Sept. 28: BEST OF THE BLOGOSPHERE

September 28, 2026

Signing up for workplace retirement plan called “underrated retirement savings move”

Decades ago, when toiling as a weekly newspaper editor in small-town Ontario, this writer was on the fence about signing up for the pension plan. Money is tight, we reasoned at the time – and the future is far away. Should we bother?

We are glad we did, and Alisa Wolfson, writing for MarketWatch, considers signing up for workplace retirement benefits “the most underrated retirement savings move.”

She is writing for a U.S. audience here, but many of the concepts resonate north of the border as well.

She quotes Bank of America’s Matt Gellene as saying that it’s a smart move to join the company plan, especially if there is an employer match. “It’s essentially free money and yet many people, especially younger workers, leave it on the table. If your employer offers a match, contribute at least enough to get the full benefit,” he tells MarketWatch.

Another tip the article touches upon is the importance of automating your retirement savings.

“Make sure you’re automating your contributions,” Gellene states in the article. “When you pay yourself first by sending part of each paycheque straight to savings, you remove the friction of having to make that decision every month. Small, consistent contributions made over time can make a meaningful difference thanks to the power of compounding.”

He suggests that you set up your retirement savings like a bill. “Get into the habit of paying yourself first,” he adds.

Don’t put off the start date of your retirement savings, the article adds.

“Start now, even if it’s small. The best time to start investing is today. You don’t need a large lump sum to begin planning for your future; a few hundred dollars is plenty to get started. Even contributing just one per cent or two per cent of your income makes a difference if you’re consistent and increase it over time. The earlier you start, the more time your money has to grow. Your future self will thank you,” he tells MarketWatch.

In fact, the article continues, not focusing at least some of your attention on long-term retirement savings – especially while you are young – can be one of the biggest mistakes you’ll make.

“The challenge is that delaying retirement savings, even by a few years, can result in a significant loss due to missed compound interest. And later in life costs like healthcare can add up quickly,” Gellene states in the article.

If you have a retirement savings program through work, be sure to join up and contribute as much as you can.

If you don’t have such a program, the Saskatchewan Pension Plan can lend you a helping hand.

With SPP, you decide how much you want to contribute. You can set up pre-authorized contributions (PAC-PCC-application.pdf) from your bank account or credit card, a “set it and forget it” approach. You can raise the contributions going forward, perhaps when you get a raise.

Even small amounts of annual savings can add up over time. Try SPP’s Wealth Calculator to see how your savings can stack up (Wealth Calculator | Saskatchewan Pension Plan).

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

MarketWatch

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