Saving and Investing for Retirement

Let's face it; the earlier you start saving and investing for your retirement, the earlier you're going to have the kind of nest egg that lets you retire, or keep working, in financial comfort.

Most Canadians will need personal savings in addition to the public benefits and/or employer benefits they receive in order to retire comfortably. To encourage savings for retirement, the Government of Canada has created several plans that offer tax benefits to Canadians; they let you avoid or delay some of the taxes you would pay. Talk to an ACU financial advisor for all the details.

Your retirement plan should balance your needs and desires with the reality of your financial health. We provide access to several options that will help you save money for your retirement, including:

Tips that will help you save in the long run

Make your savings automatic; decide what percentage or dollar amount to defer from each paycheck and stick with that plan. If you’re juggling debt and saving, then defer a smaller amount this year. As you pay off the debt, consider increasing the amount you’re saving rather than spending it all. When you start putting money away automatically, you'll grow your nest egg without having to think too much about it.

If you get paid a bonus, put that extra towards your savings plan; you don't need it for living expenses because it’s extra money that you hadn't counted on.

If you get a tax refund, use that money to increase your savings.

Look for an expense to cut, and bank those funds instead.

Take advantage of an employee savings program where your employer matches or supplements what you’re contributing.

ACU is happy to provide you access to professional, friendly advice and investment options you might not have thought of. Contact us and set up a meeting with one of the Wealth Consultants today. Don't wait!

*Mutual funds are offered through Credential Asset Management Inc. Mutual funds and other securities are offered through Credential Securities Inc. Unless otherwise stated, mutual fund securities and cash balances are not insured or guaranteed and are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. Credential Securities Inc. is a Member of the Canadian Investor Protection Fund.

 

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