Anxiety surrounds upcoming RRSP deadline

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VANCOUVER (NEWS1130) – If you’re feeling anxious about the upcoming Registered Retirement Savings Plan deadline, you’re not the only one.

March 1st is the contribution deadline, but a new BMO survey shows 60 per cent of respondents are scrambling to get the money together.

Some 49 per cent make the contribution in a lump sum but Hasan Naqvi with BMO recommends next year you try the ‘out of sight out of mind’ concept.

“Going to the continuous savings plan, so that’s monthly contributions that they would make throughout the year rather than having to come up with a lump sum of money at the end of the year.”

Naqvi also says invest any bonus money you receive. “The money you get from grandma or that unexpected bonus you got from work– put it towards your RRSP because you were never expecting to get that money in the first place and it’s always good to just put it away towards your retirement and it’s easier to save that money.”

Navqi says people are often spending on what they need right away and have trouble thinking about what they’ll need twenty to thirty years from now.

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