Where the best place to save for your retirement depends on your situation. As a general rule though a plan that has tax deferral is best. That will allow you to receive the full effect of compound interest or growth.
In Canada plans like Registered Retirement Savings Plans (RRSP) are tax deductible and provide tax deferred growth, they are designed specifically for retirement savings. The income is taxable when it is withdrawn.
If you have a plan where your employer will contribute and perhaps match your contributions. It might a Registered Pension Plan or towards your RRSP, regardless that is hard to beat.
Other option is a Tax Free Savings Account (TFSA) where the contributions are not deductible, but have Tax Free growth and the money is not taxed on withdrawal.
There is no cookie cutter plan or product that is best. I really depends on your individual objectives.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local Retirement Planner, you could start with a Google search. For example, if you search for: retirement planner Halifax or retirement planning Halifax, my name, along with several others, will come up. You can use the same method to find Retirement Planners in your community.
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In Canada plans like Registered Retirement Savings Plans (RRSP) are tax deductible and provide tax deferred growth, they are designed specifically for retirement savings. The income is taxable when it is withdrawn.
If you have a plan where your employer will contribute and perhaps match your contributions. It might a Registered Pension Plan or towards your RRSP, regardless that is hard to beat.
Other option is a Tax Free Savings Account (TFSA) where the contributions are not deductible, but have Tax Free growth and the money is not taxed on withdrawal.
There is no cookie cutter plan or product that is best. I really depends on your individual objectives.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local Retirement Planner, you could start with a Google search. For example, if you search for: retirement planner Halifax or retirement planning Halifax, my name, along with several others, will come up. You can use the same method to find Retirement Planners in your community.