Personal savings
Financial planning for retirement starts with good savings habits. The earlier you develop these habits, the more they will pay off. All of this is thanks to compound interest. This means that the interest you earn is calculated from both your investments and the interest accrued from these investments. Making wise choices now can take you far in the years to come.
The magic of compound interest
Move the sliders to define your savings period and choose the amount to save each month, and discover the magic...
Amount accrued at age 65 $215 345
Amount saved $48 000
Average annual interest rate of 5%
| Age 25 | Age 35 | Age 45 | Age 55 | Age 65 |
|---|
| Amount accrued | $0 | $30 873 | $81 161 | $132 203 | $215 345 |
|---|
| Amount saved | $0 | $24 000 | $48 000 | $48 000 | $48 000 |
|---|
There are several personal savings tools: the registered retirement savings plan (RRSP), the tax-free savings account (TFSA), real estate... Regardless of your choice, the important thing is that you save enough money to maintain your standard of living in retirement.
To find out the best way to save for you, consult our Choose your savings vehicules page.