Like most things in life, the sooner you start investing time, energy or money, the better it is. In the case of an RRSP, the more money you contribute at an earlier age, the more you’ll have when you retire.
Consider these facts:
- investing $100 every month beginning at age 20 will yield almost $100,000 by the time you turn 55 (based on a conservative 4% return)
- starting at 30 reduces your retirement savings to over $55,000
The best way to ensure that you’re making the right decisions about your investments is to talk to someone who can give you sound advice.