Retirement Strategies

Retirement is an exciting and wonderful time of life, though it is all too often overshadowed by the fear and anxiety of financial stability. WFG can help you to alleviate that fear and better understand what your unique needs are to have a financially secure retirement.

One of the most popular tools used in retirement-planning is the Registered Retirement Savings Plan (RRSP). An RRSP is a retirement plan registered by the Canada Customs and Revenue Agency that allows investors to contribute funds in a tax-advantaged environment. RRSP contributions can be deducted to reduce an investor’s income tax. In addition, any gains earned in an RRSP are usually exempt from tax for the time the funds remain in the plan. Taxes are paid, however, when the investment and interest is withdrawn.

An investor can continue to contribute to their RRSP until they turn age 71. Once 71, the investor then has the option of using the RRSP funds to take withdrawals, purchase an annuity, or transfer the funds to a Registered Retirement Income Fund (RRIF).

Whether you’re interested in a RRSP or a different retirement strategy, WFG’s financial professionals can help provide you with the peace of mind that comes with proper retirement planning. Click here to contact a WFG associate in your area that can help you to assess your specialized retirement needs.