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The whole notion of retirement is changing. So is retirement planning. There is some debate as to how much you’ll need to retire comfortably. A standard rule-of-thumb suggests you’ll need 70 percent of your pre-retirement income to maintain a comparable standard of living. But there is no “standard” retirement these days. Your plans and dreams will differ from others. However, it is increasingly apparent that the vast majority of this income will need to come from personal savings such as RRSPs.
Registered Retirement Savings Plans (RRSPs) provide you with an exceptional opportunity to save for your retirement. Not only are your RRSP contributions tax deductible, but all of the income earned on those contributions compounds on a tax-deferred basis.
A Self-Directed RRSP enables you to maximize your retirement savings by allowing you to select from a wide variety of qualified investments in order to enhance your investment returns. A Self-Directed RRSP also provides you with control and flexibility to alter your investments as market conditions or your personal circumstances change.
Today, the Private Client Division of BMO Nesbitt Burns focuses on meeting the needs of individual investors through a customized approach to wealth management. Our Investment Advisors provide clients with personal advice and services, drawing upon some of the best knowledge and expertise in the industry.
As a member of BMO Financial Group, BMO Nesbitt Burns also provides clients with access to one of the broadest selections of wealth management solutions and services available today, both in Canada and the United States. If you would like more information, please contact your BMO Nesbitt Burns Investment Advisor or the BMO Nesbitt Burns office nearest you.
Everyone wants to have a comfortable lifestyle at retirement. If you are presently saving money for retirement, chances are taxes and inflation are undermining your efforts. At BMO Nesbitt Burns, we encourage you to invest for your retirement by contributing early, often, and as much as possible to your RRSP. To make sure that your RRSP works both hard and smart, ask your BMO Nesbitt Burns Investment Advisor to review your current saving strategy in the context of your overall retirement plan.
And if you don’t have a plan, we’ll be pleased to help you build one. Now is the best time to insure that your retirement goals become a reality.