Guarantee your financial future: a winning resolution!

Wednesday, January 28, 2015

The new year often brings resolutions: losing weight, getting into shape, spending more time with one’s family. Year after year, these are often among the most popular resolutions people make. However, more and more Quebecers also make financial resolutions: pay back debt or save for retirement, to name a few. And you? What are your resolutions?

Motivation specialists will tell you that what makes the difference between a goal remaining wishful thinking and a goal that becomes a successful reality is having an action plan.

For example, if you promised yourself that this would be a good year and that you would start saving for your retirement, it is likely that this goal will be abandoned if you have not come up with a solid plan to make it a reality.

Here are some concrete examples of things you can do:

• Make a budget, if you don’t already have one. If you do, review your existing budget. This will give you a clear idea of what comes in and what goes out of your bank account, and it will be easier for you to determine how much you can put into retirement savings.

• Don't get discouraged if you don’t have a lot of money to put into your retirement savings. Start with small amounts every week, or every month. At the end of the year, you will be surprised at how much you were able to save.

• Use automatic withdrawals from your bank account to contribute directly to your retirement savings. Saving will easily become a habit and you will grow your savings without even realizing it!

The VRSP: an advantageous solution for self-employed workers and individual savers

The voluntary retirement savings plan (VRSP) is the only group retirement savings plan that is available to self-employed workers and individual savers. It is an interesting solution, particularly because of its low management fees. In the long term, the lower management fees could translate into potentially higher retirement income savings.

Ask your financial advisor or visit iarver.com for more information about this plan.