Where To Save Your Money For Retirement? 
Exactly where you specifically should save money for retirement and what vehicle you should use depends on your individual situation . There are however , some general guidelines . Take advantage of plans that provide tax deferral , to allow you to benefit from the full effect of compound interest . In Canada , with Registered Retirement Savings Plans -LRB- RRSP -RRB- you can deduct your contributions -LRB- within limits -RRB- and the funds grow tax deferred until you withdraw them . Tax Free Savings Accounts -LRB- TFSAs -RRB- , provide for tax deferred growth and no tax on withdrawal . Which of these is `` best '' for you depends on your individual circumstances . If you have further questions , or feel that I could be of assistance , please do not hesitate to contact me . If you would like to work with a local Retirement Planner , you could start with a Google search . For example if you search for : retirement planner Halifax or retirement planning Halifax , my name along with several others will come up . You can use the same method to find Retirement Planners in your community . 