MUSICIANS BENEFITS

If you are a professional musician, chances are you donít have an employer who sponsors a pension plan or who matches contributions to an RRSP. In fact, only 35% of Canadians have an employer sponsored retirement plan, and only one-third of Canadians will have an adequate income when they retire.

Most Canadians generally rely on government pensions like the Canadian Pension Plan (CPP) or Old Age Security (OAS). According to recent Advocis studies, the average CPP pension pays only $472 per month, and the average OAS pension pays $465. Even the two pensions combined offer an average monthly income of less than $1000/month.

Joining a group RRSP is an affordable option for musicians and other self-employed individuals that offers flexible contribution schedules and can significantly impact the quality of life in your retirement. Even a monthly contribution of less than $100/month can make a measurable difference in your future security. And the sooner you begin to contribute, the more value your pension accumulates, even if you contribute over a shorter period of time. Consider this:

 

Dale

Jordan

Starts contributing at age

25

35

Annual contribution

$1000

$1000

Number of years contributing

10

30

Total contributions

$10,000

$30,000

Total accumulated value at age 65

$157,435

$122,345

 
Talk to a consultant at KBC, and let us help you put a plan in place for your future. The plans are easy to set up and as convenient as an automatic debit from your bank. Itís never too early or too late, to think about your retirement. Youíll be glad you did.
 
 
 


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