Retirement rationalizations: 6 misconceptions about RRSPs

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People have a lot of justifications for NOT investing in an RRSP - the problem is, most just don’t stand up to the facts

Jan 30, 2012

The statistics are clear: most Canadians are not preparing for retirement. According to a new poll by CIBC, more than half of Canadians surveyed said they did not feel adequately prepared for this later stage of their lives. When we published an article about the importance of investing in Registered Retirement Savings Plans (RRSPs), we were flooded with comments from readers on why they felt RRSPs didn’t work; some even suggested they were a government scam!

It seems that people have a lot of reasons for not investing in an RRSP, which might account for why only about one-third of Canadians make an RRSP contribution each year. The problem is, many common opinions about RRSPs are myths that just don’t stand up to reason. Let’s look at the facts behind the flak...

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