February is the month that retirement saving takes centre stage, though it should be a year-round affair. A common concern is how much you should contribute to a Registered Retirement Savings Plan . The answer can be different depending who is asking the question.
Middle AgeOne of the biggest impediments to RRSP contributions in your 30s and 40s is the escalation of other expenses such as mortgage payments, maternity or paternity leaves, child-care costs, children’s activities and saving for a child’s post-secondary education. This reinforces the importance of proactively planning and budgeting, especially as it relates to a potential home purchase.
One of the biggest risks late in one’s career is a potential job loss, disability, or death preventing a retirement savings target from being achieved. This emphasizes the importance of not waiting too late into your 50s or 60s to bulk up your retirement savings. A corporate restructuring or a change in your industry could leave you struggling to earn the income you are hoping to earn for as long as you are hoping to earn it.
The forced saving aspect of investing before your salary hits your bank account is beneficial. Payroll contributions also accelerate your tax refund. The reason is group RRSP contributions have no tax withheld. This compares to making a lump-sum contribution from your bank account with after-tax dollars and waiting until April to get a tax refund.
Unless, that is, you’re part of the half of the country $200 away from bankruptcy
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