When you have people over for dinner, your guests may bring side dishes, but you provide the main course. It’s the same sort of idea when it comes to your retirement income.
The Canadian government will provide the "side dishes" through the Canada/Quebec Pension Plan, Old Age Security and, in some cases, the Guaranteed Income Supplement. These government-based solutions will account for generally 20%-40% of your retirement income, but it’s up to you to supply the remaining 60%-80%.
Are you able to contribute to a group retirement plan offered by your employer? This is a fantastic opportunity to invest in your retirement and ensure financial security for your future.
A short guide to the benefits of your group retirement plan
- Choose automatic payroll deductions: You can’t miss what you didn’t have. This is an easy and consistent way to save.
- Get instant tax savings: Payroll contributions are deducted from your gross income, which means the amount of taxes you pay goes down.
- Take advantage of employer contributions: Your employer may offer a matching program, which will make your savings grow even more! As long as you contribute then your employer will do the same.
- Diversify your investment portfolio: You can choose from a number of different investment options selected by financial experts.
- Take advantage of low management fees: This is one of the main advantages of a group retirement savings plan—more people equals lower management fees. There’s power in numbers!
- Get help buying property or continuing your education: Some plans let you use a portion or all of your savings to buy a house or go back to school.
When you have people over for dinner, your guests may bring side dishes, but you provide the main course. It’s the same sort of idea when it comes to your retirement income.
The Canadian government will provide the “side dishes” through the Canada/Quebec Pension Plan, Old Age Security and, in some cases, the Guaranteed Income Supplement. These government-based solutions will account for generally 20%-40% of your retirement income, but it’s up to you to supply the remaining 60%-80%.
Are you able to contribute to a group retirement plan offered by your employer? This is a fantastic opportunity to invest in your retirement and ensure financial security for your future.
A short guide to the benefits of your group retirement plan
- Choose automatic payroll deductions: You can’t miss what you didn’t have. This is an easy and consistent way to save.
- Get instant tax savings: Payroll contributions are deducted from your gross income, which means the amount of taxes you pay goes down.
- Take advantage of employer contributions: Your employer may offer a matching program, which will make your savings grow even more! As long as you contribute then your employer will do the same.
- Diversify your investment portfolio: You can choose from a number of different investment options selected by financial experts.
- Take advantage of low management fees: This is one of the main advantages of a group retirement savings plan—more people equals lower management fees. There’s power in numbers!
- Get help buying property or continuing your education: Some plans let you use a portion or all of your savings to buy a house or go back to school.
