# Rrsps Essay Research Paper First Main Topic

Rrsps Essay, Research Paper

and since then the competition for our retirement dollars has grown stronger each year. By 1988, approximately 3.8 million people (more than 20% of Canadian taxpayers) had opened RRSPs, contributing over \$10.5 billion, which was a significant growth when you consider that in 1968 less than \$175 million had been contributed. The growth has been even more rapid since then. The 1989 figure was somewhere around \$30.3 billion. In 1991, total RRSP holdings were approximately \$129 billion, up from \$110 billion in 1990. And by the end of the 1992 contribution period (March 1994) it was 1995, 5.7 million Canadians (29% of all tax filer) contributed a record \$23 billion to RRSPs, and in 1996 about 6 million people contributed over \$26 billion. How much do I need to save to Retire? A 40 year old male earns \$80,000 a year. He would like to retire on \$50,000 a year in today’s dollars. He has a good start on his mortgage and knows it is also important to save for retirement. He has already saved \$50,000 in his RRSPs. Going to the section called retirement savings, we can start filling out the blanks. Tom will retire in 25 years. He wants a future income valued at \$50,000 in today’s dollars. He starts with an inflation assumption of 2%. He uses a rate of return of 5%. He checks off that he will increase his future savings by the rate of inflation. Whe he presses calculate, it shows that he will need \$1,203,000 saved by age 65. In order to accomplish this, he needs to save \$1,434 per month and increase his monthly savings by 2% each year. This is more savings than can currently be sheltered under RRSPs, and the amount he needs to save increases each year while current RRSP contributions are frozen at \$13,500. Therefore, he will want to look at other tax-favoured investments. Because this software is easy to use, he can see what impact a better rate return, or a different rate inflation would cause. He can develop a range of scenarios. In the example use, the man would actually have first year income at age 66 of about \$82,000 to be worth \$50,000 in today’s dollars if inflation averages 2%. Retirement planning involves setting aside enough money during one’s working years to provide income during retirement. A simple concept, but a complicated activity once investment choices, governments and taxes are taken into account.

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