Financial Literacy Month-BMO's Tip of the Day: Invest in an RRSP
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 11/07/12 -- To mark Financial Literacy Month, BMO Financial Group is releasing a series of financial tips throughout November. As part of 'Making Money Make Sense' and BMO SmartSteps, the tips are designed to help individuals and families save and manage their day-to-day finances more effectively.
BMO's Tip of the Day: Consider investing in a Registered Retirement Savings Plan (RRSP) and taking advantage of tax incentives when saving for retirement.
What is an RRSP?
An RRSP is a registered plan that allows you to save for retirement in a tax-efficient manner.
"Investing in an RRSP should be a staple in any retirement savings plan, as it's the most tax-effective way to generate the funds you need to become financially secure in your retirement," said Marlena Pospiech, Senior Retirement Strategist, BMO Financial Group. "Whether you've been contributing to an RRSP for years or are just getting started, make sure you invest on a consistent basis, regardless of the amount."
Here is how an RRSP can work to your advantage:
The example below illustrates the difference in savings between a fixed annual RRSP and non-RRSP investment, assuming a 5 to 6 per cent average annual rate of return on a $10,000 annual investment over a 30 year period. With tax-deferred compound growth in an RRSP and investing regularly this can amount to a substantial difference in accumulated savings over time.
BMO Financial Group's RRSP Savings Calculator can help take the guesswork out of contributing to your RRSP by taking you through a few simple steps that will put you on the path to retirement success. Access it at .
"CFEE commends BMO's ongoing efforts to support Financial Literacy in Canada and promote ways in which Canadians can increase their competence and confidence when managing their personal finances on a day-to-day basis," said Gary Rabbior, President, Canadian Foundation for Economic Education (CFEE).
BMO Financial Literacy Month Tips
November 1:
November 2:
November 3:
November 4:
November 5:
November 6:
For more on financial literacy, Canadians can visit the Government of Canada's website, as well as BMO's online resource.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $542 billion as at July 31, 2012, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.
Contacts:
Media Contacts:
Rachael McKay, Toronto
(416) 867-3996
Valerie Doucet, Montreal
(514) 877-8224
Laurie Grant, Vancouver
(604) 665-7596
Internet:
Twitter: (at)BMOmedia
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Datum: 07.11.2012 - 13:00 Uhr
Sprache: Deutsch
News-ID 200455
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TORONTO, ONTARIO
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