Top 5 Mistakes Most People Make with their Savings

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During the first two months of 2017, you are allowed to utilize RRSP contributions to reduce your taxable income in 2016. This is an excellent way to reduce your taxes for 2016 and saving for the future.

Many of you probably have an RRSP, TFSA, or some other savings vehicle. But are you using it to its full potential? Here are the Top 5 Mistakes Most People Make With their Savings:

 

  1. Not saving or not saving enough
  2. Not investing those savings in a properly structured portfolio
  3. Withdrawing from savings pre-maturely
  4. Not taking full advantage of tax-efficient vehicles
  5. Not working with a dedicated advisor (which you are probably already paying for even if you don’t see them. Check your Dec 31 statement)

 

Although these mistakes aren’t felt very much today, they can have significant impacts on your ability to retire or spend in the future. Be sure to discuss your savings and retirement plans with your advisor often.

 

Jeff Scammell

JDS Financial Planning Inc.

Quadrus Investment Services Ltd.

506-755-0393