Retirement Solutions

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Retirement Solutions

When you retire, you stop working and in most cases your income stops too. This is where retirement planning comes in. A well-executed retirement plan replaces that lost income so you can keep a roof over your head and food on the table. Here are two good retirement accounts that can help you securely save for retirement.

1. RRSP

A Registered Retirement Savings Plan (RRSP) helps Canadians save money for retirement. Your contributions and earnings are not taxed if you invest the funds. This way, you grow your portfolio in time to retire comfortably. Some features of RRSPs are:

Contributions are tax deductible
Savings grow tax-free
RRSP can be converted to regular payments when you retire
First-time home buyers can borrow from RRSP
Taxes can be further deducted by using spousal RRSP

2. LIRA

A Locked-In Retirement Account (LIRA) is a type of pension fund that does not permit withdrawals before retirement except in exceptional circumstances. It is designed to hold pension funds for a former plan member, an ex-spouse or a surviving spouse.

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Retirement Solutions

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