Uncover the things you may not have thought of yet and discover ways to keep more of your money.
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When it comes to saving for retirement, a Registered Retirement Savings Plan (RRSP) is a popular choice for most Canadians. A Tax-Free Savings Account (TFSA) can also be used to save for retirement, but it gives you the flexibility to save for short-term goals, too.
Here are a few ways the RRSP and TFSA stack up:
To compare more features and benefits, see TFSA vs RRSP vs eSavings
Your retirement will be as unique as you are. Travel, sports, hobbies … no one will combine these and other activities the same way you will. Your retirement plan should be just as unique.
After all, no one has the exact same retirement benefit plans, tax considerations and priorities as you. That’s why you need a personalized approach to provide steady income when your regular paycheque stops.
Working with an RBC Financial Planner is one of the easiest ways to get started with your retirement plan. In addition, you can use resources like the ones below to help guide your conversation:
Avoiding emotional investing, following proven principles and adjusting your plan for the right reasons can help you reach your goals.
Your investment plan should be dynamic, not static. Here are three “levers” that can be adjusted over the years to meet your changing needs.
- Lever 3: How Much Risk You Have
This lever should be shifted carefully as your risk profile is core to your investment plan. The best way to do this is to review your portfolio regularly with your RBC Financial Planner.
MyAdvisor is a secure, one-of-a-kind online service that combines interactive planning tools and advice from a live advisor to help you be better prepared for retirement. It’s exclusive to RBC clients, easy to use and available to you at no extra cost.
Read more about MyAdvisor.
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