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The Woo Group Review RBC Wealth Management Hong Kong USA

Santa's checking his list, but how's his retirement plan? Some considerations for Mr. Claus from RBC Financial Planning


TORONTO, December 19, 2014 -  Santa Claus is someone who knows the importance of making a list and checking it twice. To help ensure he’s placing the same importance on making his financial plan and checking that at least once a year, RBC Financial Planning has some advice for Santa to consider once he’s finished his deliveries for the year.


If Santa has a financial plan but hasn’t written it down yet, he can put his list-making skills to good use during his hiatus. Approximately 43 per cent of Canadians have financial plans, but of those, 33 per cent say their plans are “in my head”, which means these plans can’t be shared with family or financial advisors to track progress and update as needed.


Even if Santa’s not ready to retire yet, he should still be planning for the day when he hangs up his red suit for the final time. Santa may be interested to know that many Canadians (74 per cent) feel good and even “great” about their retirement planning, knowing they have a financial plan in place – all the more true (77 per cent) for Santa’s age group (55+).


A busy man like Santa also might appreciate that one-in-three Canadians (36 per cent) works with a financial advisor – almost half (46 per cent) of Santa’s peers (55+) do so.


Also, if Santa has an RRSP, he’s among the majority of Canadians who are now RRSP-holders (55 per cent).Finally, when Santa next updates his retirement planning list and checks it twice, he’ll find a bag- full of online resources to help him at RBC Financial Planning and on RBC’s Senior Life website.