I want to save for my retirement. What do I do?
While we try to provide general information to help you get started, we are not able to provide investment advice.
Deciding how and where you save your money is a big part of your retirement plan. In Canada, the federal government, and sometimes employers, offer incentives to help you save money and build your retirement nest egg. These include:
- Registered Retirement Savings Plans (RRSPs) – RRSPs let you reduce your taxable income, and your savings grow tax-free as long as your money stays in the plan. Learn more about RRSPs.
- Tax-Free Savings Accounts (TFSAs) – TFSAs let you save tax free for any goal, including retirement. You can’t use contributions to reduce your taxable income, but withdrawals can be made at any time, tax-free. Learn more about TFSAs.
- Pension plans – Pension plans, group RRSPs and other savings plans can be a convenient way to save because your contributions come off your pay cheque. And if your employer matches your contributions, your savings power is doubled. Learn more about pension plans.
Learn more about retirement planning. You can also speak to a registered financial advisor who can help you determine the best way to reach your retirement goals based on your personal financial situation.