Going broke in your golden years seems to be a common issue that can last a long time. Unfortunately, according to the Social Security Administration, more than half of all single people, and 20 percent of married people depend on their monthly SSA benefits for 90 percent of their income in retirement. If you’re worried about what your retirement might look like, you may still have time to do something about it.
You’ve worked hard. For years you’ve pounded the pavement on the way to the office, always showing up on time and often staying late. A significant portion of your paychecks was funneled into savings accounts.
Now, your hard work has paid off. You’re retired. However, unless you’re wealthy you can’t allow yourself to start blasting through money. Your nest egg needs to nourish you for the next few decades. You might find that you become even more diligent about saving money after retirement than you were before.
Get up. Brush your teeth. Go to work. Work. Work. Get back to your home. Dine and watch some TV. Sleep. Repeat. Over and over and over again.
Sounds familiar? I know. And while there are some people who actually enjoy this rat-race described above, we all get pretty fed up with it at some point in our lives.
We’re nearing the end of the 2017 RRSP deadline, and if you haven’t already done so, you may be considering topping up your RRSPs before March 1st. In order to avoid over-contribution penalties, it is wise to have a good understanding of exactly how much you can contribute into your RRSP. Below are some steps to follow before making any further RRSP contributions.
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