Save for retirement
Whatever your vision for this new stage of your life, let's create a plan together
Saving for retirement
Sometimes it can be hard to picture retirement. Despite having a goal that can feel so far into the future, planning for retirement should start as soon as you're making a steady income. Whether you're imagining a retirement under the sun or volunteering your time, knowing how best to plan for your finances is key to seeing your retirement dreams become reality.
Hints and tips
- Open a Registered Retirement Savings Plan (RRSP). These investment options are designed to help you save for your retirement with interest benefits that help you see your money grow. Best of all, contributions to an RRSP are deductible on your annual income tax claims, saving you more year-over-year before your retirement.
- Even if your employer pays into a private retirement or pension fund, doubling up your retirement savings with an RRSP helps you maximize your retirement savings potential.
- There are many ways that a RRSP can help you save more when it comes to income tax season. Talk with your financial advisor at CWB to learn how an RRSP can help you save for retirement and save a little more on your income taxes.
- Set up an monthly automatic deposit for your RRSP and build your contributions into your monthly budget. This way, you can make sure you’re covering your monthly expenses while staying on top of your retirement plans.