Not very many companies offer pension funds to their employees, but when they do, it’s even rarer that the funds cover all their retirement needs. Of course, it’s a good start.
Nevertheless, you should find out the conditions of the pension fund. Are you planning to work for the same employer until you retire? If so, what would your retirement income from these funds be? At what age could you stop working and what penalties would you pay if you were to retire early?
The answers to these questions will help you evaluate whether your income from this source would be enough to satisfy your retirement needs. By contributing to an RRSP, you’ll be able to supplement what you receive from your pension fund and maintain your standard of living.
Stay the course with your retirement dream and meet with your Caisse populaire advisor to talk about your RRSP.