Registered Retirement Savings Plan
As the lifespan of people are increasing, the money saved for retirement must last longer. Prudent financial preparation for old age can help you enjoy the benefits of your hard-earned savings.
Government pension assistance offers a very modest base on which to build your retirement income. To preserve your pre-retirement existence, most Canadians will necessitate most of their retirement to come from investments and personal savings and/or an employer pensions.
There is also the OAS Pension or Old Age Security which is an assistance available monthly accessible to those Canadians 65 year old that meet the legal status and Canadian residence requirements. You need to apply to collect these benefits.
Understanding the RRSP