This time of year, many people turn their thoughts toward saving for their retirements. Putting some extra money into an RRSP feels good and can make the tax season a little more bearable. RRSPs are great, but they do have rules that investors must follow. Are you aware of the rules?
RRSPs are not the only retirement investment vehicle available. To name a few, there are TFSAs, Group RRSPs, DB & DC pensions, and government benefits. Do you know which of these investment vehicles that you have? Would you know how to recognize them or to tell the difference between them? Are you aware of how they work together in your retirement or if you are even eligible for them?
If you don’t know the answers to these questions or you have other questions, take a look at this website (http://retirementliteracy.acpm.com/) from the ACPM (Association of Canadian Pension Management) and take the quizzes. There is no registration required.
Of course, we would be also happy to talk about the retirement planning choices available to you and help make sense of your specific retirement situation.