Retirement planning involves evaluating your current financial standing and creating an accumulation strategy that will help to ensure a desired retirement lifestyle. Because an individual’s retirement years can span decades, retirement planning generally dominates other financial goals. A successful plan put into place during the wealth-building lifespan should address ways to maximize growth and tax-efficient distributions, as well as how to leave retirement assets to the next generation.
- Qualified employer-sponsored plansQualified plans are employer-sponsored retirement plans such as RRSPs and pension plans.
- Understand Tax SheltersYour investments grow tax-free within your RRSP, providing the potential for increased growth opportunities. You can enjoy immediate tax savings because an RRSP allows you to deduct the amount of contribution from your income on your tax return.
- Personal savingsBy identifying your retirement gap, you can develop a strategy for personal savings.