One of the best ways to maximize your retirement nest egg is by contributing to your Registered Retirement Saving Plan (RRSP) every year rather than skipping a few years and catching up later. The reason is simple, by contributing every year, your money has more time to compound and grow tax-deferred.
Maximizing your RRSP and that of your partner if possible, even a low interest rates will leave you well positioned to increase your return should rates move higher.
And of course instead of GIC’s, you should be able to find a segfund or mutual fund with good bonds, perhaps making a safer investment than an equity fund.
In these scenarios slow and steady indeed wins the race. With the turmoil of the pandemic it is sometime hard to see safe future. You just need to hang on to your investments and faith.
Maximize the compounding effect and grow your RSP even more by making your annual contributions through a monthly contribution plan. Let us show you how.
We can help you secure your financial future by ensuring you have enough money to retire comfortably. Contact us for more information on creative ways to make up for lost time or visit our website.