This is the time of year we are bombarded with messages about retirement savings as the deadline for contributions to RRSPs for last year is rapidly approaching.
And a new survey of Canadians on how they are doing offers some interesting answers to the questions surrounding retirement savings.
First of all, the BMO Bank of Montreal survey found, that the average Canadian believes you need $1.5 million in savings to retire these days. And to get there – even in the face of higher living costs cramping their ability to save for retirement – they are planning to contribute more than ever to an RRSP this year.
The bank says we are on track to see average RSP contributions surpass $7,400. That is up sharply from last year’s $6,500 and now eclipses the highwater mark set back in the COVID days.
Two-thirds of us say rising costs are getting in the way of retirement saving but we’re fighting back by cutting spending in favor of saving or planning to work longer.
