How much should I have in my RRSP?

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Not sure if you’re on track for retirement? We outline how much you should aim to have socked away based on your age. 

For many Canadians, investing in their registered retirement savings plan (RRSP) is the primary way they save for retirement. RRSPs are an invaluable tool, allowing you to stow away funds for golden years while reducing your taxable income today. However, there is no one-size-fits-all way to use them, so it can be hard to know whether or not you’re on the right track. We enlisted the help of Ayana Forward, a Certified Financial Planner with Retirement in View, to provide insight on both determining—and meeting—your financial goals for retirement. Here’s how much you should have in your RRSP by age. But first, some background on RRSPs.

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Original Article Source Credits: MoneySense, https://www.moneysense.ca

Article Written By: KEPH SENETT

Original Article Posted on: FEBRUARY 18, 2022

Link to Original Article: https://www.moneysense.ca/save/retirement/how-much-should-i-have-in-my-rrsp-for-my-age