Group Retirement Plans During and Beyond RRSP Season

Wiegers Financial & Benefits is one of Saskatchewan’s largest private financial planning and group benefits consulting firms.  In the war for talent, it’s imperative you stand out. More than ever, employees are choosing employers who care, and a custom-designed Group Retirement plan that helps look after your employees is an excellent compensation strategy that will help make you irresistible to the talent your business needs to thrive. In our latest Group Retirement news, we speak to group retirement plans during and beyond RRSP season

Group retirement plans play a critical role both in supporting employees on their path to financial security and in retaining top talent. RRSP season is the perfect opportunity for employers to promote these plans and for employees to maximize their contributions. Let’s look at why they matter and how they help everyone involved.

Why Group Retirement Plans Matter

Saving for retirement is crucial. But for many Canadians, day-to-day expenses make it tough. Group retirement plans help fill that gap. They provide an easy way to save and stay organized.

During RRSP season, Canadians focus on contributing to their RRSPs before the deadline. Group retirement plans play an important role here. They allow employees to contribute automatically through payroll deductions. This helps them maximize their RRSP room. Plus, contributions made during this time offer immediate tax advantages, like reducing taxable income. Learn about the various registered retirement plan options here.

Further, employers who promote these plans show they care about their employees’ financial health. This, very importantly, builds trust and loyalty. 

How Group Retirement Plans Help Employees

Group retirement plans are a big help for employees during RRSP season. They make it easier to save for retirement. Many employers match contributions up to a certain percentage, boosting savings.

They also typically have lower management fees than individual retirement accounts. This makes them a more affordable option. Employees can choose from various investment options to fit their financial goals.

By contributing to a group retirement plan, employees reduce their taxable income. They also set themselves up for long-term financial growth. It’s a chance to save for retirement while enjoying immediate tax benefits.

How Group Retirement Plans Help Employers

For employers, RRSP season is the perfect time to promote group retirement plans. Offering strong retirement savings options makes a company more attractive to many potential employees. During RRSP season, encouraging employees to engage with the plan strengthens their loyalty.

These plans can also improve productivity. Employees who feel supported financially are less stressed. They can focus more on their work. By highlighting these plans during RRSP season, employers show their commitment to long-term success.

Making the Most of RRSP Season

RRSP season is a reminder to prioritize retirement savings. Group retirement plans are key to this effort. They help employees secure their financial future. At the same time, they give employers a powerful tool to attract, retain, and motivate talent.

If you’re an employer, use RRSP season to educate your team about the benefits of the group retirement plan. If you’re an employee, take time to understand how the plan can help you reach your financial goals.

Investing in a group retirement plan during RRSP season is an investment in security—for both individuals and organizations. To learn more, please contact us.