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The sandwich generation: retirement planning on a tight budget
The sandwich generation: retirement planning on a tight budget The sandwich genera...
About this update from Laurentian Bank Of Canada
[{"type":"text","content":"\n\n\n\nThe sandwich generation: retirement planning on a tight budget\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nThe sandwich generation: retirement planning on a tight budget\nCanada NewsWire\nMONTRÉAL, Jan. 14, 2016\n\n\n\nMONTRÉAL, Jan. 14, 2016 /CNW Telbec/ - Everyone can and should be investing in their retirement, even if close to half (47%) of all Quebecers between the ages of 35 and 64 without a financial plan indicate that their budget is too tight to be able to save, according to a survey* conducted by Léger for Laurentian Bank. Squeezed between responsibilities toward aging parents and their own children, members of this so-called sandwich generation feel financially stifled, the study reveals.\n\n\"Even tight budgets can be slackened thanks to good financial planning,\" underlines Guylaine Dufresne, Senior Manager of Investment and Financial Planning at Laurentian Bank. \"With the help of a professional, it is possible to contribute to an RRSP, and thus, to build a financial future sheltered from taxes until retirement.\"\n\nIt is in the interest of all Quebecers to invest in a Registered Retirement Savings Plan (RRSP), whatever the sum. \"Time is the best ally of saving,\" adds Ms. Dufresne. \"By setting aside small amounts throughout the year over numerous years, the money accumulates without our noticing\". In some cases, it can even be beneficial to borrow in order to avoid losing a year of contribution.\"\n\nAccording to the Léger survey, 73% of Quebecers aged 55 to 64 who have established a financial plan did so in preparation for their retirement. They did the right thing, because it is never too late to begin contributing.\n\nHowever, experts recommend starting to maximize one's RRSP as early as possible, because small amounts invested sooner yield greater returns than large amounts invested later. \"The earlier we start to contribute, the better able we are to maximize our RRSP returns for retirement,\" concludes Ms. Dufresne. \"And yet, only 2 out of 10 Quebecers (18%) between the ages of 25 and 34 say they have a financial...