Start Early in Life Calculator
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Your Registered Retirement Savings Plan (RRSP) is one of the most effective tools available to help with your retirement plan.
The first step in making your RRSP savings grow is to start contributing as early as possible in your working career. Investing a fixed amount at regular intervals is an excellent way to start, even if your contributions are small at first. Since RRSP contributions accumulate on a tax-free basis, your investment growth can be significant over time through the power of compounding interest.
In addition to starting early in life, there are several other strategies you can use to maximize the growth of your RRSP – increase your annual RRSP contribution, contribute earlier in the year, contribute longer by retiring later and earn a higher rate of return.
See Also: Tale of Two RRSPs
Use this calculator to see the difference in the growth of your RRSP between starting your contributions early versus starting them later.