The New trends that are causing threats to your future financial situation

Happy Loan Corp.Personal Finance0 Comments

There are many shocking and unfortunate results revealed recently by a poll conducted by BMO (Bank of Montreal). As per the results of the poll, it was found that out of the 1500 Canadian citizens surveyed, 40% of the individuals accepted that they use their retirement savings at a very early stage of life.
The early withdrawals from the RRSP’s are definitely not a good sign as far as your financial security of the citizens of Canada is concerned. The data revealed the below-mentioned facts;
• 27% of the Canadian citizens said that they bought a new home from the savings.
• 23% used the savings in order to catch up the living expenses.
• 20% of the individuals used the savings to pay off debts.
• 21% used the funds for emergencies.
Now, the question is which category from the above do you fall into? Do you think that using secured funds which can form the most important base of your retired life can be put at risk for present needs?
The answer to the above is a big ‘NO’. Every time you use your RRSP’s funds in advance, you are actually putting your retirement to threat. It’s very important to timely contribute and preserve the retirement savings so that you can enjoy the most of your retired life. You would also face tax consequences if you withdraw these savings early. Hence, the best option is to not touch these savings at all.
The situations mentioned above are very serious and critical; hence, the best way to overcome these situations would be to choose a healthy budget regime for you. Untouched RRSP would also help you get a good credit score. This increases your chances to get loans on fewer rates.
If you were thinking of using your RRSP savings for any reasons, then, just drop the idea. Improve your credit score and get instant loans for your needs.

Leave a Reply

Your email address will not be published. Required fields are marked *