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Retirement Planning
Whether you’re only beginning your career, getting close to retirement or anywhere in between, there is never a bad time to be planning for what’s next.
For most Canadians, this means saving and investing your money so you can be comfortable in retirement. For those that own their own business, it can also mean creating a succession plan so your organization can keep going while you take time for yourself or sell your business. But regardless of where you are in life, retirement planning means setting goals and building a plan.
It's Never Too Early to Start
The most commonly used investment vehicle for retirement is the Registered Retirement Savings Plan. This is a government-approved savings option that also gives you the benefit of an immediate tax break. Because you don’t pay taxes on the funds deposited in your RRSP, you will be taxed when it’s withdrawn so it’s best to leave the money in the account until you’re ready to retire and will be taxed at a lower rate assuming you are earning less.
Compound Interest
When it comes to your long-term savings goals, the sooner you can start putting money away, the better. If your money earns interest, it will compound, meaning even your interest will begin earning interest, leaving you with more money in your account when it comes time to retire.
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Investing 101
You've likely heard the term "investment" before... but do you know what it means for your financial health?
Retirement Planning for Business Owners
No matter what stage of business ownership you're in, it's important to have a retirement plan.
Withdrawing From Your RRSP
It's finally time to retire! Find out how to make the most out of your retirement savings.
Setting up an RRSP
RRSPs are a safe and easy way to contribute to your retirement today, so you can relax tomorrow.
Questions?
Review our FAQ below, contact our team by phone 902.492.6500, info@cua.com or by visiting one of our eight convenient branch locations. Do you have questions that aren't here? Let us know! We're here to help.
Q: How much do I need to retire?
A: That depends on your goals, anticipated lifestyle, current spending and savings habits and many more factors. It's important to create a retirement savings plan that works for you. To get started, check out CUA's retirement calculator to find out if you're on track.
Q: What can I do to make sure my money is working for me?
A: Invest your money! While you may think of investments as high-risk, there's nothing safer than a high-interest savings account or term deposit to help grow your money. Plus, any interest earned in a Tax-Free Savings Account is non-taxable!
Q: What if I don't have enough disposable income to save for retirement?
A: Start small, even if you're only able to put away $20 a pay-check, you will be surprised how quickly that adds up, especially with the help of compound interest.
If you still aren't sure how to make this work in your budget, speak with a trusted Financial Advisor. They're here to help »