And three out of four don't have a financial plan, polling suggests.
The traditional RRSP wasn't meant for the age of precarious work. But there is an alternative.
And almost half of non-retired Canadians don't have a plan to help them stop working.
And they’re paying big taxes on the money.
Without the forced savings of a mortgage, here's how much you should be putting away.
One in five Canadians have withdrawn money from an RRSP to make ends meet.
Savour the moment: This is the first public pension reform in a generation and will go a long way to improving retirement security for today's workforce, 11 million of whom have no workplace pension plan to help them save. Younger voters, given credit for the Trudeau election win, might not have known it at the time but this is for them!
The Trudeau government's first budget offered hope but little change on increasing the CPP in our lifetime. After extolling the virtues of the Canada Pension Plan, we're told that the finance ministers talked about enhancing the CPP last December and set a goal of making a collective decision before the end of 2016.
When most working Canadians hear "RRSP," they think of their retirement savings. Or maybe even a nice winter home on the shores of sunny Florida. However, a Registered Retirement Savings Plan (RRSP) is more than just a retirement savings plan. It also has an impact on your tax obligation and can save you hard earned dollars come tax time.
Today, it takes more brains and effort to make out the income-tax form than it does to make the income. - Alfred E. Neuman
Parliament will reconvene on December 3. While the priority focus will be on marginal tax rates for the middle class and those making more than $200,000, it's worth paying attention to a proposal that was a key promise from the Liberals: rolling back TFSA contribution limits from $10,000 to $5,500.
40 per cent of Albertans feel overhwelmed by their debt.
Retirement planning is multi-dimensional. Consideration has to be given to both the quantitative and qualitative factors. Framed another way, it's almost like a tale of mathematics and emotions. Both are equally important as they guide you through the next phase of your life.
With another RRSP season squarely behind us, now is as good a time as any for reflection. The last-minute mad dash to make a contribution is generally at odds with proper savings discipline. You can turn anxiety around by extending your savings plan beyond the RRSP season. Here are a few other tips to keep in mind.
Are you an investor? Although this might seem like a simple question, the answer isn't so straightforward. One way is to ask some fundamental questions about your financial decisions, what's informing your strategy and how you're putting a plan into place. In other words, think about attitude, aptitude and action.
If you remove money from that account, you're stripping tax-free compounding of some of its power. For example, you have $13,980 in your RRSP. Instead of letting it sit, you remove $5,000 for a trip to Vegas and some credit card debt, leaving a balance of $8,980. After 20 years you will have $16,220. That is (very basically) a difference of $9,000.
Some people greet the topic of retirement planning with the same enthusiasm as dental appointments. It doesn’t have to be
It is laughable that the Ontario Liberals are scolding residents of the province for not putting enough away for their own retirements when the Government has so chronically underfunded it's own defined benefit pension plans that they look more like Ponzi schemes than retirement benefits.
Nearly one in five Canadians say they will never retire, according to a new survey that finds a majority of Canadians concerned
Over the past few years, numerous articles and studies have begun to report that Baby Boomers aren’t saving enough. In fact