Between the mortgage, day-to-day expenses, supporting yourself and your family, it’s easy for retirement to slip down the priority list. But taking a few steps now makes a big difference later.
Whether you’ve been contributing for years or are just getting started, here are a few steps that can help you make progress.
Set a goal for your retirement income
Think about how much you’ll need each month to cover your expenses and the things you want to enjoy. Having a target gives you something real to plan for. Use our retirement calculator to help with your planning.
Know that Canada Pension Plan (CPP) benefits alone likely won’t be enough
CPP benefits help, but most people will need additional savings to maintain their lifestyle. That’s where pensions like SPP come in.
Start small if you need to
You don’t have to contribute large amounts to make progress.Setting up pre-authorized contributions helps you stay consistent, and that adds up over time. As your situation changes, you can increase your contributions (within your contribution limits).
Find small ways to save now and put those dollars to work
Even trimming a few small expenses, such as dining out or unused subscriptions, can free up money to put into your retirement savings.
Make a plan and revisit it often
Having a plan is great, but your goals, income, and expenses will change over time. Checking in on your planregularly helps you stay on track and adjust when needed.
Factor in inflation
Costs rise over time, and your retirement income will need to keep up. Planning with inflation in mind helps ensure your savings will cover what you need, even as prices go up.
Growing your SPP savings is easier than you might think
CHOOSE YOUR CONTRIBUTION METHOD
Contribute through automatic payments, or one-time contributions through online banking, credit card or cheque – whatever works best for you.
Whether you set them up through SPP or on your own through your bank account, pre-authorized contributions (PAC) are the easiest way to save. Just sit back and watch your savings grow automatically.
Remember to review and adjust your contribution amounts based on your available RRSP room, found on your 2024 income tax Notice of Assessment from the Canada Revenue Agency (CRA), and your retirement goals.
You can also transfer unlocked funds from your RRSP, RRIF, RPP, or DPSP into SPP, with no tax implications. There’s no limit to how much you can transfer in and SPP doesn’t charge fees when you transfer into your plan.
Funds are locked in until age 55, and with a 10.6%* return in 2024 and an 8%* long-term average, you can relax knowing your future is in good hands.
*Past performance does not guarantee future results.
SPP’s diversified investments help protect your savings
Market volatility following the announced tariffs may put some pressure on returns. However, Saskatchewan Pension Plan (SPP) investment portfolios are designed to shield your funds from the full impact of down markets.
Take a moment to check your MySPP profile to make sure your contact details and beneficiary information are up to date. Keeping your information current means you won’t miss important updates about your account.
