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HOOPP
Advocacy Resources Saving Without a Pension

Retirement savings options without a workplace pension

Retirement savings options without a workplace pension

While Canada-model plans are not accessible to all Canadians, there is a lot to learn from the common features that make them so successful. Finding ways to apply those features to other investment approaches can benefit those who don’t have access to a Canada-model plan.

If you’re one of many Canadians that don’t have access, here are some tips to help you save:

  • Start early and save regularly – consider setting up an automatic savings program through your bank where you can choose the product, the contribution amount and the frequency of the transfer.

  • Reduce costs and fees responsibly – the higher the fees, the more it will diminish your investment returns which can have a significant impact on your savings over time.

  • Seek professional investment advice – a professional can help you plan for retirement and manage your funds efficiently.

  • Avoid bad investment behaviour such as overestimating your investment abilities – if you have access to a workplace pension plan or another retirement savings vehicle, take advantage and leverage the guidance offered through your employer.

Related Resources:

This document provides a simplified overview of HOOPP's benefits based on the terms of the HOOPP Plan Text at the time of publication. From time to time, HOOPP may amend the HOOPP Plan Text. In cases where the information provided in this document differs from that contained in the HOOPP Plan Text, the HOOPP Plan Text will govern. More details, including the full HOOPP Plan Text and a complete description of the Plan and its benefits, can be found on hoopp.com.