Helpful Ways to Save for Retirement

1. Start Saving Early, Like Yesterday

We know, you’re busy with all those chores, family get-togethers, and deciding which dessert to make with those freshly picked Saskatoon berries. But seriously, start saving early! The more time your money has to grow, the less you’ll have to rely on the lottery or your collection of vintage tractors to fund your golden years.

2. Contribute to an RRSP – It's Like a Tax-Free Hug

An RRSP is basically a cozy financial blanket that keeps you warm in the winter of your retirement. Plus, every time you contribute, you get a sweet tax break. It's like the government giving you a little “thank you” for planning ahead. Don’t leave your RRSP underfunded.

3. Employer Contributions: Free Money Alert!

If your employer is offering to match your contributions to your retirement, it’s like winning the lottery—without the taxes. If you don’t take advantage of it, you might as well start a collection of old hay bales because that’s about the same value as not saving that free money.

4. Diversify Your Investments

Don't put all your eggs in one basket—even if those eggs are from free-range chickens. Mix it up! Stocks, bonds, GICs, a good old-fashioned piggy bank (okay, maybe not that last one). Prosperity Credit Union has plenty of investment "baskets", allowing you to keep all of your eggs under one roof.

5. TFSA: Tax-Free, Like Your Favorite Coffee Shop Gossip

A Tax-Free Savings Account is like your own personal gossip-free zone, where your money can grow without any tax drama. You won’t get a tax bill when you withdraw, and that’s a retirement win. No one wants to deal with taxes when you could be dealing with the best cup of coffee in town.

6. Review Your Plan—Because Life Changes Faster Than the Weather

One day you’re planning for quiet evenings on the porch, and the next, you’re planning for a beach house in Mexico (okay, maybe it’s just a small cabin). Life changes, and so should your retirement plan! Prosperity Credit Union’s financial advisors are like your personal GPS, making sure you don’t drive off the financial road.

7. Rural Living = Saving More (Sometimes)

Living out here in the peaceful plains means fewer trips to the big city and fewer distractions (other than your neighbor’s overly competitive zucchini-growing habits). That means fewer expenses—so why not stash that extra savings away for the future? Your future self will thank you when you’re living your best retirement life, maybe in flip-flops instead of boots.

8. Plan for Healthcare – Because Health is Wealth (Literally)

We all know Saskatchewan winters can be tough on the joints, so it’s smart to plan ahead for healthcare costs in retirement. A solid plan means more money for lake days, grandkid adventures, or treating yourself to a few extra helpings of homemade Saskatoon berry jam.

9. Set Clear Goals—Like ‘Buy a Ranch’ 

Think about your future retirement goals. Is it to spend every winter in a sunny place with no snow shoveling required? Or maybe it’s just to sip coffee on your porch while watching the world go by. Whatever your dream, let us know what it is, and we can provide a clear plan to help get you there.

10. RRIF – Time to Cash In, but Keep It Classy

When you hit retirement age, it’s time to convert your RRSP to a RRIF. This way, you get a nice, steady income while keeping your money cozy in a tax-deferred blanket. It’s the financial equivalent of a comfy rocking chair on your porch, with a good book and maybe a cat or two.

So, there you go! Saving for retirement doesn’t have to be boring. Keep it fun, keep it smart, and let Prosperity Credit Union help you keep the future looking as bright as a Saskatchewan sunset
 

*Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc.