Every penny counts. It takes time to save, but it is an excellent habit. Start small and work your way up. You may be surprised at how rapidly those pennies can accumulate.

Group Benefits

If possible, start saving as little as 2%, and then, as this becomes more comfortable for you, increase it by 1% more, then aim for a goal of 10%, payroll deduction works well for this. If your employer offers a matching program, be sure to take advantage of the additional funds working for you. Make your money sweat for you.

Typically, an employer will offer group RRSPs and/or TFSAs. If placed with an insurance provider, there are often guarantees, such as death benefits and lower Management Expense Ratios (MERs).

Possible Savings Chart


Having adequate Life Insurance is a way to offer security to the family’s savings. This means, if you pass too soon, your family can use the Life Insurance funds to keep your retirement savings or regular savings safe. Instead of using it to fund the unexpected costs associated with one’s death.

Also, Life Insurance is another tool to accumulate savings for retirement or other opportunities that may arise. Jim Pattison still refers to his early success as a younger man by using his Whole Life Insurance policy. That policy had cash values that he was able to use to support the other savings he had at the time. He was able to use these funds to give himself a tax advantage.


Start small but frequent, usually monthly, to take advantage of the ebb and flow of markets, also known as ‘compound interest’. Be clear on your options and investment choices. Take the Empire Life Investor Profile Questionnaire! It is a great tool to learn where to place your investments.

Saving $30-$50 monthly is a solid start. As this grows, so does your momentum for wanting to put more away weekly, semi-monthly, or monthly. Again, an RRSP or a TFSA is a great first step. Offered by insurance companies, they come with guarantees to protect you in those dreaded down markets.

*Seek an advisor to determine whether a conservative or aggressive portfolio is for you. We are here to help.

Have a question? Or need clarification?
Call to schedule an appointment with one of our advisors.