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RRSP tips as the contribution deadline nears

VANCOUVER (NEWS1130) – The deadline is fast approaching. You have until March 1st to contribute to your RRSP.

New numbers are showing that people are little surprised at how little they’ve put away for their twilight years.

The goal is to slowly pay off any debt while putting away for your retirement, which is not always easy.

Bo Grewal with TD says by the end of it, people should have put away between 60 to 80 per cent of their current income.

“For the number of years that you’re going to have in retirement, it’s extremely important to have a plan. Those who don’t have a plan are the ones who get into uncharted territory when they come into retirement.”

He suggests not relying not CPP and other government benefits.

Grewal says you are never too old or young to start planning for the future, and that’s something not everyone realizes. “As soon as you have your plan, whether it’s that hobby or that business, if you get started on that right now and you know what kind of goal you’re working towards, you will have a better retirement.”

Remember what you contribute is a tax write-off — with some limitations.