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Retirement planning for many Canadians ends with RRSP

Damon Murchison, President and CEO of IG Wealth Management, said, “Since it was first introduced in 1957, the RRSP has grown into one of the most important and valuable vehicles that can be used to efficiently help Canadians prepare for their retirement. have to be saved.” “However, investing for retirement is just one piece of the overall retirement preparation puzzle – it is important to think about retirement planning in a more holistic way and as a key component of overall financial planning.”

Taxation

Many Canadians are in the dark about important aspects of retirement, such as how they will be taxed.

The survey found that just 21% understand the taxation of retirement income, an equal share of confidence in knowing what their insurance needs will be, and only 19% have an estate plan.

Perhaps most surprisingly, only 18% of respondents have given any thought to their monthly retirement budget.

For married or common law couples, only 57% have discussed their retirement plans with their partner.

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