Tomorrow Will Come Sooner Than You Think

A comfortable retirement is a major goal for almost every Canadian, but too few of us are adequately prepared.

A general rule is that you will need 60%-80% of your current gross annual income (before taxes and deductions) to maintain your standard of living in retirement.

A great way to save for retirement is through a group plan. This is an account in your name that is set up through your employer. Subject to the terms of your plan, you choose when to invest, how much to invest and what to invest in. After all, it’s your money. Depending on the type of plan your employer sponsors, you may be able to save through a Group Registered Retirement Savings Plan, Defined Contribution Plan or another form of employee savings plan. Many employers arrange automatic payroll deductions for contributions. Then you’re on your way.

Your Retirement—It’s Up to You

Many Canadians are becoming more self-reliant in planning for their financial security. People are living much longer in retirement and government benefits are unlikely to increase in the future. So it only makes sense to plan to have your money working for you well past your expected retirement date. By investing today and putting your money to work for you right now, you can make your savings grow for tomorrow. How hard your money will work for you depends on several things:

• How early you start.
• How much you set aside
• How you allocate your money among the different types of investments.
• How disciplined you are as an investor over time.

But no matter what your goals or circumstances, the sooner you get your money working for you, the more you’ll have when you need it most.

Next Page: Why Invest Now?

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