canadian should think about during their working years, but not all do. Are you financially prepared to savour that retirement milestone and finally be able to enjoy more free time and all that life has to offer? Retirement also means you will have to support yourself without the regular employer paycheque's you’re accustomed to. How can you be sure you’re financially prepared? Taking advantage of savings tools like Registered Retirement Savings Plans (RRSPs) can help!

What is an RRSP?

A Registered Retirement Savings Plan, commonly referred to as an RRSP, is an investment tool specifically for Canadians to help save for retirement. As long as you have an income and have filed income taxes, you are eligible to open an RRSP and contribute towards your retirement tax-free (until it’s time to make a withdrawal). RRSPs can hold a number of approved investment assets to help you create a well-balanced portfolio and enjoy stable growth.

What are the benefits?

RRSPs offer some unique savings benefits to you and are one of the most secure savings options available. Help maximize your savings with benefits such as:

  • Tax deferred growth for as long as the RRSP remains open

  • Diversified holdings

  • Spousal contributions

  • Tax credits that reduce your taxable income for the year based on your contributions

  • Pre-authorized payment plans

  • Taxable withdrawals based on current tax tables

Remember, getting started early with your retirement planning and savings could be one of the most important steps you take in securing your financial future. The longer your RRSP is open, the more contributions you can make and the more time those contributions have to grow. A financial advisor can dive deeper into the benefits of an RRSP and help you include it in your larger retirement savings strategy to really help your money grow! Connect with Synergy Life Financial today and let’s get started.

With the right plan, you can retire within 10 years.
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