Canadians Know They Should Save, But Don’t
One-third of Canadians in their 40s (32 per cent) admit they haven't yet opened a registered retirement savings plan (RRSP) even though they realize they should, says the ‘TD Retirement Savings Poll.’ The poll shows less than half of Canadians in their 40s (46 per cent) contribute annually to an RRSP and only 12 per cent say they make the maximum contribution every year. As a result, 38 per cent are concerned they aren't saving enough for retirement. The poll also found women in their 40s are more likely to say they have not opened an RRSP (36 per cent) versus men in their 40s (29 per cent). "Your 40s can be the toughest decade for your finances, but at this important milestone it is key to reassess your financial plan to ensure you are on track for a comfortable retirement," says Andrea Phillips, vice-president, retail savings and investing.
Courtesy of Benefits and Pensions Monitor website News Alerts
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