A Registered Retirement Savings Plan (RRSP) is one of the best ways to build long-term wealth. However, if the account is not used carefully, it may result in significant opportunity costs. Over 6.2 million Canadians contributed to their registered retirement savings plans or RRSP in 2020, accumulating a total of $50.1 billion for their retirement.
Contributions rose 13.1% in 2020 compared to the previous year, while the number of contributors rose by 4.9%, according to a report by Statistics Canada. Despite everyone’s enthusiasm for these accounts, financial advisors warn that RRSPs won’t be very useful if you don’t understand how those accounts work. Although RRSPs are pretty famous, there are certain subtleties about them that you, as a consumer, should understand.
Registered Retirement Savings Plans (RRSPs) are a great way to put money aside for retirement, however, there are 
Going broke in your golden years seems to be a common issue that can last a long time. Unfortunately, according to the Social Security Administration, more than half of all single people, and 20 percent of married people depend on their monthly SSA benefits for 90 percent of their income in retirement. If you’re worried about what your retirement might look like, you may still have time to do something about it.
Retirement is that time of your life when you may no longer have a regular source of income. It is the time when you have to live on the money you have accumulated throughout your professional life. So the earlier you start saving for your retirement, the more money you will have at the time of your retirement.