10.3 Savings for retirement

In this section:

• 10.3.1 Income from savings
• 10.3.2 Video: How to save for retirement
• 10.3.3 Registered savings plans
• 10.3.4 Video: Saving with registered plans
• 10.3.5 Registered Retirement Income Fund
• 10.3.6 Unsheltered savings plans
• 10.3.7 Getting cash from your home
• 10.3.8 Life insurance as a retirement investment
• 10.3.9 Summary of key messages

Introduction

In addition to the income that you will receive from public pensions and that you may receive from company pensions, you will likely need savings of your own to provide enough income during your retirement. What are the best ways to save for retirement? Is it better to invest your money in the stock market and hope for big returns, or to put it in safe government bonds? Is it smart to buy an annuity? Should you shelter your savings in a registered savings plan? Or do you need a mix of all?

This section explores how personal savings can contribute to your retirement income. In it you will learn:

• different options for saving for retirement
• how registered savings plans work, and their advantages and disadvantages
• how annuities work
• how unsheltered investments can help you reach your retirement goals
• how equity in your home can provide income.

You will use calculators to determine what different investments will be worth by the time you reach retirement age, and how much you need to save each year to reach your retirement goals. You will view videos with tips from experts on the best ways to save for retirement.