RETIREMENT SAVINGS
Start an RRSP Now and Thank Yourself Later
You’ve likely heard that starting small can make a big difference when saving for your future. But if you’re still second guessing your first step or wondering whether the amount you can set aside this year is enough, it helps to look at the facts. RRSPs are a powerful way to save for retirement, whether you are balancing a busy family life and career or just beginning your journey. Your retirement years are worth planning for and setting money aside today can help create comfort, peace of mind and plenty of room to enjoy life along the way.
How much money do I need to put aside to actually benefit from an RRSP?
Knowing how much to save depends on your goals and individual lifestyle but remember that even small contributions really add up over time. Your income may grow and change but starting to save early gives you a valuable head start. Building momentum now, even with modest contributions, can make a bigger impact than waiting until your earnings are higher. Time is one of the most powerful tools in your financial journey; money invested early has the advantage of growth over time, even when contributions start small. Embrace where you are today and let your savings grow as your opportunities do. If you’d like support building a savings plan that fits your goals, a Tandia advisor is here to help. They’ll walk you through your options and help you plan with confidence!
Why do small contributions still matter?
Remember that an RRSP benefits you in two main ways: A tax deduction today (since your contributions reduce your taxable income), and tax-deferred growth over time. As investments grow without being taxed (until withdrawal), you can make a meaningful impact on your savings plan by making annual contributions that your budget can accommodate.
You don’t need a large lump sum to start an RRSP, and contributing regularly doesn’t mean you have to max out your annual contribution room right away. It is most important that you get started and make saving a habit. Many investors began with small but regular contributions and are now on track to the bright retirement future they hoped for. So don’t wait, take advantage of the fast-approaching tax deadline and speak with a Tandia representative for helpful advice that can help you get started.
