You’ve worked hard to get where you are, shouldn’t your self-employed personal pension plan be as successful as you? We’re here to help.
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1. Know where to start
Tony Maiorino, head of RBC Wealth Management Services, says the first step is figuring out how much you can afford to put away.
“We’re a very different society than we were in the past. We’re a lot more consumer-driven than we are a savings generation. So you need to be thinking about how much are you actually prepared to put into savings? And then the money that is going to go into savings, is that money you want to have locked away for retirement, or do you want to have it available should there be something that you need in the immediate future?”
Canada Pension Plan benefits are available between the age of 60 and 70 and it’s valuable to spend some time learning about when is the right age for you. There will always be a number of variables such as tax and income factors that could guide you to pick the common age of 65, but you may find yourself in a position to start earlier or delay as long as possible. This will also lead you to determining if you qualify for benefits from Old Age Security (OAS). For the OAS, you also can begin to receive your benefits between 65 and 70. And it is best to consider both early and later pension benefits when learning about what’s best for you.
Planning for your retirement is something most of us put off until we need it. Why? Because there were always other competing priorities. When you were in your 20s, You were caught up paying rent and keeping up with your bills never left much to put away. In your 30s, you maybe bought a house, but now you’re stretched. By 40, you could have a big mortgage and a young family and by your mid 50s, you finally have some cash flow but by then you might be in a panic that you’ll run out of time. We’re here to say it’s never too late.
2. How to get the most of your savings
Putting in the time and effort to strategically build up your retirement savings is crucial, especially if you’re self-employed or don’t have a company pension plan. Without a company pension plan, you will need to save aggressively to replace that pension income. Luckily we have a few ways to help:
- Do a financial check-up to understand your money and spending habits.
- Set up automated transfers to your TFSA and RRSP accounts, so putting away cash becomes automatic.
- Take our quiz to see if your financial plan works.
- Talk to us about how to work towards concrete financial goals based on your needs.
3. What to do next
Let us take care of the rest.
SEPPP is a tax-savings solution for Canadian business owners and incorporated professionals searching for an improved way of saving for their retirement. SEPPP offers up to 60 percent better tax-deferred compounding until the point of retirement and our professional guidance will make setting up SEPPP extraordinarily simple – and it is already the most accessible personal pension plan on the market! We were founded on the principle that the incorporated professional/business owner deserves a retirement plan with the same security and predictability that is enjoyed by those who make the rules!
The team of professionals at SEPPP have all the resources to assist self-employed individuals and their advisors in positioning and implementing all stages of the model.
Michael Byrne CEO/Founder – SEPPP Corp
Michael Byrne is the founder of Apex Business Development and SEPPP, and is passionate about coordinating business solutions for owner-managed business and professionals. He can be reached at firstname.lastname@example.org, or via phone at (780) 722-5221.