For some people, I suppose, this might be a legitimate position to take but a new survey conducted for CIBC shows that fully one-in-ten Canadians expects to fund their retirement with an inheritance.
Given life expectancy these days, that may not be the smartest move as mom and dad or that rich bachelor Uncle Joe just might out-live you.
The survey was centred around RRSPs. We’re now headed into RSP season and for the next month or so you’ll be bombarded by ads and promotions from a wide range of financial institutions.
The bank says the survey shows more and more Canadians are questioning RSPs as a retirement planning tool. Only half of us have invested in one. But the bank says they should still be the primary investment vehicle for the average person.
The challenge, they say, that not enough people – only one-third of us – are seeking professional advice about financial planning. Almost as many are do-it-yourselfers on this one. And another 20 per cent have given it no thought at all.