The start of a new year always makes me want to start fresh — in terms of both sorting out my cupboards and reviewing my retirement savings.
While I’m not one for making New Year’s resolutions, come Jan. 1, I usually make a list of things I want to do — not day-to-day things, but bigger potentially life-changing things. And one of those things is to ensure I’ve topped up my RRSP contributions.
Actually, in recent years — since I’ve started contributing to my RRSP via automatic payroll deductions — my contributions have fortunately not needed topping up. But the looming March 3 RRSP deadline (since March 1 — the usual deadline — is a Saturday), always serves as a good reminder of the need to review my overall savings.
Sound daunting? It doesn’t have to be. For a quick overview of everything you need to know, check out: What’s your retirement vision?
And whether your retirement is a long way off or just around the corner, there are three easy ways to help ensure your financial plans are on track:
- Calculate how much you need to save
Unsure how much you need to save for your retirement? Make planning for the future a little bit easier with: Retirement tools and calculators.
- Set up an automatic savings plan
Does your employer offer a group pension plan or RRSP? Joining a group plan is one of the best ways to save for retirement: The importance of joining a group pension or RRSP.
- Create an overall financial plan
Your finances change as your life changes, be it getting married, starting a new job or having a baby. Here are five major milestones an advisor can help you prepare for: Five financial planning milestones.
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