Am I Paying Enough?

You will receive an Annual Benefit Statement which will show you how the value of your RSP account has changed over the previous 12 months.  Your statement will show the contributions that have been paid in over the course of the year by both yourself and IMI. It will also show you how the investments you have chosen have performed.

Your Annual Benefit Statement will also provide you with an estimate of the pension that your RSP account might provide for you at your chosen retirement age.

When you receive your Annual Benefit Statement is a good time for you to take stock of your RSP account’s progress against your pension objectives. You might ask yourself the following questions:

  • When do I want to retire?
  • What income will I need in retirement to support;
    • the lifestyle that I want
    • the financial commitments that I will have
  • What pensions will I receive from the State or other arrangements?

Then compare the answers to these questions with the information contained in your statement.

It may be that you decide that you need to pay more into your RSP account through increased contributions. To help you calculate what level of contributions you need to pay to achieve your desired level of pension in retirement you can access a modeller here.