It's never too early to start planning for your retirement. The best way to ensure that you're making the right decisions with your investments is to talk to someone who can give you sound advice. Southwest Regional Credit Union Ltd. is here to help.
With modern medical advances and increased standards of living, people can plan on spending one quarter of their lives in retirement. Everybody has heard it before: It's never too early to start saving for your retirement. It's true. The effect of compound interest is significant.
At Southwest Regional Credit Union Ltd., our people can help you organize your finances so your retirement will be secure. Ask us about our RRSPs and Term Deposits.
You've saved up for your golden years, but now that you're retired, what do you do with your money? Learn about RRIFs and ask Southwest Regional Credit Union Ltd. if these may be the right moves for you.
A RRIF is basically a RRSP in reverse. You put money into RRSPs while you were working to save on taxes every year. When you eventually switch your money over to RRIFs, you'll be drawing money out, and paying taxes on that money as you do.
Southwest Regional Credit Union Ltd. can help you learn more about reverse mortgages RRIFs, and other annuities. Doing your homework and consulting the right advisors will make it easier to select any option that may make your retirement more comfortable.
If you're a Canadian wage earner over 18 years of age, you're eligible to receive a pension from the federal government. Find out more about how this applies to you.
Every Canadian over the age of 18 that earns a wage has contributed money toward the Canada Pension Plan. This is an earnings related social insurance program designed to help people and their families financially after they retire, become disabled or die. It ensures that all contributors are protected.
How much money you'll receive from the Canada Pension Plan depends on the amount of pension credits you build up. These credits are based largely on the total amount of money you contribute. The higher your annual salary and the more years you work between age 18 and retirement, the larger your pension will be.
In the event of divorce, the pension credits earned as a couple can be evenly split, even if one spouse or common-law partner did not pay into the Canada Pension Plan. A retired couple can also share pension credits for tax purposes, if one of their pensions is significantly higher than the other.
You will begin receiving pension payments when you retire, or any time you become disabled and are no longer able to work. If you choose to retire in another country, you are still able to receive your pension, paid in Canadian dollars, anywhere in the world.
If you're over 65 you may qualify for the Old Age Security Act. If you're between 60 and 65 and married or widowed you may be eligible for an Allowance. If you're living on a low-income, you may also be able to receive a Guaranteed Income Supplement. Information on these and other federal and provincial programs is available through Human Resources Development Canada.