It’s that time of year again and the buzz of RRSP’s is in the air!

RRSP’s save you money today through tax savings and provide you with a larger investment portfolio at retirement. But the thing with an RRSP is it only works if you actually use it. An RRSP is similar to an account you open at your bank. But unlike a typical savings account, a RRSP acts like a tax shelter that provides you with a powerful incentive to save for your retirement. Most companies do not offer pension plans. You have to be pro-active and create your own. RRSP’s should be an essential building block in your retirement portfolio.

If you have not been contributing to your RRSP’s, you are missing out on an important opportunity to increase your retirement savings. Luckily there is a way to get your retirement savings back on track, and that is with an RRSP loan. Call me for more details.

Even if you’ve missed making contributions in previous years, don’t worry … there’s no time like the present.

Education is key. Make sure you ask questions and get educated about your options. Are you one of those people that runs to your favorite or any institution at the last minute and get an RRSP for an amount that your accountant said you needed to reduce your taxes?

If so, I want to talk to you! The market is high at RRSP time because there is increased activity – you are buying at a high time in the market. I can show you how dollar cost averaging can potentially increase your retirement nest egg!

I believe that it is never too late to start. Personal circumstance may have derailed your plans in the past and you have had to sabotage your savings for the cash.

Oh well, don’t beat yourself up, life happens.

Like exercising, when you start working on your ‘retirement saving’ muscle – you will get stronger and more confident to one day to make your dreams a reality.

So whether it is an RRSP, non registered savings, stocks, real estate, etc … the best time to start your plan is now!

Shari Molchan