Blog by DOINA BIOLAN B.Comm

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ARE YOU SAVING ENOUGH FOR RETIREMENT

Are you saving enough for RETIREMENT?

If it is much easier to save before you have major financial commitments, why do so many young Canadians have difficulty setting aside money for the long-term future?

HIGH TEMPTATIONS- People are far too impulsive! The lost opportunity of savings is greatest for young Canadians, money set aside at an early age has longer to grow. A comfortable retirement is within the grasp of most of us, provided we start early and use compounding interest in our favor.

Look at how much more you’ll have when you start your savings plan 10 years earlier!

Saving $100 per month beginning at age 25, by retirement time the money you have invested will grow to $199,149!

If you start at age 35, the money you have invested will grow to $100,451.

If you start at age 45, the money you have invested will grow to $46,204 only!

                                                               Assumptions: 6% rate of return compounded annually to age 65

RRSP money grows tax-deferred until you withdraw, allowing you to take full advantage of compound growth opportunities.

Start early, invest regularly( monthly plans are a very good option) and take action to secure your future.

Call me today and learn how our RRSP investments can fit into your financial plan!