A Registered Retirement Savings Plan (RRSP) is one of the most effective retirement saving and investment tool available to most Canadians. It lets the money you invest grow unaffected by taxes until withdrawn.
This means your money has potential to grow faster and you’ll accumulate more than if you invest outside an RRSP. What’s more, you’ll get a tax deduction for every dollar you put into an RRSP, reducing your annual tax bill.
How much money will you need to enjoy your retirement years?
How much should you invest and what products should you consider?
Saving for your retirement can seem daunting but we are here to help you and figure out a strategy that works for you.
What about the market volatility?
Wise investors consider market volatility their friend. Dollar cost averaging takes advantage of the market volatility and have been shown to reduce unit costs and produce higher long-term returns than lump sum investing.
An effective way of saving is by setting up regular monthly contributions by automatic bank withdrawals. With these monthly contributions units in funds are bought. Your money buys more units when the markets are low. When the markets rise again you will get a much better return on your money.
Start today so you can enjoy your tomorrows.
If you already have and RRSP some providers, including Great West Life and London Life segregated fund clients, now have the option to make contributions to their policy using online banking.
For more information on RRSP’s, call us today.
