RRSP season always brings with it this unsettling fear that if you don’t have millions of dollars tucked away in some hidden box marked “retirement” you’re in trouble.
“A lot of people end up freaking out and not doing anything about it because they think it’s hopeless,” says David Trahair, financial writer and accountant at David Trahair and Associates.
It’s what spurred him to write his latest book, which looks to quell the woes of retirement savings procrastinators.
“I’m 56, raising kids and paying the mortgage – there’s not thousands or tens of thousands of dollars lying around to put in an RRSP, it’s just impossible,” says Trahair. “But the theme is, all is not lost, there’s a lot you can do in ten years or less and that’s what a lot of people are going to be doing for retirement.”
A lot of the mentalityy stems from the arbitrary guilt that seems to seethe out around RRSP season, he says, but the truth is RRSPs aren’t always the right approach.
“A lot of people hear this thingRead More »from Money Minute: Who should not get RRSPs