Start Early

We all know we need to save money, but it's so easy to say we'll start tomorrow. Or once I get a raise at work. Once my car is paid off. Or a myriad of other things.  But delaying an investment program can cost you. And a lot.

What if I Wait Just 5 Years? It could cost you $35,910!

An investment* earning 5.00% will grow to $108,308 after 25 years.  If you wait for 5 years before starting this investment, it will only grow to $72,398.

Just a 5 year difference in starting the investment program resulting in lost growth of $35,910.

The cost of delay
* By investment, we assume no single deposit plus monthly deposits of $150 made at the end of the month, indexed at 2.00%

The chart is for illustrative purposes only and is not intended to project the performance of any particular investment.

Beginning at 25 vs. 35 could mean a difference of $285,395!

The earlier you start making contributions, the larger your RRSP will be at retirement.  If you delay making contributions, even just for a few years, the cost can be substantial.

If you start contributing $5,000 per year at age 25 at the beginning of the year and earn a rate of 5.00% per year, your RRSP will be worth $634,199 at age 65.

However, if you wait 10 years and don't start until you are 35 years of age, your RRSP will only be worth $348,804 at age 65 assuming the same 5.00% rate of return.

This means the 10 year delay will cost you $285,395 in retirement funds, a very significant cost indeed.


The chart is for illustrative purposes only and is not intended to project the performance of any particular investment.

The solution?

Start today! We'd love to help you get started!
 

Online BankingExpand/Collapse

Online Banking