Want to know a secret? There's another tax-free way to save for retirement that the Taxman doesn't really want you to know. It's called universal life insurance, a special financial security portfolio that gives you life and health insurance coverage and a tax-deferred saving component.
Still unsure about the differences between a Tax-Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP)? The fact is it's all about the tax. Here's a quick refresher of the tax-free registered savings account.
The fact is, we're all living longer than past generations and we have to make sure we don't run out of our retirement money. Even though it's sometimes hard to do, we need to save more during our working years. Here's what you can do to feel better: create a plan that includes an automatic retirement savings program.
How would you rate your retirement planning confidence on a scale of one to five? Are you like the majority who find it very confusing? What would it take to overcome your fear and finally start investing in your future? You can set up a plain and simple saving plan that is so automatic, you won't even notice you're saving.
Are you saving enough for retirement? Over the years that Desjardins Group conducted its retirement survey, two themes always came up: most Canadians avoid retirement planning and they're sure they haven't saved enough. So, how prepared are you?