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Today, many of us are living longer and retiring sooner, so it’s important to know that there will be an adequate and constant income flow available when we retire. However, it can be difficult to know exactly how to prepare for retirement, and ensuring a consistent livable income after you retire relies on several factors.
How much should you save for retirement?
o retire comfortably, it is suggested roughly 70% or more of your pre-retirement income should be targeted as your annual retirement income. However, the law limits how much money can be contributed per year into a Registered Retirement Savings Plan (RRSP), and these limitations may result in a significant shortfall in retirement income, especially with an increasing average life-expectancy.
Fortunately, with our Retirement Enhancer strategy, you can supplement your retirement income, and pay no taxes on the supplementary amounts.
What is Retirement Enhancer?
Retirement Enhancer is a strategy to help you accumulate funds on a tax-deferred basis and use that accumulation in the future to access additional funds to supplement retirement income that will not be subject to income tax. Essentially, this is a strategy that allows you to save more tax-deferred money than you could through maximum contributions to your RRSP alone.
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