If you’re an employee or employer exploring your options, this guide can help give you an idea if Manulife RRSP suits your or your team’s retirement goals. To the financial advisors, planners, and portfolio managers who typically visit our website, this piece can be a good resource to send to your clients.
Just like any other registered retirement saving plan, Manulife RRSPs are designed to help Canadians save for retirement while accessing tax benefits. Contributions to an RRSP provide immediate tax relief, which is a significant incentive for participating employees. In addition, the investments grow tax-free until these are withdrawn in retirement when a person’s tax rate is likely lower.
Employees can contribute directly to their RRSP accounts through payroll deductions if enrolled in a group plan. This also enables them to automate their savings easily. Employers may also offer matching contributions to further enhance the growth potential of the retirement fund.
Manulife RRSPs offer a range of investment options, including mutual funds, guaranteed investment certificates (GICs), and market-based funds. This variety allows plan members to tailor their investments based on their risk tolerance and financial goals.
Manulife also provides user-friendly online tools that let employees track their RRSP accounts and make changes to their investment allocations. These include retirement calculators, financial planning guidance, and personalized account management. Members can also access educational resources to help them make informed decisions.