The Millennium Retirement Savings Plan
The keys to financial success are really very simple:
Save before you spend (pay yourself first)
Don’t spend more than you make
Spend based on needs not wants
These concepts are very straight forward, but they are not easy to put into practice...
Younger employees today find it very difficult to save for retirement and will often choose not to not participate in programs because of the stress associated with paying back student loans. Losing the first 5-6 years of saving at a young age has a devastating effect on cash accumulation and their final retirement benefit.
One major RRSP provider has developed a unique solution
whereby these employees, after joining a voluntary group RRSP or DPSP, are eligible to receive a matching employer contribution equal to the amount of their student loan payment. You may put limits on the amount matched, and other eligibility criteria. The plan provider regularly confirms the student loan repayments and advises the employer to make contributions accordingly.
This plan can be set up in addition to any other retirement savings program that you may already have in place.
Want to attract and retain these valuable, younger employees?
It doesn’t have to be complicated.
WAYNE FARROW
Over his 40 year career, Wayne has worked with hundreds of Canadian corporations to design and manage Retirement Savings Programs involving thousands of plan members.
His hands-on approach and involvement at the Plan Member level gives him a unique ability to see things through the eyes of all the stakeholders and most importantly, the Plan Member.
He has literally been there, and done that, on the shop floor, not the 52nd floor.
This experience has allowed him to simplify the plan design and management of retirement programs in such a way that the most important elements are clearly understood by both the Plan Sponsor, and the Plan Member.
As he always says, “if you can’t explain it to an eight year old, then you don’t understand it.”
You can contact Wayne at: wayne@farrowpension.ca