It is getting to that time of year when our attention turns to income tax and people begin to consider whether to purchase an RRSP.
Coast Capital has released a survey of 300 British Columbians and it shows 34 per cent of residents have feelings of anxiety or guilt when they hear the phrase RRSP.
Daryl Husein, VP Treasury with Coast Capital Savings said it doesn’t have to be that way.
He says, it may even be, an RRSP isn’t right for you.
“An RRSP isn’t necessarily the best tool for everybody at this point in time in order to achieve their goals. People have other goals, potentially, such as paying down debt they may be carrying or saving for a child’s education.”
Husein said your best bet is to meet with a financial planner to discuss your individual situation but the main thing is to get started.
The survey also found 67 per cent of the 300 British Columbians asked said their day to day financial obligations prevent them from saving for retirement.
Husein said people don’t have to save up a big lump sum to make a contribution to a plan, that’s difficult, he said, at any time.
He said making saving a long term process as part of your day to day activity will take away some of the anxiety over saving.
29 per cent of those asked said they don’t invest at all for their retirement.
