In January and February people start thinking about saving for their retirement due to a looming deadline. If you put money into your Registered Retirement Savings Plan by the end of February, you can deduct that amount from your income and as a result pay less taxes.
Unfortunately, many people make RRSP contributions due to the tax deadline without looking at the bigger picture. Retirement planning is not necessarily about beating the taxman in the short term, it is mostly about meeting long term retirement goals.
Do you know what your desired retirement lifestyle will cost, and therefore how much money you will need in retirement?
Using data from Statistics Canada, the Investor Education Fund (www.investored.ca) offers a list of retirement lifestyles and the average income needed to support those lifestyles. If you live in a big city, your income may need to be in the higher range to maintain that lifestyle.
The key to a successful retirement plan is working with an experienced financial advisor to set your retirement lifestyle goals, develop a plan to meet those goals and then work with you along the way to ensure you are on track to achieve the retirement you desire.
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