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Your RRSP is one of the most effective tools available to help with retirement planning. This financial planning calculator lets you explore five strategies to enhance the growth of your investments. Each strategy on its own can make a significant impact on your investment but combining all five strategies has an even greater impact.
1. Increase your annual investment
The best growth in your investment will be achieved when you contribute as much as possible in each of your working years.
2. Invest early in the year
Your investment will grow to a larger value simply by changing the time of year when you contribute.
3. Start investing early in life
Investing early in your career, even if you start with smaller contributions, is one of the best ways to grow your RRSP.
See Also: Start Early Calculator
4. Invest longer by retiring later
Retiring later, even by a few years, can add extra contributions and growth to your investment.
5. Earn a higher rate of return
Earning a higher rate of return, even by 1% or 2%, can make a dramatic difference over the long term. Stay within your risk tolerance level when seeking investments with higher returns.
Use the calculator to explore these five strategies: increase your monthly or anual investment, invest earlier in the year, start investing early in life, invest longer by retiring later and earn a higher rate of return.