For an exhilarating retirement, you have to start investing as early as possible.
Your age, your personal and professional situation and your finances are all important factors to keep in mind but there’s more to it than meets the eye! Talk to our advisors, they'll tally it all up for you according to your personal situation. Their advice will be so good that you'll wonder if they weren't retired themselves in a previous life!
The following table suggests game plans according to your age.
|This is as simple as can be: open an RRSP account and contribute what you can. The idea is to get ahead of the game and get the ball rolling, for example, by signing up for a Periodic Savings and Investment Plan. Later, all you have to do is up your contributions, keeping pace with your financial growth. You'd be surprised how quickly your savings can grow when you invest $25 a week, as early as possible.|
|The works: improve your plan if you already contribute to one or start one; define your retirement goals and establish an optimal plan to reach these goals. Whenever you can, contribute the maximum and use your unused RRSP contributions to make up for lost time. The possibilities are endless; your choices depend on your financial profile and your risk tolerance.|
|Change of course: your investment growth is still a priority but caution and safety are gaining importance. You are risking less and securing more. As a general rule, these are your highest earning years. Your mortgage is probably paid off, so the time is right to save big. You are setting sail for your retirement.|
|Metamorphosis: this is it. The time has come to retire! You're switching from deposit to withdrawal mode. RRSPs are turning into RRIFs (registered retirement income funds). Now your priorities are protecting your assets and maintaining your standard of living.|
So, are things looking a little clearer? Are you ready to start taking concrete steps to ensure a comfortable retirement? Then it's time to maximize your savings and investments!