With day to day expenses and the cost of living in general, it can be difficult to save money for your retirement.
The underlying difficulty here is finding cash flow to support your savings. After you add up the expenses and taxes, there may not be any money left at the end of the month. Often, there’s a lot more month left at the end of the money! This can make you feel powerless when it comes to saving for your future and may cause you to never start. What makes it even more difficult is that most of us were never taught how to save money and plan for our future.
It is difficult to prioritize and plan for your future when you have so much to worry about in the present. Not only have we seen this time and again with our clients – we have experienced it ourselves as well.
Luckily, there are a few benefits of an RRSP that are designed to help you move toward your retirement. The main one is the tax deduction you receive, effectively lowering your taxable income by the amount that you save. This leads to tax savings. We have provided you with our free RSP Tax Savings Calculator so you can see what the impact of an RRSP contribution can make.
If you need any help with this calculator, starting up a retirement savings plan, or have any other questions, please contact us.
Planning for your retirement has to start some time and we want you to feel confident from the start. After all, every day that you waste procrastinating on this is valuable time lost. You can also check out our Cost of Waiting Calculator to see how costly this delay can be!
You may have felt hopeless when looking for the cash flow to support your retirement savings. Understand that progress begins by taking small steps toward your goal. Why not take one of those steps now?