A Spousal Registered Retirement Savings Plan can help you and your partner achieve your retirement goals.

Do you and your partner have a shared plan for your retirement? Do you want to enjoy your golden years together, without worrying about money? Maybe you're looking to retire early? If you answered yes, then you might want to consider opening a Spousal RRSP account.

Often used as an income-splitting hack for higher earners, a Spousal RRSP is a type of savings account that lets you contribute money towards your lower-income spouse's (or common-law partner's) retirement fund. You can still have your own RRSP account, while using some of your contribution room to invest a portion of your income under your partner. This way, you both save money for your future and reduce the amount of taxes owed as a household.

What are the benefits of a Spousal RRSP account?

• It helps balance your future income. If one of you earns more than the other, the higher-earning partner can contribute more to the Spousal RRSP account to help even out your income levels before age 65. This will allow for an increase in your government benefits and lower your household tax bill come retirement.
• It can help you save more money for your retirement. Like any RRSP, by contributing to this special account, you can take advantage of the power of compound interest. This means that your money will grow faster over time. The sooner you start saving in your Spousal RRSP, the more money you'll both have in the long run.
• It can help you stay flexible with your retirement plans. With a Spousal RRSP account, you can split your income with your spouse in any year, depending on your needs and wants. This can give you more control over your finances and lifestyle, making it ideal for early retirees.
• It's easy to set up and start saving. You can do it over the phone, or in person at any of our Servus Credit Union branches. Once set up, you can start contributing to your Spousal RRSP right away! You can set up a regular or one-time contribution from your Servus account or from another financial institution.

Pro tip: Invest before this year's contribution deadline (Feb 29) to benefit from the extra tax break!

Ready to start saving with your spouse?

Opening a Spousal RRSP account with Servus Credit Union can be a great way to save money for your family's retirement. It's a strategic tool that can help you reduce your household taxes, increase your future income, and reach your financial goals but it's important to make sure it's the right fit. Our advisors are here to help answer your questions and guide you on your journey towards a comfortable and secure retirement.

Contact us