Participating in a group retirement savings plan provided by your employer to plan a retirement to your liking
Participating in a group retirement savings plan provided by your employer is an essential part of good financial planning for retirement. If your employer does not offer such a plan, suggest its implementation so that you can join the plan. You will therefore be able to better plan for a retirement to your liking.
As you may already know, the Québec Pension Plan (QPP) and the Old Age Security program (OAS) are considered basic income for your retirement. You must therefore complete that income with a retirement savings plan or with personal savings to generate better financial security in retirement and carry out projects that suit you. The various group retirement savings plans provided by your employer are an interesting form of savings for retirement and provide several advantages:
- systematic savings for retirement
- possible contribution from your employer to your retirement savings plan
- tax-deductible contributions or tax-free investment income, based on the plan provided, to maximize your future benefits
- reaching a better quality of life throughout your retirement
- pension or benefits paid to your spouse, designated beneficiary or heirs according to the plan you chose
- and much more.
If your employer already provides a group retirement savings plan, request information to understand the terms of participation in the plan and make the best decisions with regard to managing your savings. If you are able to do so, contribute more to the plan so that your future benefits are enhanced.
If your employer does not provide a group retirement savings plan, have your employer look at the information available on our website regarding the various
group retirement savings plans (French only). This will also allow your employer to find out more on the various advantages of providing such a plan, particularly to retain employees and increase the competitiveness of the organization, especially during this period of labour shortage. Your employer could then choose the most appropriate plan.
Everybody wins!