It is pretty easy to tell that the RRSP season is getting underway. The telltale sign is that we’re getting a survey almost daily on how Canadians are doing in saving for retirement.
The latest comes from RBC Royal Bank. It asked working Canadians how much they thought they’d need to retire. The highest number was in B.C., at more than $1 million.
In Saskatchewan, we said a little more than $900,000. That’s third behind B.C., and Alberta and considerably different than one outlying province – Quebec. Residents there said $427,000 – or half the rest of us – will be required for a comfortable retirement.
And here’s where it gets interesting for us. Of all Canadians, we in Saskatchewan are the most likely to say we have a financial plan to achieve our objective and the most likely to have committed that plan to paper.
Yet, more than one-third of us have no plan at all. This is the point of RSP season – to encourage us to save for retirement, as responsibility for this is falling more and more to individuals than government or employers.