Like many people early in their careers, retirement planning wasn’t a priority for Meagan Sparks – but her perspective changed 10 years ago when she began working at Prairie Centre Credit Union in Rosetown, SK. 

“I think more and more employees value benefits like a pension plan, flexible work arrangements, or other perks even more than salary,” the 34-year-old Research and Member Experience Specialist shares. 

In 2013, Meagan and her husband, Mike, moved to Rosetown. A year later, Meagan started working at Prairie Centre Credit Union. Salary was certainly a key factor in her decision, but as their family grew, Meagan came to appreciate the importance of workplace benefits like a pension plan, and the value of her employer’s matched pension contributions. 

“It’s worth so much; it’s hard to even put into words,” she explains. “At the end of the day, it’s free money. A lot of plans don’t offer that.” 

For many people in their 20s and 30s, planning for retirement can seem like a distant priority. With competing financial demands – whether it’s a mortgage, supporting a family, or paying off student debt – setting aside savings for retirement is often delayed. 

“Young people are more focused on planning for shorter-term milestones, like graduating or trying to secure a good job,” she says. “Until you overcome all those hurdles, retirement planning is so low on the priority list. I don’t think I realized until I was part of the CSS Pension Plan that getting involved at an early age and putting something away is so valuable.” 

Meagan joined the CSS Pension Plan nine years ago and recalls that her employer explained the benefits and value of contributing to the Plan during her onboarding. There was even some buzz among her colleagues about CSS. 

“Most people are excited [to join CSS]. They’re waiting for that one-year mark so that they can contribute, because it is such a good plan with matched contributions. It’s something that’s on most people’s radars,” she says.  

Looking ahead, Meagan sees the CSS Pension Plan as her primary income source in retirement. In addition, she also contributes regularly to a Tax-Free Savings Account (TFSA), understanding the advantage of starting early. 

The value of time in investing can’t be overstated. People often think about saving for retirement later in life, but the older you get, the less time you have for your investments to grow and benefit from compound returns. 

Compound returns occur when investment earnings start earning interest on themselves, which can maximize growth. Even contributing small amounts of money towards savings, whether to a TFSA, Registered Retirement Savings Plan (RRSP) or making additional voluntary contributions (AVCs) to the CSS Pension Plan, can add up in the long term through the power of compound returns. 

“If you contribute even six years earlier, even just a little bit, that's six years of growth. That can make a pretty big impact,” Meagan says.

Helpful resources 

As a busy mom of two, Meagan appreciates the accessibility of the online planning tools and information available on the CSS website to help her stay on track. 

“I think that they’ve done a tremendous job at making information easily available. I can log in, check my balance and my [investment] performance,” she says. “I can change information, and I think they do a good job of making information available but not in a way that’s overwhelming.” 

Through myCSSPEN, Meagan has learned she can make adjustments to her pension account, including how her funds are invested within the Plan. The myCSSPEN portal also provides personalized information at her fingertips, including annual statements and up-to-date snapshots of her account. 

CSS members are also able to assess their comfort level with risk, estimate their retirement income and create a personalized retirement plan. 

Retirement goals 

When we think about retirement, we often picture extravagant trips, spending time on a beach or cruising the coastline in a convertible. But for Meagan, her goal is simpler: the freedom of time. 

“The big one for me is just to have my time,” she says. “I know one that I always think about is my parents. Maybe one day they’ll need care. I could be available to help them.”   

For Meagan, being financially prepared, having flexibility, and maintaining good health at retirement age are all key. She and her husband hope to build a nest egg that allows them to adapt as life changes, giving them the freedom to embrace whatever the future holds. 

For more information about building financial knowledge early in your career, check out our article on “Starting on the right foot financially.”