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The Perfect RRSP Stock That Turned $100 Into $5,939

There’s no time to waste if you’re planning for the sunset years. Many have avoided preparing for retirement because they’re having fun. Time flies so fast that building wealth during your productive years is important. You won’t have an enjoyable retirement lifestyle if there’s a drought in cash.

Canadians who prioritize their RRSPs will not look back with regret when the day to retire arrives. You have to allow sufficient lead time to accumulate wealth. Stock investing is the route, but don’t expect to get rich quick. The process includes picking the stocks that will deliver the income to fatten your retirement fund.

Stand on solid ground

The conglomerate Power Financial (TSX:PWF) is absolutely a must-have for retirement planners. Owning shares of this +$20 billion financial services holding company will not derail your future plans. You’ll be standing on solid ground as you manage for the long term.

Here’s a snapshot of the renowned holdings company. The companies in Power Financial’s group are managing assets worth $843 billion with $1.5 trillion of assets under administration. Established relationships run up to over 30 million comprised of clients in Canada, the United States, and Europe.

Over the last decade, Power Financial paid a whopping $10 billion in total dividends that translated to 32% growth in dividends per share. Assuming your retirement planning started on December 31, 1987, and set a 30-year timeline. Had you invested $100 then, your money would be worth $5,939 by December 31, 2017.

Income distribution

Looking at the earnings per business segment and geographic location, the business at home is contributing 52%. The European and U.S. markets comprised 38% and 10%, respectively.

Great-West Lifeco is the top franchise and an international financial services and holdings company. The company is active in life and health insurance, retirement and investment services, asset management, and reinsurance.

The companies under the Power Financial umbrella are leaders in their respective domains. Canada Life is lording it over as group risk provider in the U.K., while Irish Life is Europe’s number one life insurer and Ireland’s top retail and institutional manager.

But in Canada, there is striking prominence in wealth and retirement. IG Wealth Management and Investment Planning Counsel form the largest network of certified financial planners. All of the quick facts presented here lend credence to the recommendation that Power Financial is an excellent bet if you want a head start for your sunset years.

Safeguard your future financial well-being

Power Financial ended 2018 at $25.83, and after some spikes and dips, the stock is now doing $29.15. The last time the price stood at $30 or more was September 26 last year. It seems Power Financial is about to go on a tear. Trading was heavy when this week started, hitting over one million for the second time this month.

There’s nothing like earning every bit of your retirement days today. You deserve to savour the fruits of your sacrifice. Power Financial can safeguard your future financial well-being.

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Fool contributor Christopher Liew has no position in any of the stocks mentioned.

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