7/11/2013

Are we saving enough for retirement?

This is certainly not the first time I've asked this question, nor will it be the last.  I got to thinking about it after writing the post the other day which included an update that Jordan is contributing an additional $25/week to his RRSP Streetwise Fund with ING.

I'm lucky that I have a great company sponsored pension plan at work.  It's a defined contribution plan, which means what I get out of it really depends on the market but there is a set amount that both I and my employer contribute (5% of my gross salary each).  My rate of return based on my chosen investment mix was 4.9% two years ago and 9.9% last year.  Year to date, it's 4.2%.  Jordan, is not so lucky.

Here's a breakdown of our current annual retirement savings:

The RISA is the basic RRSP with ING, Streetwise is our investment RRSP account with ING.  Shares I purchase through my employer but are not a registered retirement plan - I consider this to be ours, not mine or Jordan's.  Finally Jordan gets a small annual profit share that is automatically contributed to a work RRSP account.

We are looking at a lump sum share purchase that would increase this years retirement savings by about $6,750 - but I really want to focus on the annual contributions, not the random lump sum stuff that we do.

So...what do you think?  Is it enough?

I would like to see us increase Jordan's savings by at least $15/week - but that's really only to meet the arbitrary 10%.  
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