If you’ve been fortunate to keep a steady income during COVID-19, chances are all this time you’ve spent in lockdown has resulted in extra savings in your bank account and you might be thinking about what to spend it on. There’s been a lot of pent up demand because we haven’t been out to restaurants, traveled, been shopping, or just delayed buying things you’ve had your eye on for months.
But have you thought about using your hard-earned savings to buy yourself a better future or earlier retirement? It’s a good time to think about your RRSP. The March 1st deadline for contributions is fast approaching.
During this pandemic Canadians are building up savings in their bank accounts at a record rate (see chart below) but many are looking for a better use of their savings. It’s also prompted many Canadians to reassess their personal finances and short-term priorities, shifting how they manage their money and planning for whatever uncertainties lay ahead.
If you have any questions about your savings and any investments, including your RRSP, or are rethinking your financial goals and objectives please let me know.