Bright plans for retirement? Do you dream of traveling to exotic places, starting a lush garden, or diving into a hobby you’ve always wanted to try? Don’t let worries about finances hold you back! With BCU Financial retirement planning, we’re here to help you realize those dreams. Let’s ensure your golden years are everything you’ve imagined and more.
Here’s How BCU Financial Retirement Planning Can Help
Everyone’s retirement dreams are different — whether you’re eyeing a cozy cottage by the lake, planning to travel the world, or just want to relax and enjoy your hobbies, there are options to fit your goals. Here’s how Buduchnist Credit Union can help you achieve the post-employment life level you’ve always wanted.
Registered Retirement Savings Plan (RRSP)
- What It Is: An RRSP helps you save for your golden years and lowers your tax bill.
- How It Works: You put money into the plan before taxes are taken out, and it grows without being taxed until you withdraw it.
- Example: If you save $5,000 this year, you might pay less tax now. Plus, any unused contribution room can be carried forward to future years.
- Benefit: You can use your post-employment savings without stressing about immediate tax impacts.
Registered Retirement Income Fund (RRIF)
- What It Is: A RRIF turns your RRSP balance into regular post-employment profit.
- How It Works: Take out money a little at a time to avoid a huge tax bill.
- Example: You could take out a fixed amount each month to cover living expenses while letting the rest of your savings continue to grow.
- Benefit: Manage your money wisely and enjoy a steady income throughout your golden years.
Life Income Fund (LIF) and Locked-In Retirement Income Fund (LRIF)
- What It Is: These funds help manage and distribute pension money from past jobs.
- How It Works: They convert your pension into regular payments for retirement.
- Benefit: Ensure a steady cash flow to maintain your lifestyle and enjoy your golden years worry-free.
First Home Savings Account (FHSA)
- What It Is: An FHSA helps you save money when buying your first home tax-free.
- How It Works: Save cash for your new home and enjoy tax-free growth.
- Example: Do you want to buy a new place or downsize for golden years? This account helps you save with tax-free earnings.
- Benefit: You can achieve your goal of finding the perfect countryside home. Consider settling into a charming house with a garden where you can enjoy quiet in your post-career life.
Investing and retirement have always been challenging for many, especially Ukrainians, who have worked hard to build a future. But it doesn’t have to be stressful for the Ukrainian diaspora in Canada. Our tailored solutions are designed with your needs in mind. Check us to discover how we can help you realize your ideal post-career life!