Reasons To Get One
If you’re nearing retirement age, or even if you’re not, you should be thinking about setting up an Individual Pension Plan – or IPP. An IPP is a great way to ensure that you have a comfortable retirement, and it’s something that more and more Canadians are taking advantage of. At https://ex-ponent.com/ we’ll discuss what an IPP is, why you need one, and how to go about setting one up.
The first thing to know about an IPP is that it’s a retirement savings plan that’s specifically tailored to you as an individual. That means that it takes into account your unique financial situation, and allows you to make contributions based on what will work best for you. An IPP is also a great way to save on taxes – in fact, you can often get a tax deduction for your contributions.
There are a few different ways to set up an IPP, but the most common is through your employer. If your employer offers an IPP, they will usually make the contributions on your behalf (although you may be able to make voluntary contributions as well). The other option is to set up an Individual Pension Plan yourself – this is often done if you’re self-employed or if your employer doesn’t offer an IPP.
Either way, setting up an IPP is a great way to ensure that you have a comfortable retirement. If you’re nearing retirement age, or even if you’re not, it’s something that you should definitely consider.
What are the benefits of an IPP?
There are a number of benefits that come with setting up an IPP. First and foremost, it’s a great way to save for retirement. By making contributions to your IPP, you’re ensuring that you’ll have enough money to live comfortably in retirement.
Another benefit of an IPP is that it can help you save on taxes. In most cases, you’ll be able to get a tax deduction for your contributions. This can make a big difference when it comes to how much money you have in retirement.