Start planning for retirement
In retirement planning, there's no such thing as too early. Right now, there are bills to pay, loans to pay off and life to enjoy. But the truth is, saving even a little each month can help establish a lifetime of good saving habits, leading to a more comfortable retirement.
Your Desjardins Agent can help. Desjardins Insurance offers retirement options that are based on your goals, along with free one-on-one guidance and annual check-ins to help keep you on track.
Start with a plan
How much do you need to retire?
As a general rule, an income that's 75% to 85%* of the amount you are living on in the months before you retire can help you maintain a similar standard of living.
Establish good saving habits
You can make paying yourself easy and automatic with a pre-authorized chequing account. Start by putting as much as you can monthly, and revisit your savings plan every year to adjust as your income and needs change.
Get more information in Pay yourself first with a PAC..
Keep an emergency fund
Your retirement savings are at risk if you someday lose your job and require funds. That's why it's a good idea to save at least three months' worth of salary.
Start planning today
Your Desjardins Agent is a great resource to help you manage today's risks and prepare for tomorrow.
Stick to it
First home vs. comfortable retirement
You may feel financially stretched in the early years of your career, and you may feel you have to choose between buying a house and saving for retirement. The Home Buyers' Plan allows you to withdraw up to $25,000 from your Registered Retirement Savings Plan (RRSP) for a down payment on your first home, but there are things you need to consider before you choose this option.
Read more in Cashing out your RRSPs.
Start early, think long-term
Although retirement may seem like a long way off, investing early and regularly (even small amounts) can pay off in the long run. You have a number of options to save for retirement, so knowing and understanding them can help you make the right choice for your situation.
*The New Retirement Math, Advisor.ca, July 2013
**Desjardins living benefits products are manufactured and issued by Desjardins Financial Security Life Assurance Company.
Mutual Funds are not insurance products and are distributed through representatives of Desjardins Financial Security Investments Inc.
Please read the applicable Fund Facts before investing. Commissions, trailing commissions, management fees and expenses may be associated with mutual fund investments.
Mutual Funds are not guaranteed, their values change frequently and past performance may not be repeated. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer.
Neither Desjardins Insurance nor its agents provide tax or legal advice. Please consult your tax, legal or investment advisor regarding your specific circumstances.