It's never too late to start saving for your retirement.

Remember, the earlier you start saving for retirement, the less you need to save each month. 

  • Suppose someone who’s ten years away from their desired retirement date starts investing $554.90 monthly in a mutual fund with an average return rate of eight percent. In that case, they’d be able to build a nest egg of $100,000. 
  • But starting earlier, say 20 years earlier, they’d only need to put away $175.66 a month to get that $100,000 nest egg. 
  • If they started 30 years ahead, that monthly contribution would only need to be $66.66. 
  • Starting 40 years ahead, they’d only have to put away $28.50 a month to save $100,000. 
  • So, the sooner you begin making regular contributions to an RRSP, the sooner you can take advantage of the power of compound interest to maximize your savings. 

Have questions about how to set up an RRSP? Your neighbourhood Casera branch can help. Contact us today