Put yourself on the road to a financially secure retirement by following these simple strategies.
Start early
It doesn't take a lot of money to build a nest egg if you start early enough and let time work for you. Make your first contribution as early as possible in your working career to benefit from compound interest.
Contribute regularly
Taking a slow and steady approach to building your RRSP, setting aside small amounts regularly is the best way to ensure your success.
Freeing up a large sum of money at year-end is often difficult and is the most common reason people fail to maximize or sometimes even make their annual RRSP contribution. Visit the RBC Funds monthly plan calculator for a quick view of how to meet your investment objectives.
Contribute the maximum
Make a point to contribute your maximum RRSP amount whenever possible. This will minimize your current tax bill, potentially reduce your marginal tax rate and build your nest-egg even faster.
Consider your RRSP untouchable
While it can be a valuable safety net in times of financial crisis, don't tap into your RRSP unless you absolutely have to, or it is part your planned strategy. Funds you withdraw today will not be there when you need them at retirement.
For advice on your RRSP options or to establish a plan visit the RBC Financial Group office nearest you or contact our investments specialists at 1-800-769-2511.
