For many individuals, saving for retirement is a pivotal component of their long-term financial plan. When making contributions to a retirement plan it is important to ask yourself ‘how much do I need to retire?’ and then developing a plan to ensure you achieve your retirement goals.
At Blewett & Associates we provide employers with a multitude of flexible Group Pension and Retirement Savings plans to help their employees save for the future, including:
The employer and the employees make tax-deductible contributions. The plan assets are locked-in and must be used to provide a retirement benefit to the employees. These plans are generally better suited for larger employers who want to help their employees build retirement income.
Group Registered Retirement Savings Plan (RRSP)
A group RRSP offers its participants group rates and the convenience of payroll deductions. Participants make tax-deductible contributions that accumulate in a tax-sheltered fund. The amounts invested in the fund are not locked-in and can be withdrawn at any time.
Deferred Profit Sharing Plan (DPSP)
A DPSP is a savings plan in which the employer distributes a portion of the company’s profits to some or all of its employees. The employees cannot contribute to this plan. A DPSP is a great choice for employers who want to provide their employees with an incentive to help achieve the company’s goals.