Investing today for a more rewarding tomorrow
Spending time with family. Travelling. Making new friends and keeping in touch with old ones. It's activities like these that make our lives so enjoyable and fulfilling.
To make it all happen just the way you envision, it's important to start investing in a Registered Retirement Savings Plan (RRSP) now. Enjoy the potential tax benefits of making contributions today, while making your retirement rewarding for tomorrow.
Planning for a secure and comfortable retirement takes a certain amount of investing know-how. At CIBC, our advisors have the experience, expertise and tools to help you choose the right investment solutions for your retirement goals.
Reality check: Are you covering the basics?
To ensure you're on track to a comfortable retirement, you should...
Know how much income you will need to support your chosen retirement lifestyle
Identify which sources of income you will have in retirement (i.e., pensions, RRSPs, non-registered investments)
Review your investment plan, at least annually, to ensure you have the right investment solutions and diversification to help you stay on track to meet your desired retirement time and goals
Are you getting the most out of your RRSP?
Contributing to your RRSP each year is just the beginning. The maximum amount you can contribute to an RRSP annually is 18% of your prior year's earned income (up to an annual limit of $24,270 for the 2014 tax year), less any applicable pension adjustment and plus any unused RRSP contribution room from prior years and any pension adjustment reversal.
A key part of planning for retirement is thinking about what you can do now to build your RRSP.
Ask yourself these 4 questions:
- Does your RRSP include investments with guaranteed rates and the flexibility to take advantage of any interest rate environment?
- Are your RRSP investments managed and monitored by leading investment managers?
- Have you taken advantage of any unused RRSP contribution room?
- Do you invest on a regular basis in order to maximize your RRSP?
If you have answered "Not Yet" to any of the questions above, then learn how to invest today and for your future with easy RRSP solutions.
Be realistic about how much you think you'll need in retirement:
if you plan to travel, remember to include the cost of travel and medical insurance
do your best to ensure all payments on major debts (mortgage, loans, credit card balances) will be behind you so you'll be debt-free
consider inflation when you estimate your expenses in retirement
consider the needs of parents or children during your retirement years
Invest the fast and easy way from the comfort of your home
You can contribute to your RRSP in minutes through RRSP Express®. By having a CIBC bank account, you'll be able to open a new CIBC RRSP or purchase CIBC RRSP GICs 7 days a week, 24 hours a day, by visiting RRSP Express or calling 1-800-465-3863.
Or, if you have a CIBC Mutual Funds RRSP account (including CIBC Family of Managed Portfolios), you can call 1-800-465-3863 to make an RRSP contribution.
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For self-directed investors…
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RRSP Action Plan
Determine my RRSP contribution
Consider any unused contribution room from previous years
Determine my total funds available for contribution
Determine how much I need to borrow
Review my RRSP investment options
Meet with or call a CIBC advisor to discuss RRSP investment options
Start a Regular Investment Plan for my RRSP contribution