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Hands down, this is your most powerful retirement savings tool — and the deadline is sneaking up
– thestar.com
The tax savings offered through RRSPs can be a huge boost to your retirement plans, Lesley-Anne Scorgie writes.3 ways to recession-proof your RRIF
– moneysense.ca
In general, for investors who already have a risk-appropriate portfolio in place, it’s often best to stay the course—even through a recession. That’s because it’s perfectly normal to experience poor market returns from time to time, and research shows that constantly switching up your investment strategy can lead to more harm than good.
That said, if the current environment of high interest rates, elevated inflation and volatile markets is giving you anxiety, maybe it’s time for an overhaul of your retirement savings. Here are three ideas that may help to protect your investment portfolio and generate income during tough economic times.
What is a RRIF?
A registered retirement income fund (RRIF) is an account designed to hold investments transferred from registered retirement savings plans (RRSPs) and certain other registered accounts…
Retired Money highlightsCanadians think they need $1.7 million to retire, according to a BMO pollHow to save $1.7 million in RRSPsOther factors for determining how much you need to save for retirement
If you’re just starting out on the long road to saving for retirement, you may have heard about BMO’s recent poll, which found that Canadians say they will need $1.7 million to retire.
Because of inflation, according to the press release, that number is 20% higher than it was in 2020, when it was $1.4 million. I wrote my initial take on the poll on my own site, citing the Canadian Press article in the Financial Post as my main source. I wrote that you’d have to put away $42,400 every year in a registered retirement savings plan (RRSP) for 40 years (between the ages of 25 and 65) to reach $1.7 million. That’s more than double what even top earners are allowed to contribute. But, as you can see below, if you start saving in an RRSP early enough, you won’t need to save nearly that much each year…
