The Financial and Consumer Affairs Authority (FCAA) wants to remind Saskatchewan workers about the importance of saving for retirement.
“Saving for retirement is important and not something you should overlook,” FCAA’s Pensions Division Director Leah Fichter said. “Joining your company pension plan, contributing the maximum amount and making sure your investments are the right fit are essential to help you get the best results and meet your retirement goals.”
Tips for Defined Contribution Pension Plans:
1. Join your company pension plan
It’s important to invest in your future and joining your company pension plan is a great way to save for retirement. Take advantage of this opportunity to help you meet your financial goals upon retirement.
2. Put in the maximum amount
In a defined contribution plan, the employer will set the employer and member contribution rate. It’s a good idea to make the highest pension contribution that your plan allows, if you can afford to. In some plans, the employer will match up to a certain amount of what a member contributes. Understand what your plan says, so you are putting as much as you can toward your retirement.
3. Make sure your investments are the right fit
Make sure you are comfortable with your pension investments. Most plans offer a selection of funds so it’s important to know your options. Think about the length of time to your retirement and your risk tolerance, and choose the most suitable investment option for you. Consider obtaining financial planning advice from a qualified advisor and contact your plan administrator if you have any questions.
For more pension information, visit www.fcaa.gov.sk.ca/consumers-investors-pension-plan-members/pension-plan-members.