How much do I need to retire?

Do you know how much savings you’d like to retire with? Have you thought about what that amount should be? And most importantly, are you saving enough to get there?

Here are three quick steps that will give you a starting point:

1) The key figure you’ll need to have before doing your retirement math is an estimate of your retirement living expenses. Let’s say for our example, that’s $40,000/year. Multiply this amount by say 25 years. You would need to save $1,000,000 to retire comfortably.

2) Subtract government benefits you might receive, like from the Canada Pension Plan and Old Age Security. Let’s say for our example that’s $10,000 per year. That means you’d now have to save $625,000 versus $1 million.

3) Calculate the savings rate that will get you there. Here’s where we can help. Please don’t hesitate to reach out.

Give us a call at 1.866.446.7001 to discuss how you can reach the target retirement savings you want.

Need a Great Investment Rate? Expand/Collapse

When you think investments, a credit union might not come to mind. But did you know we have market-leading deposit rates?

Our 'Some of the Best Rates in Canada' Pledge means helping you grow your hard-earned dollars everyday. You can start earning more by contacting us today at 1.866.446.7001.

Rates comparison chart

Already Have an RRSP With Us? Expand/Collapse

You can open an RRSP Savings Account online that lets you transfer money from your operating account to the RRSP Savings Account in minutes. You can then take your time with your investment decision, putting the registered funds into a long-term investment of your choosing at a later date.

It’s also fantastic for those last minute contributions.
We’re here to help. Contact us today!

Comparisons based on posted bank website rates 02/11/19.

Innovation's term deposits/GICs: Minimum investment of $1,000. Interest is earned in the currency of the account and calculated on a per annum basis. Interest rates are subject to change without notice. Interest rates are annual interest rates. Interest is calculated daily on the closing credit balance. If term is withdrawn in full, the accrued interest is paid in full based on prior day's amount. If partial withdrawals are processed, there is no payment of accrued interest as it's paid according to the original terms. Interest for products can either be paid to a separate account or added to the principal on each anniversary date and at maturity.

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From the desk of our CEO

Federal Continuance

For information on upcoming changes to DEPOSIT INSURANCE if we become a federal credit union, see our disclosure notice. Creditors who have concerns may contact Innovation Credit Union.

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