- Almost two-thirds of Canadians currently have an RRSP
- 57% plan to contribute to their RRSP before the
- However, few have given any thought to retirement planning beyond RRSPs
, /CNW/ – IG Wealth Management (“IG”) today released a study on Canadians and retirement planning. The results show that working Canadians 18+ have embraced the Registered Retirement Savings Plan (“RRSP”) as a vehicle to invest in and save for retirement. However, most have given little thought to a holistic approach to retirement planning that extends beyond investing.
The study, conducted by Pollara Strategic Insights for IG, found that the RRSP remains a popular option for Canadians seeking to save for retirement in a tax-efficient manner:
- Almost two-thirds (62 per cent) of Canadians reported having an RRSP account.
- The average amount held in an RRSP is
- Of those who have an RRSP, 57 per cent have or will be contributing to it before the
“Since it was first introduced in 1957, the RRSP has developed into one of the most important and valuable vehicles Canadians have to efficiently save for their retirement,” said
According to the study, there is a clear need for Canadians to think beyond just their RRSP holdings and develop a more robust approach to retirement planning. For example:
- just 21 per cent of Canadians understand how they will be taxed during retirement;
- only 18 per cent have given any thought to their monthly retirement budget;
- as little as one-fifth expressed confidence in knowing what their insurance needs will be; and
- under 20 per cent (19 per cent) have an estate plan in place.
Further, just over half (57 per cent) of married/common-law couples have discussed their retirement plans with each other.
“IG advisors go beyond RRSPs to consider all aspects of a client’s retirement. This includes tax planning, insurance and health needs, budgeting, estate planning, housing and, more generally, facilitating discussions to ensure all members of the family are on the same page,” concluded
About IG Wealth Management
Founded in 1926, IG Wealth Management is a national leader in delivering personalized financial solutions to Canadians through a network of advisors located across
About the Pollara Study
This study was conducted with an online sample of n=2,000 and was conducted
SOURCE IG Wealth Management
© Canada Newswire, source