Workplace savings plan basics

Workplace savings plans can be a convenient and flexible way to save for different goals.

3 things to know about workplace savings plans

  1. While pensionPension A steady income you get after you retire. Some pensions pay you a fixed amount for life. Others save up money for you while you are working. You use that money to create income after you retire.+ read full definition plans are designed solely to provide retirement income, savings plans are more flexible.
  2. They may restrict withdrawals while you are with your employer, but once you leave your employer, you can transfer your savings out of the plan to use for retirement or any other goal.
  3. These plans can vary greatly in their design and purpose, so it’s important to understand how your employer’s plans work – and any rules that apply to them.

Take action

Find out about any savings plans offered by your employer. Join if you can and take advantage of any employer contributions.

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