Failing to Plan...

According to the 25th annual RBC RRSP Poll:

30% of respondents had not yet started saving for retirement.

more here:
http://www.rbc.com/newsroom/_assets-custom/pdf/20150217-havent-started.pdf

The annual RBC poll also indicated that women are particularly unprepared for retirement:

• Three quarters (75 per cent) don't have a retirement savings goal (compared to 62 per cent of men);
• Two thirds (67 per cent) responded that they have not done any retirement planning (compared to 55 per cent of men);
• 60 per cent don't have a financial plan (compared to 54 per cent of men);

Why not?

• If you need help, get it!
• But make certain that you get good help: from a Certified Financial Planner (CFP).
• Make certain that when you interview your financial planner that they do not have any conflicts of interest.
• Often there may be a "sales" aspect to getting a plan, in other words the "planner" may want to sell you insurance or mutual funds that (may or may not fit your plan and) will pay them a commission.
• Because the insurance company or mutual fund company could be paying the planner (commission and trailer fees), it could create a conflict of interest.
• Fee-based advice (the advisor is only paid by you) may be a way to eliminate any conflict.

If you have a plan:

• You will sleep better.
• You will be able to see how you are going to be able to successfully get to your goals.
• You will know what steps you need to take to make certain that you get there.
• You will be able to monitor your plan along the way and make adjustments should you be required to do so.
• Having a trusted advisor to assist you and ensure monitoring and appropriate adjustments will help make the process easier.



The views expressed are those of the author, Scott Tomenson, a Raymond James Financial Advisor, and not necessarily those of Raymond James Ltd. It is provided as a general source of information only and should not be considered to be personal investment advice or a solicitation to buy or sell securities. Investors considering any investment should consult with their Investment Advisor to ensure that it is suitable for the investor's circumstances and risk tolerance before making any investment decision. The information contained in this blog was obtained from sources believed to be reliable, however, we cannot represent that it is accurate or complete. Raymond James Ltd. is a member of the Canadian Investor Protection Fund.