How much rrsp should i have at 50

We often get asked the question: how much should I contribute to my RRSP?

The answer is always going to depend on your unique situation and your goals.

However, this article is here to help you decide how much you should contribute based on your own unique circumstances.

Or if you'd rather have Joe explain it all, check out the video below ⬇️

How RRSPs Work (Quick Recap)

First up, a very quick recap about how RRSPs, work.

RRSPs, AKA registered retirement savings plans, are investment accounts made available to Canadians by the Federal government.

You get a personal tax deduction when you contribute cash into your RRSP account.

That cash can then be invested within your RRSP, where the investments grow tax free.

The funds and investments in your RRSP are only taxed when you withdraw them.

Withdrawal typically happens at retirement, but sometimes you’ll see people withdraw funds for major events like buying a home or going to college.

There you go, those are the basics. If you want to learn more, check out our Ulti

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