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Plan your
future!

To succeed in saving, you need to know how to combine small pleasures with big projects. Find out how. It is all about balance!

One step at a time...

Replacing4 chai lattes at the caféBy4 homemade chai lattesYou save per month$20

Replacing3 lunches at a sushi restaurantBy3 homemade mealsYou save per month$68

ReplacingYour monthly shopping spreeByShopping at a thrift store or buying on saleYou save per month$100

Savings per year $2256

If you invest small amounts each week, your money will yield more thanks to compound interest. This means that interest is calculated from both your investments and the interest accrued from these investments. Therefore, the sooner you start, the more valuable every dollar you invest will be by the time you retire. Saving money has never been easier.

Starting to save early pays off!

Savings period (duration)Amount invested per yearTotal investedAverage annual interest rateAmount accrued at age 65
Stephanie's caseFrom age 25 to 34 (10 years)$1000$10 0005% $57 080
Fred's caseFrom age 45 to 64 (20 years)$1000$20 0005% $34 700
Graphique représentant le cas de Stéphanie Graphique représentant le cas de Frédéric Calculate your savings needs with SimulR Cet hyperlien s'ouvrira dans une nouvelle fenêtre.

ContestI am planning my future!

  • An amount of $2500 to invest in an RRSP or a TFSA
  • A consultation, worth $2500, with a financial planner who will create a personalized plan to help you realize your projects

The contest is now over.

Test your knowledge on retirement by answering the three following questions.

Usefuls tips

Planning is the key to success!

Whatever your big project is, you need to plan it financially. It is the best way to make sure you get what you want and take control of your future.

Here are a few simple steps to help you plan.

1. Think about your projects and your future needs.

Are you dreaming of big travel projects, buying your first home? You are on the right track because you have a clear goal! With your plans in mind, you are better able to estimate how much you will need to make them a reality.

Do you like to eat out or spoil yourself shopping from time to time? Of course, it is important to treat yourself and enjoy life. It is also part of your needs. You will have to think about it and plan accordingly to find your balance.

2. Make a plan and set goals.

Plan your savings according to your situation and goals.

  • Make a budget. This way, you will know how much you can save each month.
  • Set savings goals. If you can put aside about 10% of your income each year, that would be great!
  • Choose registered investments. In the long term, registered investments such as an RRSP or TFSA deliver greater returns because of their tax benefits. Choose the best type of investment (RRSP or TFSA) for your situation.
  • Use SimulR to find out the amounts to which you will be entitled at retirement and estimate how much you should save.
  • If needed, ask a financial planning specialist for help.

3. Review your plan regularly.

Assess your financial situation regularly, especially if there are changes in your life. Therefore, you will be able to put everything in place to make your retirement plans a reality.

What will your sources of retirement income be?

The Old Age Security pension from the Government of Canada Cet hyperlien s'ouvrira dans une nouvelle fenêtre. and the Québec Pension Plan (QPP) offer basic income in retirement. The retirement pension under the QPP varies according to your salary, the number of years during which you contributed to the QPP and your age when you apply for it. However, you must have additional income to ensure you have an adequate standard of living in retirement. This additional income may come from a workplace pension plan and/or your personal savings.

Podcast

 

Vies the video Cet hyperlien s'ouvrira dans une nouvelle fenêtre. on our YouTube chanel.

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