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Five ways to prime your RRSP for the home stretch

If you and your spouse are getting close to retirement, it's important to review your asset mix and planned contributions in relation to your specific retirement objectives. What steps do you need to take now in order to meet your Registered Retirement Savings Plan (RRSP) targets in the homestretch?

  1. If you are very close to retirement, you may want to begin shifting the emphasis in your RRSP from long-term growth to more conservative investments.

  2. If you haven't already done so, this may also be the time to start consolidating multiple RRSPs you may have into a single plan, which will simplify things when you are required to close out.

  3. If you're not quite where you wanted to be in relation to your savings target, a few timely adjustments will help you get your RRSP back on track. If you haven't been maximizing contributions, take action now to boost current and future contributions. Use the years remaining before retirement to catch up on unused contribution room.

    Explore your savings options – if you can't find the extra income to add to your RRSP now, you may want to consider taking out an RRSP loan or line of credit to help beef up your portfolio and maximize on the tax savings provided by the RRSP while you are still earning regular income.

  4. Depending on your risk tolerance and time horizon (that is, the number of years left before retirement), you may also want to consider increasing the level of growth-oriented equities in your plan, to boost potential performance.

  5. This is also the time to make sure you are taking full advantage of spousal RRSPs. If you and your spouse expect to have very different incomes in retirement, consider starting or adding to a spousal RRSP to help equalize your incomes and reduce taxes after you retire.

Most importantly, you should take the time to review your current portfolio to ensure your savings plan is on track and will see you through to retirement and beyond. Your BlueShore Financial financial advisor can help you create a investment/retirement plan to help maximize the last years before retirement.

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