Quote:
Originally Posted by AMG_G
$3,544 sad...yet half the boomers don't plan on downsizing their homes....how does that add up? Also, 1.8 million people took money out of their RRSP to buy a new home but 47% fail to make the annual repayments...Something's gotta give....Pay yourself first people.
http://www.canadianmortgagetrends.co...yers-plan.html
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Just entering the thread and haven't read all the way through yet, so my apologies if redundant...
The quoted stat refers just to RSP cpntributions, that does not equate to savings. There are losts of ways to save other than RSPs. And jsut off the cuff, my first guess on the decline would be because people are utilizing their TFSAs first (which they should)
Also, higher net worth individuals often choose not to utilize RSPs to a significant extent because they are a) limited in their scope, b) inflexible, and c) can be very tax inefficient once the balance exceeds a certain point, or if the participant is getting close to 71.