Retirement Planning

3 Key Strategies for Retirement Planning

1. Determine Your Retirement Income Needs

Retirement Planning is a primary financial goal for most Canadians. Whether you have a savings program in place, or are interested in one now, the first step is to determine how much will be available to you at your retirement.

2. Remember The Three "S"s

Save now, Start now and Stay invested. No matter when you start investing, the key is to stay invested as long as you can. The longer you hold your investments, the more they will benefit from compound growth.

3. Contribute Regularly

Taking a slow and steady approach to building your RRSP/TFSA, setting aside small amounts regularly is the best way to ensure your success.

Freeing up a large sum of money at year-end is often difficult and is the most common reason people fail to maximize or sometimes even make their annual RRSP/TFSA contribution.


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