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Educator-specific advice and resources on saving for retirement

6 Tips to help you save for retirement

1. Why reconsider that RRSP ‘top up’ contribution?

While other institutions may be telling you to ‘top up’ your RRSPs, Educators Financial Group invites you to speak to one of our financial specialists first. Since we have a long history working exclusively with the education community, we understand the financial areas that are unique to you – such as your pay structure, pension plan, and retirement gratuity.

Educators Financial Group has been serving the financial needs of the education community for over 40 years. More importantly, we offer educator-specific solutions to help you take on your financial challenges and achieve your financial goals – no matter where you are in your career, or in life.

2. What is the RRSP deadline and does it matter to you?

The February 29 deadline is only for applying RRSP contributions to a 2015 tax return. Your unused RRSP contribution room carries forward. If you don’t need to contribute for tax reasons, and you’re unable to make the deadline, you can contribute anytime. If you don’t maximize your contribution for a given year, the unused portion carries forward.

3. Why make regular monthly contributions?

A regular investment plan, such as a pre-authorized contribution (PAC) plan – be it in an RRSP, TFSA or other investment vehicle – offers choice as to when and how often to make contributions, and is an excellent way to boost savings and ensure that investing remains a priority.

Market fluctuations make it difficult for most investors (and even many professional investment managers) to determine precisely when to capitalize on an investment. However, with a PAC, you can benefit from a useful investment technique called “dollar cost averaging”. Dollar cost averaging means you’ll be investing a fixed-dollar amount at regularly-scheduled intervals, while also taking into account market fluctuations.

4. What are your retirement savings goals?

If you aren’t sure how much money you’ll need for retirement, an Educators Financial Specialist can help you understand if your current and planned RRSP contributions, as well as any pension income, will meet your retirement income goals.

Take a hard look at your budget and consider attending one of our workshops today. Saving for retirement may mean delaying some purchases from the present to the future.

Find out when a Financial Advisor will be in your area, and consider attending one of our workshops. Contact us today at 1.800.263.9541.

5. Looking to take charge of your finances?

More than offering financial products and services, Educators Financial Group is about empowering the education community with the knowledge and resources they need to take charge of their personal finances. That’s where The Learning Centre comes in. Think of it as your online resource area, full of free tools, tips and more that will help you to increase your financial literacy and get a better hold of your money, so you can live the lifestyle you want. In addition to the various webinars and articles you’ll find on a range of topics, you can utilize The Learning Centre for our handy online calculators to figure out your net worth or plan for retirement.

To learn more, visit The Learning Centre.

6. In need of educator-specific financial tips, offers and resources delivered to your inbox?

If you’re like most educators, your long days leave you little time to sift through all the information available on managing your finances. That’s where Educators Financial Group can help. Sign up for our regular emails chock full of financial tips, links, resources and more – all specifically customized for members of the education community.

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