Just saying the word retirement brings a smile to most people’s faces. Not that anyone counts the time they have left until retirement. Make sure you are ready for your retirement with the various RRSP options from your Northern Lights Credit Union.

A RRSP allows you to shelter income from the earnings period of your life for use as taxable income in your retirement. The sheltering is two-fold. First, the income that is placed in the RRSP is taken out of the earned income portion of your tax return, thus allowing you to not pay tax on this income. Second, the earnings of the investments within this tax-sheltered vehicle are not taxable, and are held within the RRSP. There is no minimum age as to when you can contribute to an RRSP, but there is a limit determined by your unused contribution limit, calculated from your previous earnings, less any contributions. You may contribute to your RRSP until December 31 of the year in which you reach age 71. By the end of the year in which you turn 71, you must convert your RRSP to a RRIF and start taking an income from those savings. Your Northern Lights Credit Union provides access to various RRSP options including:

• Term Deposits
• Index Linked Term Deposits
• Escalating Rate Term Deposits
• Mutual Funds*
• And more…

*Mutual Funds are offered through Credential Asset Management Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash balances are not insured nor guaranteed, their values change frequently and past performance may not be repeated. ®Credential is a registered mark owned by Credential Financial Inc. and is used under licence.