To reach your retirement goals, it is important to start saving in your RRSP/TFSA early in order to benefit from the magic that is compound interest. The impact of compound interest is such that just a few years less of saving and growth can make an enormous difference on your results. For example, assuming a return of 4% per year, someone who invests $50 per week starting at age 35 would save nearly $70,000 more than someone who starts at age 45. To quote Albert Einstein: “Compound interest is the eighth wonder of the world”!
Financial resolution: Start saving early and systematically
This video is presented by:
Senior Vice-President and Chief Economist
Clément Gignac, Senior Vice-President and Chief Economist, explains the importance of relying on consistency and starting early when saving for retirement