Some pension plans have a waiting period of two years. Others let you join right away. Some pension plans even require that you work a certain amount of time, or earn a certain amount of money, before you can join. In general, the sooner you join, the better it is for you because it gives your money more time to grow.
Joining early pays: Mario and Maria's story
Mario and Maria work for different companies, but they're practically identical twins when it comes to their pensions. They both started work at the same age. They both earn the same pay. And, their companies both contribute the same amount to their pensions.
There's just one little difference: Mario got to start his pension plan right away. Maria had to wait a year to join. What difference will that year make if they both work at the same company until they retire? To see how you benefit from joining a plan early, read Mario and Maria's story.
Remember: Starting early really pays off over the years
If you just got a new job, find out how long the waiting period is to join your pension plan. Join as soon as you can.
Content in this section is provided in partnership with the Investor Education Fund, a non-profit organization promoting financial literacy to Canadians. To find out more go to GetSmarterAboutMoney.ca.