New online Payroll contribution calculator encourages members to save more

March 16, 2015

Increasing their payroll contributions can be one of the most effective ways for plan members to grow their savings. What may not be so clear is how a higher contribution may impact their “take home” pay – and how in many cases, it may be less than they think because of the immediate tax savings.

To help members see the actual cost of increasing their payroll contribution and how that increase will grow their savings over time, we have launched a new Payroll contribution calculator to all plan members on mysunlife.ca.

How this benefits members - by using the tool, members can quickly see that the immediate tax savings balances the cost of the increase so the impact on their pay may be lower than they expect. Just as important, they can see how that higher contribution will grow their savings over the next five years.

This easy-to-use calculator is made up of three parts:

  • My information - Members enter their personal information and details about how much they’re contributing today.
  • Increasing my contributions - Members can increase their contribution (using the slider or inputting a new amount) and see how that translates into a daily cost (e.g., the price of a daily coffee or a dinner).
  • My pay - As members increase their contributions, they can see how the immediate tax savings they get actually reduces the cost of their contribution. They can also see how that extra amount will grow their savings over the next five years.

The new Payroll contribution calculator can be accessed from my financial centre from three different pages:

  1. From the "my money tools" page: Resource Centre -> Tools -> Retirement Planning Tools
  2. From the Online enrolment page: Requests -> Enrol
  3. From the Contribute page: Requests -> Contribute

Questions?
Contact your Sun Life Financial Group Retirement Services representative.