|
Reassess your goals
Start planning next year's RRSP contribution now. But first, it's time
to do some serious financial planning. Spring and fall are good times to
reassess your financial goals and look at the asset mix of your entire
portfolio. You may have more time, and so do financial planners now that
they're not rushed off their feet by RRSP queries. As a qualified
financial advisor, I will be able to assess your "money personality" and
show you how to gain control of your savings.
Start saving
Once you have set your goals, you can begin saving toward a full RRSP
contribution. It's difficult to find $2,000 in the first two months of
the year, for example, but it's easier to put aside $200 a month for 10
months. If your income is irregular and you expect a bonus or
commission, figure those into the equation. Pay yourself first, before
you spend on anything else. Our chart shows how much further ahead you
are if you make an RRSP contribution of $100 a month, rather than making
a $1,200 lump sum payment once a year.
| Year
|
6
per cent |
10
per cent |
| กก |
Monthly |
Annual |
Monthly |
Annual |
| 5 |
6,982 |
5,512 |
7,717 |
6,033 |
| 10 |
16,326 |
14,479 |
20,146 |
17,653 |
| 15 |
28,831 |
26,479 |
40,162 |
36,367 |
| 20 |
45,565 |
42,538 |
72,399 |
66,507 |
| 25 |
67,958 |
64,028 |
124,316 |
115,047 |
| 30 |
97,926 |
92,786 |
207,929 |
193,220 |
| 35 |
138,029 |
131,272 |
342,589 |
319,120
|
| 40 |
191,696 |
182,774 |
559,461 |
521,882 |
| 45 |
263,515 |
251,695 |
908,734 |
848,433 |
| 50 |
359,625 |
343,928 |
1,471,243 |
1,374,346
|
Assumes monthly deposits made on the first of each month; annual
deposits made at the end of February. |