2008 Wealth Guide: Better ways to retire rich
Profit Magazine, Camilla Cornell
After years of plowing earnings back into their companies, many entrepreneurs find themselves sailing toward retirement with too little tucked away in RRSPs and other retirement-planning vehicles.
If that scenario sounds familiar, take heart – setting up an individual pension plan (IPP) or retirement compensation arrangement (RCA) could be the answer. These specialized retirement vehicles, which are set up through your company, accelerate savings, allowing entrepreneurs to catch up on reprobate retirement plans. Choosing which one is right for you depends on your age, circumstances, how much money you want to retire on and when you want access to it.