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Survey: Many Canadians unsure of how to maximize retirement savings

Do you have a retirement plan but are not quite sure of whether it will be enough when you reach retirement age? If so, then you are not alone.

According to a recent survey of 2,000 Canadians, fewer than 10 per cent said they knew what kinds of investments would maximize their retirement savings, and only about 35 per cent said they had at least some knowledge of the matter.

While many Canadians say that retirement planning is a top priority, the survey suggests that many others are not taking the steps now to plan for the future. Of those surveyed, 43 per cent indicated that they have a workplace RRSP or pension, but 52 per cent of those individuals said they are unaware of the maximum they can actually contribute, and only about 33 per cent said they regularly contribute the maximum.

If you are unsure of how to reach your retirement goals, you may also need help with your estate plan. An estate lawyer can help, especially one with experience in financial planning. An experienced estate lawyer will work with your financial advisor to help you understand better how to grow your assets and plan for your retirement and your estate.

In short, you may want to ask yourself, "Are my investments working hard enough to ensure that my family and I are protected during my retirement years?" Will my loveones be provided for, if when I die?

For more on asset protection and estate planning, please see the Hagel Lawfirm's asset protection overview. Our firm advises and represents clients in Mississauga and throughout the GTA.

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