David Garnier works with CIBC (Canadian Imperial Bank of Commerce) Wood Gundy in Dartmouth, Nova Scotia, as Vice President and a Portfolio Manager. Portfolio managers like Dartmouth, Nova Scotia’s David Garnier often aid their clients with retirement planning, giving them advice and assistance in improving their retirement security. It’s never too early to begin working with such a professional. Even if you haven’t begun saving for retirement, they can aid you with advice like that below:
- Start Now – The sooner you start saving for retirement, the earlier and happier you can retire. Saving money now will increase your compound earnings, even if you can’t invest as much as you would like to. For example, investing just $75 per month from 25 to 65 can add up to more than $250,000 with interest. If, on the other hand, you invest $100 per month from 35 to 65, equivalent savings would be closer to $150,000.
- Help Your Group RRSP) Grow – If your employer provides traditional Group RRSP) plans, you’re able to place pre-tax money into your retirement savings, which give you a significant advantage. The more you invest in your Group RRSP), the less you take from your monthly budget by investing in comparison to post-tax options such as a taxable account
- Take Advantage of the Match – Many employers match employee contributions to 401(k) accounts up to a defined amount. If you are lucky enough to have such a plan, aim to contribute the full amount that your employer will match every month. The matched funds can be viewed as free money.
Working with a professional like David Garnier Nova Scotia, can increase your chances of a comfortable and secure retirement – this is particularly true if you start now.