This content is provided through a paid partnership between Moving2Canada and Scotiabank.
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Saving for retirement may seem like a problem for the future, but building your savings over time can make it much more manageable. One important question you can ask yourself is “how can I start saving for my retirement today”.
Then, consider which accounts best suit your goals for retirement. In Canada, there are tax-advantaged accounts that can be helpful. A TFSA, for example, lets you set aside a certain amount of money each year for tax-free growth, while a RRSP offers a tax deduction today and tax-free growth on funds while they’re in the account.
If you want support in selecting the right accounts and starting your retirement savings journey, a Scotiabank Advisor can provide personalized guidance.
It’s also important to think about what you want your lifestyle to look like in retirement. A common rule of thumb is to aim for around 70% of your pre-retirement income, but it’s important to think about your personal needs. Consider when you want to retire, what sources of income you’ll have, and any major expenses or lifestyle goals you anticipate. With these answers in mind, you can use Scotiabank’s retirement savings calculator as a starting point for planning how much you may need (in today’s dollars) to retire.
When To Get Professional Help Developing Your Retirement Plan
We’re going to let you in on the real secret sauce behind saving for retirement — a personalized plan.
A plan that considers how much you and your family will need and what it takes to get there can help you build your retirement savings over time. However, actually building that personalized plan can be quite a complex task.
If you feel uncertain about your retirement or you’d like professional guidance to make sure you’re on the right path, speaking with an advisor can help.
A Scotiabank Advisor can build a customized plan suited to your retirement goals. Plus, they’re there for the long term to help you build a retirement plan that evolves with you.
Warm wishes,
The Moving2Canada team, in partnership with Scotiabank
Legal Disclaimer
This article is provided for information purposes only. It is not to be relied upon as investment advice or guarantees about the future, nor should it be considered a recommendation to buy or sell. Information contained in this article, including information relating to interest rates, market conditions, tax rules, and other investment factors are subject to change without notice and The Bank of Nova Scotia is not responsible to update this information. All third party sources are believed to be accurate and reliable as of the date of publication and The Bank of Nova Scotia does not guarantee its accuracy or reliability. Readers should consult their own professional advisor for specific investment and/or tax advice tailored to their needs to ensure that individual circumstances are considered properly and action is taken based on the latest available information.
