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Even among the many youngest cohort surveyed (18-34 years previous) six in ten plan to contribute to their RRSPs this yr, across the identical share as for the 34-54 age group.
“It’s clear that amid the present financial local weather, Canadians want to stay to what they know by contributing to their RRSP this yr,” mentioned Julie Petrera, Senior Strategist, Consumer Wants at Edward Jones. “RRSPs are a helpful retirement financial savings device, in actual fact they can be utilized for saving for extra than simply retirement. I discover it promising {that a} excessive portion of younger Canadians are making selections to save lots of for long-term objectives and belief they absolutely perceive the advantages of RRSPs, which can be utilized for a primary dwelling buy, returning to high school, and retirement. An Advisor can assist decide one of the best ways to make use of these accounts for every particular person’s distinctive scenario.”
However 12% of all respondents mentioned they can not afford to make any contributions and 10% plan to take a position elsewhere corresponding to TFSAs, First House Financial savings Accounts, actual property, and so forth.
“Retirement planning will not be a one-size-fits-all strategy. It’s essential to study in regards to the choices accessible and the assorted advantages and restrictions they provide, each speedy and longer-term. With so many elements to contemplate for each account kind and particular person scenario, partnering with a trusted advisor can assist Canadians suppose in a different way about cash and the way they plan for retirement,” added Petrera. “And as one’s wants and objectives are continuously altering, it’s essential to not put a plan on autopilot and as an alternative evolve investing methods to deal with these adjustments.”
Just lately, Doug Darmer, CEO of Retirement Navigator, shared with Wealth Skilled the most typical errors advisors & traders make in RRSP season.
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