Invest in Your Employees with a Group Savings Plan. Group Savings Small and medium sized companies are rarely able to match the sophisticated benefit plans offered by large organizations. However, one benefit you can add quite easily is a Group Registered Retirement Savings plan (Group RRSP). A Group RRSP is simpler and less regulated than a traditional pension plan. This makes it easier than a Pension Plan to suspend or wind down should unforeseen cash flow problems occur in the future. Group RRSP’s are also an excellent option for small companies, as you only need a couple of people to get one started. These Savings plan form a good foundation for your retirement savings but often need to be supplemented to obtain retirement goals. By taking your existing benefits into account when creating your personal plan we are able to create supplementary portfolios that maximize growth. Furthermore this allows us to make recommendations with regards to the investment selections available within your group RRSP platform. Advantages to group RRSP for a business: - A free benefit that you can provide for your employees - Often there are no set-up fees, no trustee fees and no termination fees - RRSP provider carries out the majority of the administration on your behalf - Great way to attract and retain valuable employees - Your business is not liable for a guaranteed income when an employee retires - The amount that you match your employees in contributions is determined by you and not mandatory Advantages for an individual: - Employer often matches contributions into your RRSP up to a max - Immediate tax relief for contributions you made into your group RRSP - Easy to contribute as contributions can be taken directly from pay cheque - Creates a disciplined savings plan "pay yourself first" - Allows for dollar cost averaging into your investment selections - Low minimum deposits into most plans. Consider:
1) Meet with an Advisor to get a recommendation
2) Meet with an Advisor to get a recommendation on your Group RRSP holdings
3) Integrate your Group Savings with your personal financial plan
4) Interested in providing your employees with a group savings plan? |
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Bumstead Financial Services provides comprehensive wealth management that includes: insurance, financial planning, financial management, investment planning, investment management, and estate and retirement planning.
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