Like many of us, you may already be saving money for your retirement or are looking to do so soon. But do you know how much money you’ll need to set aside?
Various tools are available to help you prepare or review your retirement planning strategy. These tools will help you evaluate:
- The amount that you could save until you retire (calculator available in French only).
- The amount that you should save to achieve your financial goals at retirement.
- The impact of fees on the returns you could earn (calculator available in French only).
- How an increase or decrease in mortgage rates could affect your budget.
Knowing yourself in order to plan better
Knowing yourself and the kind of lifestyle you want is important when planning for your retirement. Choose the representative that’s right for you. He or she will be able to guide you toward investments that suit your financial circumstances and retirement goals. Talk to your representative about such options as:
- RRSP: When you contribute to an RRSP, you reduce your annual taxable income by a corresponding amount and generally receive a tax deduction.
- TFSA: Amounts invested in a TFSA can grow tax-free and you can withdraw them at any time, without tax consequences.
- VRSP: A VRSP helps certain employees contribute for their retirement via payroll deductions.
- Annuity: An annuity allows you to receive a regular amount over a fixed period of time or for the duration of your retirement.
If you’re thinking about managing all or part of your investment portfolio on your own, make sure you have the skills and the time needed to ensure you’re successful.