If you’re fortunate enough to have an employer match, let your employer contribute to the kind of retirement you’ve envisioned for yourself. Use your group retirement plan to help you achieve this lifestyle. Do you want to retire early? Would you like to travel or buy a retirement property? What type of lifestyle do you want to maintain?
In this case, think about the kind of retirement you want to have. Defining your goal will allow you to visualize a clear course of action and select the tools that will help you get there. Your investment accounts should be established with the intention of reaching a goal. Make your financial health as important as your physical health. Group plans encourage financial education, and have been purposefully included in employee packages for your benefit. Just like you would use a dental benefit to maintain your oral health, a group retirement plan can help you stay financially fit. Much like the health benefits included in employee plans, this is a benefit that helps employees manage a significant aspect of their lives. To help you reap the rewards, here are five dos and don’ts to maximize your group RRSP:Įmployers that offer group retirement plans want to see their employees achieve their financial goals.
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Simply put, it’s free money, and it’s yours for the keeping if you choose to make the most of it. Opting-in to your employer-provided group RRSP can help you grow the value of your portfolio faster, reach your goals sooner, and benefit from the power of compound interest – especially when an employer match is involved.
Whether this is due to lack of communication, or a seemingly overwhelming fund selection process, those who don’t participate are missing out on a powerful employee perk.
Group retirement savings plans may be common, but they’re also commonly underused.
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