Consider RRSPs

Registered Retirement Savings Plans (RRSPs) were introduced by the federal government in 1957 to help Canadians save for retirement

Registered Retirement Savings Plans (RRSPs) were introduced by the federal government in 1957 to help Canadians save for retirement.

Today, RRSPs can be an integral part of your overall financial strategy, but how can you ensure you’re getting the most out of it?

There is no one-size-fits-all solution when trying to determine how to get the most out of your RRSP. It’s important to work with a financial advisor to consider what makes sense for your specific situation.

An RRSP is only one component of your overall financial strategy and may play a different role for each person. Working with a financial advisor and other professionals can help you determine the financial strategy that best fits your personal needs.

Below are a few ideas you can consider in your discussions with your financial advisor:

Start early. Time is one of your greatest assets, so take advantage of it. The longer you save the more opportunity you could have for your investments to grow.

Contribute regularly to your RRSPs as it fits your specific situation.

Give your RRSP an annual raise! As you continue to progress in your career and income make sure you are also contributing more to your RRSP. The more money you save, the more you may have at retirement.

Reinvest your tax refund into your RRSP or TFSA (Tax-Free Savings Account) rather than making a large purchase. It could be a good time to re-evaluate some of your larger purchases.

Take advantage of employer contributions. There are few, if any, investment options that can compare with the value of your employer’s match and its role it can have on your retirement strategy. Even if your ability to save may be modest, you should take advantage of the full employer match, if available.

Ultimately, there is no simple answer for the question of how to get the most out of your RRSP. Each investor’s situation differs, and what may work for one investor might not make the most sense for you and your financial goals.

Speak with a financial advisor to understand the importance of an RRSP and the role it may play in your long-term financial strategy.

Bruce Shepherd is a financial advisor with Edward Jones. This article is provided for information purposes only. Please consult with a professional advisor before implementing a strategy.

 

 

Just Posted

Vernon gym shows heart for North Okanagan Hospice

Iron Heart Gym hosts fundraiser for Hospice and the 2019 Dancing With the Vernon Stars

Spallumcheen golfer collects first-ever ace

Kay Cornish used her trusty 7-iron to score hole-in-one on tough uphill par-3 No. 7 at home course

Okanagan College Vernon campus flies Syilx flag

The Okanagan Nation Alliance flag was raised at a ceremony on July 16

Lumby Fire Department douses potential wildfire

Site was barely out of their jurisdiction, but department put out fire at request of BC Wildfire

UPDATE: B.C. Hydro explain vandalism that caused Vernon power outage

According to B.C. Hydro, around 2,400 Vernon residents were without power from 4:30- 7 p.m. Monday

VIDEO: B.C. MLA Michelle Stilwell takes first steps in nearly 30 years

‘It actually felt like walking. It’s been 27 years… but it felt realistic to me’

Firefighters have doused a Peachland house fire

Fire crews are still on scene investigating the cause of the BBQ which made its way to the home

False report of dead body leads police to sex dolls at Manning Park

Princeton RCMP breathed a sigh of relief, momentarily, when they discovered a… Continue reading

Ironman returns to Okanagan after seven-year absence

Subaru Ironman Canada is coming back to Penticton in 2020

Grand Forks fire chief found to have bullied, harassed volunteer firefighter: report

WorkSafeBC, third-party human resources investigation looking into allegations complete

Special memorial service to say goodbye to murdered Kelowna teen

A memorial service and celebratio of life was held Tuesday for murdered teen Elijah-Iain Beauregard

Dog recovering after being drenched in hot coffee, B.C. man charged

Man was taken into custody, charged, and released pending a court date

Taekwondo instructor, 21, identified as B.C. bat rabies victim

Nick Major, 21, an instructor at Cascadia Martial Arts in Parksville

Science expedition to Canada’s largest underwater volcano departs Vancouver Island

Crews prepared for a two-week research mission to the Explorer Seamount

Most Read