Saving for a future goal like retirement is always a smart financial move. But if you work for an employer that offers a workplace pension or savings plan, you may have some extra help along the way. Here are 4 key reasons to join:
1. Save more
In most plans, both you and your employer contribute to your long-term savings. That means your savings power is doubled.
2. Save easily
Your contributions come off your paycheque – before you spend it on other things.
3. Pay lower fees
Whether you invest your savings or your employer does, investment management fees can be significantly lower than those you pay as a retail investor.
4. Get guaranteed income
If you’re in a defined benefit plan, your retirement income is guaranteed for life.
Additional tools and services
Employers often offer tools and calculators to help employees plan and invest their savings. Many employers also provide access to a professional financial advisor, as well as online and mobile account access.
Don’t leave money on the table. Join your workplace plan if you can and benefitBenefit Money, goods, or services that you get from your workplace or from a government program such as the Canada Pension Plan.+ read full definition from employer contributions.