I had it all planned out.
Years ago, while working my corporate job, I set aside the same amount each month to put away into my retirement fund. It was a small, manageable sum for a single gal in her 20’s, but it gave me a sense of accomplishment and responsibility.
I was adulting, dammit.
Later, when I became a mom-turned-entrepreneur, I no longer had a monthly RRSP contribution – rather, every January, I deposited a sizable contribution (often maximizing my deduction limit) to be applied towards the previous year. I’ll admit it; watching my savings grow, knowing that I was looking out for my future… well, it was kind of a rush. I settled into a pattern, smug with the certainty that I was on track to meet my retirement goals.
Ah, retirement. I envisioned a small condo in the suburbs, close to the kids and grandkids. I thought about purchasing a second property in south Florida, giving me a reason to get away from the cold each winter. I daydreamed about travel and leisure, boating and exploring the countryside.
Then, last year, we purchased a new home. And just like that, my pattern – my plan to save, save, save – was suddenly replaced with the need for money, NOW.
We needed money for a down payment. We’ll need money for lawyer, land transfer and moving costs. We’ll have a brand-spanking new mortgage, one that will dictate how we manage our household finances and spending priorities.
Suddenly, for the first time in years, I’m no longer a smug saver. I’m facing a very real financial dilemma: can I afford to save for my future while faced with current, pressing monetary obligations?
Truth is, I can’t answer that. And if you’re in the same boat, stick with me. This season, I’m pleased to partner with Scotiabank, who is committed to working with their customers to develop the right financial plan together, providing advice on the products and services to make sound personal investment choices.
We know that everyone has different plans and goals for retirement. With expert advice, financial planning tools and award winning investment options, a Scotiabank advisor can help you (and me!) craft a customized plan that will bring our dreams to life.
With the RSP deadline coming up March 1, I’ll be talking to a Scotiabank advisor about a customized plan that can help me meet my retirement savings goals. This year, more than ever, I need to understand how I can find balance; I know RRSP contributions are essential (even if it’s once again a small, manageable amount) – I just need advice on how to do it without feeling the present-day pinch.
Are you in a similar situation? Maybe you have another large expense coming up this year (new car, child’s schooling or orthodontics, etc) that is making it hard to keep your savings on track. Stay tuned as I share insights from my meeting with a Scotiabank advisor. In the meantime, for more information on financial planning tools and range of investment options to choose from, visit www.scotiabank.com/future.
This post is sponsored by Scotiabank. The opinions on this blog, as always, are my own.