Financial Solution Link, Insurance, Investment, life Insurance,

The Benefits of consolidating your RRSPs

A well-organized Registered Retirement Savings Plan (RRSP) can make it easier to reach your financial goals. And one of the best ways to ensure your RRSP is organized is to keep all your investments under one umbrella.

If you have a number of RRSPs spread among different financial institutions, consolidate them into one self-directed plan. When you consolidate, it's much easier to develop an investment strategy, make contributions, keep your portfolio in good shape and monitor progress toward your objectives.

Here are some of the benefits of consolidation:

Simplified record-keeping: A single source of statements and tax documents makes managing your RRSP easier.

Proper asset mix: It's easier to allocate investments to ensure you have a diversified, balanced portfolio consisting of all major asset groups.

Ease of contributing: Making a contribution or withdrawing money is a one-stop process, even if you invest in a variety of securities.

Reduced cost: Consolidation can reduce fees charged by financial institutions for services such as withdrawals and transfers.

Easier conversion to income: Converting an RRSP to a Registered Retirement Income Fund or Annuity is simpler when your assets are in one plan. And a single income is simpler to manage.

Effective estate planning: Dealing with one institution makes it easier to manage retirement finances if you or your spouse should die.

This site contains general information and is not intended to give financial or other professional or legal advice. This site is subject to update and modification without any notice. Financial Solutions Link Corp. does not guarantee the accuracy, completeness or authenticity of this site’s content.